ARC Group, Inc. Announces Plan to Acquire Tilted Kilt Pub and Eatery
JACKSONVILLE, Fla., June 11, 2018 /PRNewswire/ -- ARC Group, Inc. (OTC: ARCK), the owner, operator and franchisor of the award-winning Dick's Wings & Grill® concept, announced that it intends to acquire the Tilted Kilt Pub and Eatery franchise.
SDA Holdings, LLC, a company owned by Fred W. Alexander, who is a member of the Board of Directors of ARC Group, and the owners of Tilted Kilt have fully executed all of the agreements for the sale of Tilted Kilt to SDA Holdings. SDA Holdings is using funds loaned to it by Seenu G. Kasturi, ARC Group's Chairman and Chief Financial Officer, to satisfy its payment obligations under the agreements for the specific purpose of holding the franchise until such time as ARC Group has obtained suitable financing to acquire the franchise. ARC Group intends to enter into an agreement with SDA Holdings within the next couple of weeks to acquire Tilted Kilt from SDA Holdings.
Tilted Kilt Pub and Eatery has 47 locations in operation across the United States and Canada and boasts a wide array of sports and traditional pub food and drinks all under one roof. Tilted Kilt is uniquely different than other sports bars because of its fun pub experience. The Pubs feature dozens of large, HDTVs and big screens to deliver a premium sports viewing experience. Every pub has 30+ draught and bottled beers along with excellent tasting, high quality menu items served to you by the World Famous Kilt Girls®. The brand's slogan A Cold Beer Never Looked So Good® personifies the fun, food, spirits and sports that the Tilted Kilt is well-known for bringing to pub guests in both the United States and Canada.
"I am very excited that we have a plan in place to add Tilted Kilt to ARC Group's book of premium brands," stated Seenu G. Kasturi. "I am ARC Group's biggest fan and have always supported the company, both financially and otherwise, whenever helpful or needed. By structuring the transaction in this manner, SDA Holdings will be able to acquire Tilted Kilt now and hold it until ARC Group has the funds available to finance the acquisition of the franchise from SDA Holdings. We are in the process of finalizing a financing plan for ARC Group that will enable it to obtain the funds necessary to complete the acquisition of Tilted Kilt. We expect ARC Group to complete the acquisition of Tilted Kilt within the next few months."
Dick's Wings restaurants are family fun fooderys® where both families and sports fans can go to enjoy a unique restaurant experience from first bite to last call®. Dick's Wings offers a variety of boldly-flavored menu items highlighted by its award-winning, Buffalo, New York-style chicken wings and hog wings and its Dick's Blingz® boneless chicken wings, for which it boasts 365 mouth-watering flavors. It also offers customers a variety of fresh sandwiches, burgers, wraps, salads and signature waffle fries. Guests enjoy these menu items in an elevated sports-themed environment that includes flat screen TVs located throughout each restaurant and children's areas filled with video games and other forms of children's entertainment.
Dick's Wings is actively offering franchise opportunities in Florida, Georgia, Alabama, Louisiana, North Carolina and South Carolina. For more information about Dick's Wings exciting menu offering and locations, and for additional franchising information, please visit www.dickswingsandgrill.com.
About ARC Group, Inc.
ARC Group, Inc., headquartered in Jacksonville, Florida, is the owner, operator and franchisor of the Dick's Wings & Grill concept. Now in its 23rd year of operation, Dick's Wings prides itself on its award-winning chicken wings, hog wings and duck wings spun in its signature sauces and seasonings. Dick's Wings has 15 restaurants in Florida and five restaurants in Georgia. It also has two concession stands at TIAA Bank Field (formerly EverBank Field), home of the NFL's Jacksonville Jaguars, as well as a concession stand at Jacksonville Veterans Memorial Arena, home of the National Arena League's Jacksonville Sharks.
Safe Harbor Provision
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created thereby. All statements other than statements of historical fact contained herein, including, without limitation, statements regarding the Company's future financial position, business strategy, plans and objectives, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expects," "intends," "plans," "projects," "estimates," "anticipates," or "believes" or the negative thereof or any variation thereon or similar terminology or expressions. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from results proposed in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can provide no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2017 and its other filings and submissions with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements.
SOURCE ARC Group, Inc.
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