MIAMI, June 14, 2013 /PRNewswire/ --
GRILLiT, Inc. (OTC: GRLT) (the "Company") today announced that its Board of Directors has approved a dividend of its common stock to its shareholders.
All shareholders of GRILLiT, Inc. owning common shares on the record date of June 28, 2013 shall receive four (4) shares of GRILLiT, Inc. common stock for every share held by such shareholder. For example, if a shareholder owns 10,000 shares of GRILLiT, Inc. common stock at the close of business on June 28, 2013, that shareholder shall receive 40,000 additional shares of GRILLiT, Inc. common stock.
GRILLiT management stated that the Board approved this stock dividend to reward the loyalty and patience the shareholders have shown as the Company has developed its business plan from concept to operations.
The dividended common shares will be "restricted" as defined in the Securities Act of 1933. Rule 144 allows for the public resale of restricted securities only if certain holding period and other conditions are satisfied. The start date for the holding period for the dividended shares shall be the record date of June 28, 2013.
Per FINRA requirements for market transparency, the Company is required to provide notice to and receive acceptance from FINRA prior to the actual distribution of the dividend. Pending any unforeseen delays from FINRA, the Company plans to have the aforementioned stock dividend paid and distributed within three to four weeks. The payment of the dividend will not require an increase in the total number of authorized shares of common stock nor is there a need for an exchange of certificates.
GRILLiT operates two healthy, fast-casual restaurants located at:
- Airpark Plaza, 5799 Northwest 7th Street, Miami, Florida 33126
- 15807 Pines Blvd, Pembroke Pines, Florida 33027
Both are located in high traffic shopping plazas anchored by Publix Super Markets. Food styles include American, Asian Fusion, and Latin American. 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 attract and retain senior personnel at our new locations, capitalize on the growth of the fast casual dining sector and implement our five year plan. 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.