JACKSONVILLE, Fla., Aug. 31, 2017 /PRNewswire/ -- ARC Group, Inc. (OTCQB: ARCK), the owner, operator and franchisor of the award-winning Dick's Wings & Grill® concept, announced the implementation of a stock incentive program for its franchisees.
Under the program, all current franchisees of Dick's Wings & Grill restaurants were awarded shares of the company's common stock on the date the program was implemented. In addition, all current and future franchisees will be eligible to receive additional shares of the company's common stock in January of each year in the event they satisfy certain performance and other criteria during the immediately preceding year.
The purpose of the program is to promote and closely align the interests of the company's franchisees with those of its shareholders by providing the company's franchisees with shares of the company's stock. The program is intended to strengthen the company's ability to reward franchisee performance that enhance long-term shareholder value, increase franchisee stock ownership through performance-based compensation, and strengthen the company's ability to attract and retain outstanding franchisees.
"I am very excited to offer our franchisees this unique opportunity to share in the growth of our company," stated Seenu G. Kasturi, President and Chief Financial Officer of ARC Group, Inc. "The long-term success of ARC Group is directly tied to the success of our franchisees. The better they do, the better we do. In light of this, we believe that if our franchisees perform well for us, they should share in our success. We are very committed to supporting our franchisees and have big plans for ARC Group. We would like nothing more than to see the value of our franchisees' shares grow over time."
"We are very appreciative of our franchisees for all of the hard work they devote to their Dick's Wings & Grill restaurants, the passion they bring to their jobs, and the delight they bring to our customers in sharing our signature chicken wings with them," added Richard W. Akam, Chief Executive Officer of ARC Group, Inc. "Each of our franchisees are talented, hard-working individuals who have contributed significantly to our success. This program provides our franchisees with the opportunity to obtain consistent and material ownership of stock in ARC Group based on their individual performance. We are excited to express our gratitude to our franchisees by making them owners in our company."
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. It also offers its own proprietary line of craft beers under the name "Dick's Craft Beers". Dick's Wings has 17 restaurants in Florida and five restaurants in Georgia. It also has two concession stands at EverBank Field, home of the NFL's Jacksonville Jaguars.
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, 2016 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.