MIAMI, December 5, 2013 /PRNewswire/ --
GRILLiT, Inc. (the "Company" or "GRILLiT") (OTC: GRLT) today announced that effective today, the Company has reduced its total issued and outstanding shares by 47%, from 77,408,218 to 37,018,669.
The Company eliminated a total of 40,389,549 shares of common stock through a series of share exchange agreements with certain shareholders whereby the Company issued shares of its series a and series c preferred stock to the shareholders in exchange for common stock, which was subsequently cancelled and returned to treasury.
GRILLIT's CEO, Ghazi Hajj, stated, "Last month, we initiated an effort to reduce our outstanding shares in order to maximize the value of the shares held by our investors. The share exchanges were voluntary actions done by certain shareholders who are committed to doing whatever is best for the Company."
307,720 shares of series c preferred stock and 75,000 of series a preferred stock were issued to the shareholders in exchange for the common stock. After a period of 18 months, the preferred shares may be converted into common shares, as described in the Company's Supplemental Information report filed at http://www.otcmarkets.com, which more fully describes the terms of the series a and series c preferred stocks.
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. 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 open 58 new franchised restaurants in the next five years. 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.