GRILLIT® Announces Master Franchise Plan
MIAMI, Florida, July 26, 2013 /PRNewswire/ --
GRILLiT, Inc. (OTC: GRLT) (the "Company") today announced its master franchise strategy and plan. The Company said that with its new Chief Executive Officer, Ghazi Hajj, now in charge, it is ready to announce the franchise program and begin its implementation.
The Company's franchise plan calls for at least 58 franchised locations across eight states over the next five years, which the Company plans to fund through a combination of drawdown funds from its credit facility with TCA Global Credit Master Fund (announced July 25, 2013) and operating income. GRILLiT currently has master franchise agreements in Kentucky, Ohio, New Hampshire, New Jersey, Georgia, Pennsylvania, Tennessee, and North Carolina, and is actively seeking franchise operators. The master franchise agreements each have a development schedule that the master franchisee must follow which varies from state to state based on population, which typically calls for 1-2 stores to be opened within year one and 5-8 stores to be opened each year after year five. The initial level of franchise activity is overseen by the existing GRILLiT management team. The Company expects the need to hire one franchise operations supervisor for every 15 stores opened.
"Our franchise plan is obviously a big part of our future," stated GRILLiT Chairman and CEO, Ghazi Hajj. "Our goal is to have a 70% franchise to 30% corporate store ratio. The Company has been signing up new franchisees since earlier this spring, but it has purely been through word of mouth. One of my first objectives was to lay out a solid franchise plan - based on my experience - and set it into motion."
The Company plans to announce the details of its first franchised location this Monday.
Interested potential master franchisees and franchise owner/operators should contact the Company at email@example.com.
GRILLiT (GRLT) is a growing Latin-Caribbean fusion restaurant concept that marries fast casual to nutritious and healthy food. The company opened its first location in Miami in 2011 and specializes in chef-inspired custom crafted rice bowls, pasta and wraps as well as salads. GRILLiT utilizes domestic growers and delivers healthy cuisine using only fresh proteins, such as never-frozen chicken and Angus beef. Restaurants offer an inviting and comfortable atmosphere with an open kitchen and contemporary, industrial design. GRILLiT currently has two locations and expects to have at least 21 corporate and 58 franchised locations open and operating within the next five years. The company is targeting Florida, North Carolina, New Jersey, Pennsylvania, New Hampshire, Ohio, Kentucky, Tennessee and Georgia for new growth. For more information, visit http://www.grillitinc.com.
Forward Looking Statements:
Statements in this press release that are not purely historical facts, including statements regarding GRILLiT's beliefs, expectations, intentions or strategies for the future, may be "forward-looking statements" under the Private Securities Litigation Reform Act of 1996. Such statements consist of any statement other than a recitation of historical fact and can be identified by the use of forward-looking terminology such as "plan", "may", "expect", "anticipate", "intend", "estimate" or "continue" or the negative thereof or other variations thereof or comparable terminology. The reader is cautioned that all forward-looking statements are speculative, and there are certain risks and uncertainties that could cause actual events or results to differ from those referred to in such forward-looking statements. This disclosure highlights some of the important risks regarding our business. Specifically, the reader should not place undue reliance on statements regarding our ability to build a chain of health-conscious fast-casual restaurants. Additionally, there are number of other risk factors relating to our business more fully explained identified by us in our filings with the OTC Markets, which are available through http://www.otcmarkets.com.
SOURCE GRILLiT, Inc.