ILLEGAL Restaurant Group Inc. (IBGR) Announces Purchase of Cafe Colore Assets and Opening of Third ILLEGAL BURGER Location in Downtown Denver
Jun 24, 2015, 10:45 ET
DENVER, June 24, 2015 /PRNewswire/ -- ILLEGAL Restaurant Group Inc. (OTC: IBGR), through funds allocated from its recent credit facility with TCA Global Master Fund, purchased the assets of former restaurant Cafe Colore located in the prestigious Downtown LoDo District of Denver, Colorado.
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Cafe Colore has been a long time staple of Writer's Square and ILLEGAL Restaurant Group is proud to have the opportunity to continue this great location's success by now opening an ILLEGAL BURGER in its place. Through this recent acquisition of assets, IBGR is already in the process of renovating this third location. This will be the largest restaurant to date for the ILLEGAL BURGER and Bar Fast Casual Chain with an indoor seating capacity of 78 and an outdoor patio area that seats 70.
Writer's Square is located within the heart of Denver's LoDo District, which has become one of the anchors for Downtown Denver, and the "go-to" place for shopping, restaurants, entertainment, and nightlife. ILLEGAL BURGER is located one block away from the famous 16th Street Pedestrian Mall; across from Larimer Square, as well as across the street from Denver's premier comedy club, Comedy Works, and 3 universities: the University of Colorado DBS, University of Colorado-Denver, and University of Colorado DAC. This new location will allow ILLEGAL BURGER to serve patrons from these universities, various surrounding office buildings, condos, daytime shoppers, and nighttime entertainment patrons.
Jim Nixon, CEO of ILLEGAL Restaurant Group Inc., and Founder of ILLEGAL BURGER, stated, "This will be our largest expansion project we have taken on to date. In order for us to expand the IBGR brand nationwide this is a necessary first step logistically, by moving into areas like Writer's Square, and downtown Denver. This acquisition will help create and provide a staging ground for future expansion in larger markets and training of employees to serve a higher density of people, all while maintaining the ILLEGAL BURGER Standard of food quality. This location will create an environment for ILLEGAL BURGER to eventually tap into larger markets like San Diego, Miami and Las Vegas. We are expecting this location to gross from $1.2 - $1.5 million a year with an initial build out expense around $250,000."
ILLEGAL BURGER is planning a grand opening within the next 6-8 weeks and will provide follow up information regarding exact dates.
About ILLEGAL BURGER
ILLEGAL Restaurant Group Inc. is a holding company operating through its subsidiary ILLEGAL BURGER LLC. The Company, through its subsidiary, ILLEGAL BURGER LLC, operates a fast casual burger and bar restaurant chain. It currently owns and operates two restaurants in the Denver, Colorado area with a third slated to open in July 2015. ILLEGAL BURGER, a Denver, Colorado-based fast casual burger and bar restaurant chain, was created to change the way people look at burgers. Founded by Jim Nixon in 2013, ILLEGAL BURGER has established a foothold in the Denver, Colorado area by providing great service and high quality food. From the details of our sustainable decor, to the quality products used in every aspect of our food, ILLEGAL BURGER is in line to expand into the national Marketplace as a leader in the Fast Casual Dining Sector. We are dedicated to giving our customers what they deserve: a burger made with quality, all-natural never frozen ingredients that tastes as good as it looks. Experience perfection with every bite, only at ILLEGAL BURGER. For more information, please visit our website at www.illegalburgerco.com
This release, like many written and oral communications presented by ILLEGAL Restaurant Group Inc. (IBGR), and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of said safe harbor provisions.
Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of words "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "seek," "strive," "try," or future or conditional verbs such as "could," "may," "should," "will," "would," or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Except as required by applicable law or regulation, IBGR undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.
SOURCE ILLEGAL Restaurant Group Inc.
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