MIAMI, April 8, 2014 /PRNewswire/ -- GRILLiT, Inc. (the "Company" or "GRILLiT") (OTC: GRLT) today announced that it has completed an agreement effective as of April 1, 2014 for the sale of GRILLiT master franchise rights in the State of Nevada. The rights were obtained for a total cash consideration of $75,000, which the Company will book to its revenue in the second quarter of this year, plus an ongoing 4% royalty commitment on all gross revenues, and a $12,500 up front fee for each franchised location established in these territories.
As with the States of Texas and Arizona announced on March 31, the master franchisee is operated by Texas Expansion Wing Group, LLC, an experienced restaurant area developer and franchise sales organization. The principals of Texas Expansion Wing Group have over 26 years experience in the retail and food industry, both as operators and owners. Their experience ranges from the sale of over 100 franchises for QSR, the opening of over 90 restaurants in Austin, San Antonio, Corpus Christi, Laredo, Brownsville, Harlingen, and McAllen, Texas, and owning and operating YUM brands in Mexico. Their most recent projects include acting as area developers for Hurricane Grill and Wings, one of the fastest growing casual dining concepts in the country, and Dazbog Coffee, which franchises the operation of specialty coffee stores.
Texas Expansion Wing Group president, Bill Roberts, said, "We were looking for a fast casual, hot new concept that caters to the trendy, health conscious consumer looking for great tasting food, but more importantly we wanted to team up with a talented organization with a sound structure. We found that in GRILLiT."
The Company's CEO, Ghazi Hajj, stated, "There is a growing interest in healthy, fast-casual dining across the United States, and GRILLiT is excited to bring our tasty, Latin-Caribbean flavor to Nevada this year. We look forward to working with this experienced master franchisee to support growth and opportunity as we go forward."
As announced on March 18, 2014, the Company changed its name from GRILLiT, Inc. to Healthy & Tasty Brands Corporation, and is in the process of effectuating the name change with FINRA.
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. For more information, visit 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 retained consultants to increase franchise sales in their targeted franchise markets. 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.
Princeton Research Group
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SOURCE GRILLiT, Inc.