MIAMI, April 4, 2014 /PRNewswire/ -- GRILLiT, Inc.
(the "Company" or "GRILLiT") (OTC: GRLT) today announced that the
Company has executed an option agreement granting the exclusive
right to a master franchise agreement for the State of
California. The agreement calls for the total purchase price
of $125,000 cash, plus the right to
receive a 4% royalty commitment on all gross revenues, and a
$12,500 up front fee for each
franchised location established in California.
The Company has already received $75,000 cash for the purchase of the exclusive
option, with the remaining balance of $50,000 due upon the Company completing the final
franchise eligibility requirements for the State of California, which it expects to
conclude within the second quarter of 2014. The option
purchase agreement was executed on April
1, 2014. The company will recognize the $75,000 payment as revenue in the second quarter
of this year.
"California is another critical
State for building the GRILLiT brand, especially given California's health-conscious nature," said
Ghazi Hajj, the Company's CEO.
"This comes on the heels of signing master franchise agreements
for the States of Texas and
Arizona. The master franchise agreements provide the master
franchisee the exclusive right to sell franchise licenses to
potential GRILLiT owner/operators in that State, who in turn pay a
license fee and royalties to the Company and the master
franchisee. We have signed on a good, experienced team of
master franchisees who are working aggressively to establish
franchise owner/operators in their respective territories."
As announced on March 18, 2014,
the Company changed its name from Grillit, Inc. to Healthy &
Tasty Brands Corporation, and is in the process of effectuating the
name change with FINRA.
About GRILLiT (now known as Healthy & Tasty Brands
Corporation)
GRILLiT (GRLT), now known as Healthy & Tasty Brands
Corporation, is a company that holds interests in restaurants and
food-related entities that are focused on healthy, natural, and
nutritional foods.
It's 100% owned subsidiary, GRILLiT, 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 Organic beef. Restaurants offer an
inviting and comfortable atmosphere with an open kitchen and
contemporary, industrial design. For more information, visit
http://www.handtbrands.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 master franchisees
ability to make franchise sales in their licensed 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.
CONTACT:
Princeton Research Group
Tel: +1 (781) 826-8882
SOURCE GRILLiT, Inc.