DENVER, June 10, 2019 /PRNewswire/ -- West Coast Venture Group, Corp. (OTCQB: WCVC) ("WCVC") today revealed their open "letter to shareholders" from CEO and Founder Jim Nixon. This letter is the first in a series of many, intended to promote openness and transparency. The letter follows below:
I would like to begin by thanking you all for joining us on the incredible journey we've embarked on. We would never be where we are today without your support and confidence, and I trust that this letter will demonstrate that your trust in our company has been well placed.
This update will focus on the successes of the company to date. It will also outline an exciting strategy that I believe will set our company apart as the most innovative restaurant stock in America.
A strong 2018
We had a really strong 2018. During the course of the year, we earned $3,054,623 in revenue and saw consistent year-over-year growth. Preliminary data suggests that this trend will continue throughout 2019.
Quarter 1 of 2019 already saw incredible year-over-year revenue growth of 21.55% in what is one of our traditionally slow quarters. If we are able to replicate this success during summer - when we can utilize our outdoor patio seating - we expect to have a breakthrough year.
We are now able to sell franchises in 31 states across the USA. This is a big boon for us, and we fully intend to expand our franchise footprint nationwide. We are currently evaluating the timing for filings in the other 19 states.
These new developments will allow us to grow our franchise model and help raise brand recognition rapidly across America while building a true community around our restaurants, in particular the Illegal Burger and other Illegal Brands restaurants.
Illegal Burger Restaurants see success
Two of our flagship Illegal Burger restaurants have already seen incredible success. The IB CitiSet is on pace to exceed $700,000 in sales in its first full year of operations. This has vastly exceeded all expectations and it demonstrates the power of the Illegal Burger brand.
The IB Writer Square, located in Downtown Denver, is also on pace to exceed $1 million in sales this year.
Illegal Brands CBD
While we are - at our heart - a restaurant company, I strongly believe that we are entering a point where the synergy between the food & beverage sector and CBD has not only become undeniable but also represents a key competitive business and branding advantage.
As many of you are aware, the United States recently passed the Farm Bill, which is the first step towards the legalization of CBD on a federal level. We are already positioning ourselves to be at the forefront of this shift by becoming the first bona-fide CBD restaurant company.
The first step in our groundbreaking strategy is the Illegal Burger restaurant concept. We have carefully cultivated an iconic brand that is deeply rooted in health, quality food, and local ingredients. This provides the perfect ecosystem for Illegal Brands' pivot into the CBD space.
We previously announced our first CBD burger bowl and have launched the very first CBD-infused food menu. We were also the first publicly-traded American restaurant to do so.
Our plans for future growth
We have put serious thought into our new CBD strategy and plan to leverage the full potential that the CBD industry affords us. We believe that our existing reputation as a restaurant brand with a focus on quality, community, and health, is a perfect match for CBD consumers. We also firmly believe in the health benefits of CBD after seeing how it has transformed the life of my son as well as how it helped me personally.
Through iconic brands like Illegal Burger, we are in a unique position to educate our customers about the benefits of CBD while still offering great food at affordable prices in the fast casual dining scene.
Over the coming weeks, we will be laying out our strategy in full via a series of press releases. We plan to provide another comprehensive update of our strategy in June, along with some news that we are incredibly excited to share with you.
We look forward to taking this journey together over the coming months and years.
About West Coast Ventures Group Corp.
Based in Denver, Colo., West Coast Ventures Group Corp. (WCVC) develops, owns and operates two contemporary restaurant concepts: Illegal Burger, a quick-casual burger + bar concept, and El Señor Sol, a full-service fresh Mexican restaurant (6 total restaurant locations in the Denver, Colorado area). Led by seasoned restaurant entrepreneurs, WCVC management is committed to scaling both modern sustainable concepts into national franchise models operating metro-styled restaurants serving only the finest and freshest natural ingredients.
This document may contain forward-looking statements, relating to West Coast Ventures Group Corp operations or to the environment in which it operates, which are based on West Coast Ventures Group Corp operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond West Coast Ventures Group Corp control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. West Coast Ventures Group Corp disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE West Coast Venture Group, Corp.