MIAMI, July
25, 2013 /PRNewswire/ --
GRILLiT, Inc. (OTC: GRLT) (the "Company") today announced that
it has executed a revolving credit facility with TCA Global Credit
Master Fund. The Company received the initial drawdown of
$250,000 on Thursday, July 18, 2013 and, upon consent of the
lender, may draw down additional amounts on the same terms up to a
total amount of $3,000,000. The
Company plans to use the line of credit to carry out its expansion
strategy by funding the acquisition and build out of GRILLiT store
locations and funding additional marketing/branding campaigns.
The Company is using the initial tranche for working capital,
inventory, marketing programs, and initial capital requirements for
the acquisition and retrofit of its third location adjacent to the
University of Miami previously
announced on July 17, 2013.
GRILLiT Chairman and CEO, Ghazi Hajj commented, "Access to this
credit facility will greatly strengthen our capacity to carry out
our expansion for our corporately owned and future franchise
locations. Further, we believe that as a result of the
leverage that this facility affords us, the expense of the facility
is significantly less than an all-equity alternative.
Further, we are confident that TCA Global Credit will prove
to be a reliable financial partner who will have the capacity to
support our growth objectives."
GRILLiT's Chief Operating Officer and board member, Raymond Dias, added, "It is important for our
shareholders to understand that this financing is a debt financing
with a limited equity kicker. We believe that this facility
will reduce the need to issue equity in order to fund each
additional new store location."
About GRILLiT
GRILLiT (OTC: GRLT) is a growing 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
farmers, and delivers healthy cuisine using only fresh proteins,
such as never-frozen chicken and grass fed beef. The
restaurants offer an inviting and comfortable atmosphere with an
open kitchen and contemporary, industrial design. GRILLiT currently
has two locations and expects to have at least 21 corporate and 58
franchised locations open and operating within the next five years.
The company is targeting Florida,
North Carolina, New Jersey, Pennsylvania, New
Hampshire, Ohio,
Kentucky, Tennessee and Georgia for new growth. 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 build a chain
of health-conscious fast-casual restaurants. 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.
###
CONTACT:
Robert L. Tucker
Director of Corporate Development
rltucker@grillitinc.com
Tel: +1(305)514-0326
Facebook: https://www.facebook.com/FreshGRILLiT
Twitter: @freshgrillit
SOURCE GRILLiT, Inc.