NEW ORLEANS, November 25, 2015 /PRNewswire/ --
Healthy & Tasty Brands Corporation (the "Company") (OTC: GRLT) today updated shareholders on the status of the action filed on October 29, 2015 by the Company in United States District Court for the Southern District of Florida.
Henry L. Klein, CEO of GRLT, has announced that the Company has reached agreements with a substantial number of holders of the convertible shares and convertible debentures whereby the holders, all named necessary parties in the litigation, have agreed to surrender the convertibles to the Company for conventional notes with no conversion rights. This process will purge the Company of these instruments, referenced as "death-spiral" convertibles in the federal litigation and will eliminate further dilution of the value of the common shares.
Mr. Klein announced that he expects that the majority of the toxic instruments will have been purged from the GRILLiT books by the time the Special Meeting of Shareholders convenes at 1:00 PM on Monday, December 14, 2015 at the JW Marriott Marquis Miami.
Separately, Mr. Klein announced that as to the Series A Preferred shares which he controls, the Company has filed with the Nevada Secretary of State an Amended and Restated Certificate of Designation specifically stating that "The Series A Preferred Stock shall not be convertible to Common Stock." The extinguishment of all outstanding convertibles will put GRLT in a fiscally sound position for expansion into Colorado, Florida and Louisiana. Mr. Klein indicated that substantial details regarding the purge of toxic instruments will be provided at the December 14th Special Shareholder Meeting.
Healthy & Tasty Brands Restaurant & Bar Concept
We serve fresh, flavorful, exotic, and healthy food with a Latin flair. Our Central and South American neighbors bring our menu the "Wow!" flavor factor.
Our mission is to use whole, unprocessed, real foods, the freshest ingredients, and - most importantly -local produce, as much as possible. We feature healthy breakfast options, premium salads, pasta, seafood, grass fed steak, chicken breast, grass fed buffalo burgers, an exciting line of Hawaiian roll sandwiches and wraps, smoothies, agua frescas, deserts, appetizers, and many more delicious food and alcoholic beverage for you to choose from.
We aspire to inspire your taste buds anytime during your visit with us.
Forward Looking Statements:
Statements in this press release that are not purely historical facts, including statements regarding Healthy & Tasty Brands' 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.
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SOURCE Healthy & Tasty Brands Corporation