MIAMI, August 26, 2013 /PRNewswire/ --
GRILLiT, Inc. (OTC: GRLT) ("GRILLiT" or the "Company") today provided a corporate update to its recent activities.
On August 22, 2013 a franchisee signed a proposal for a lease to open a new GRILLiT location within the first floor retail space of National City Tower Annex, 101 S. 5th Street, Louisville, Kentucky 40202 (GPS coordinates 38.2563245, -85.7580677). This will be GRILLiT's third franchise location. The Company expects the lease for this Louisville location to be executed within 30 days and is projected to open for business by the end of this year.
The Company has completed its due diligence for the acquisition of its third corporate-owned location near the University of Miami and expects to close the transaction by the end of this week. This store is located at 1232 S Dixie Hwy, Miami, FL 33146 (GPS coordinates 25.7145933, -80.2766746).
Per the Company's announcement on August 20, the Company's first franchised location located at 555 Church St, in downtown Nashville, Tennessee 37219 (GPS coordinates 36.1623047, -86.7807773) opened on August 19, 2013, and has served over 100 customers per day since opening.
GRILLiT's second franchised location at 2108 N. Mulberry Street, Elizabethtown, Kentucky 42701 (GPS coordinates 37.7163949, -85.8235413) is on track to open by the end of September 2013.
The Company is in the process of interviewing and retaining a qualified audit firm. It expects that the engagement will be complete within two weeks and that it will begin work immediately thereafter. The Company intends to disclose audited financial statements by the end of this year, and upon completion, plans to begin the application process to obtain a listing on a higher tier exchange.
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.