GRILLIT® Enters LOI to Acquire Third Restaurant Location Near University of Miami Campus
MIAMI, July 17, 2013 /PRNewswire/ --
GRILLiT, Inc. (OTC: GRLT) (the "Company") today announced that it has executed a letter of intent ("LOI") to acquire an existing eatery to retrofit for its third restaurant location in South Florida.
The restaurant is located in a well-trafficked area adjacent to the University of Miami. Subject to finalizing due diligence and definitive documents, the financial terms of the pending deal are binding upon the parties, and the Company expects the closing to occur no later than August 27, 2013. The Company has already paid the initial deposit into escrow as required by the terms of the LOI.
GRILLiT CEO, Raymond Dias, stated, "We are extremely pleased to have the opportunity for this store location. It is a perfect fit for us, both in terms of the existing store being a relatively simple retrofit, as well as being in an ideal area that gives us exposure to the large student population."
About GRILLiT (OTC: GRLT)
GRILLiT operates healthy, fast-casual restaurants offering American, Asian Fusion, and Latin American food styles. GRILLiT specializes in great atmosphere, casual dining and freshly prepared, delicious made-to-order lunch and dinner options. The Company is focused on expansion throughout Florida and the southeastern United States and nationwide franchising opportunities. For more information, please 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 finalize the closing of pending acquisition at all or by a specific date. 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.