GRILLiT® Executes Term Sheet for $3 Million Line of Credit
MIAMI, July 25, 2013 /PRNewswire/ --
GRILLiT, Inc. (OTC: GRLT) (the "Company") today announced that it has executed a revolving credit facility with TCA Global Credit Master Fund. The Company received the initial drawdown of $250,000 on Thursday, July 18, 2013 and, upon consent of the lender, may draw down additional amounts on the same terms up to a total amount of $3,000,000. The Company plans to use the line of credit to carry out its expansion strategy by funding the acquisition and build out of GRILLiT store locations and funding additional marketing/branding campaigns.
The Company is using the initial tranche for working capital, inventory, marketing programs, and initial capital requirements for the acquisition and retrofit of its third location adjacent to the University of Miami previously announced on July 17, 2013.
GRILLiT Chairman and CEO, Ghazi Hajj commented, "Access to this credit facility will greatly strengthen our capacity to carry out our expansion for our corporately owned and future franchise locations. Further, we believe that as a result of the leverage that this facility affords us, the expense of the facility is significantly less than an all-equity alternative. Further, we are confident that TCA Global Credit will prove to be a reliable financial partner who will have the capacity to support our growth objectives."
GRILLiT's Chief Operating Officer and board member, Raymond Dias, added, "It is important for our shareholders to understand that this financing is a debt financing with a limited equity kicker. We believe that this facility will reduce the need to issue equity in order to fund each additional new store location."
GRILLiT (OTC: GRLT) is a growing 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 farmers, and delivers healthy cuisine using only fresh proteins, such as never-frozen chicken and grass fed beef. The 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.