MIAMI, December 5, 2013 /PRNewswire/ --
GRILLiT, Inc. (the "Company" or "GRILLiT") (OTC: GRLT) today
announced that effective today, the Company has reduced its total
issued and outstanding shares by 47%, from 77,408,218 to
37,018,669.
The Company eliminated a total of 40,389,549 shares of common
stock through a series of share exchange agreements with certain
shareholders whereby the Company issued shares of its series a and
series c preferred stock to the shareholders in exchange for common
stock, which was subsequently cancelled and returned to treasury.
GRILLIT's CEO, Ghazi Hajj, stated, "Last month, we initiated an
effort to reduce our outstanding shares in order to maximize the
value of the shares held by our investors. The share
exchanges were voluntary actions done by certain shareholders who
are committed to doing whatever is best for the Company."
307,720 shares of series c preferred stock and 75,000 of series
a preferred stock were issued to the shareholders in exchange for
the common stock. After a period of 18 months, the preferred
shares may be converted into common shares, as described in the
Company's Supplemental Information report filed at
http://www.otcmarkets.com, which more fully describes the terms of
the series a and series c preferred stocks.
About GRILLiT
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 Angus
beef. Restaurants offer an inviting and comfortable atmosphere with
an open kitchen and contemporary, industrial design. 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 open 58 new
franchised restaurants in the next five years. 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.