MIAMI, Nov. 21, 2014 /PRNewswire/ -- GRILLiT, Inc. (the "Company" or "GRILLiT") (OTC Pink Markets: GRLT) today announced the retirement of its senior secure credit facility.
In July of 2013, Grillit entered into a credit facility under which the Company entered into a $250,000.00 senior secured note. Per the terms of the credit facility, the Company issued a combined 2,586,205 common shares in connection with the note, which are due to be retired, pursuant to the terms of the repayment of the note.
As of November 12, 2014 the Company was able to complete the satisfaction of the note and terminate the credit facility in exchange for the issuance of common shares as iterated within the Company's third quarter financial filing on otcmarkets.com; the balance of the issuance of these shares will be reflected in the Company's annual financial filing for the period ending 12/31/2014
Grillit's Chief Executive, Ghazi Hajj, said, "We are pleased to complete the full repayment of the note to our senior lender. Not only does this repayment eliminate the requirement for the Company to make payments from its cash flow, it also unencumbered all of our assets that were previously secured"
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 grass-fed organic steak. Restaurants offer an inviting and comfortable atmosphere with an open kitchen and contemporary, industrial design. For more information, visit www.grillitinc.com or www.handtbrands.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 retained consultants to increase franchise sales in their targeted franchise markets. 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.
Princeton Research Group
Tel: +1(781) 826-8882
SOURCE GRILLiT, Inc.