American Restaurant Concepts, Inc. Provides Additional Information About Pending Equity Transaction
JACKSONVILLE, Fla., Aug. 22, 2012 // PRNewswire // -- American Restaurant Concepts, Inc. (OTCBB: ANPZ), the operator and franchisor of America's award-winning Dick's Wings® restaurants, announced on August 15th that Michael Rosenberger, the Company's CEO, has entered into an agreement for the sale of 15,530,000 shares of the Company's common stock to Seenu G. Kasturi, CEO of Blue Victory Holdings, for 3.2 cents per share in an all-cash deal.
Mr. Kasturi has obtained a significant amount of experience with restaurant management, business acquisitions, and asset management and evaluation during his career. He founded Blue Victory Holdings in 2009 to focus on the development of branded restaurants and currently serves as its President, Chief Executive Officer and Chairman. Prior to that, Mr. Kasturi founded K&L Investment Realty, which focused on the ownership and management of restaurant and real estate properties. He is also a certified financial planner and was formerly an SEC-registered broker and investment adviser representative.
Blue Victory Holdings is an asset development firm that is focused primarily on the ownership and management of branded restaurants. It concentrates its activities on opening, managing, rehabilitating, buying and disposing of a variety of branded restaurants for the purpose of maximizing shareholder value. The company currently owns 22 restaurants located in the Southeastern United States that are expected to produce a total of more than $25 million in revenue during 2012. These restaurants consist of 16 Kentucky Fried Chicken restaurants, 4 multi-branded Kentucky Fried Chicken/Taco Bell restaurants, 1 multi-branded Kentucky Fried Chicken/Long John Silver's restaurant, and 1 Hardee's restaurant.
"The substantial experience and success that Seenu and Blue Victory have achieved will contribute greatly to American Restaurant Concepts," stated Michael Rosenberger, CEO of American Restaurant Concepts. "They will be working closely with us to grow American Restaurant Concepts throughout the country. This will include opening new Dick's Wings® restaurants in our existing Jacksonville, Florida market as well as other cities located throughout the United States. I expect this collaboration to result in substantial revenue growth for American Restaurant Concepts and generate substantial value for our shareholders."
The Company intends to issue an additional press release in the near future to provide further details about the manner by which Mr. Kasturi and Blue Victory Holdings will be working with Mr. Rosenberger to grow American Restaurant Concepts and how this growth will benefit the company's shareholders.
About American Restaurant Concepts, Inc.
American Restaurant Concepts, Inc., headquartered in Jacksonville, Florida, is the operator and franchisor of the Dick's Wings & Grill® full-service restaurants and Dick's Wing Express® express restaurants. The company prides itself on the 365 original mouth-watering flavors it has created for its premium grade chicken wings. Dick's Wings® offers customers the freshest wings, sandwiches, burgers, wraps, salads and signature waffle fries, all in a unique setting that combines a family-friendly environment with a sports-themed restaurant. Dick's Wings & Grill's® chicken wings have won numerous awards in Florida and Georgia, including having been voted "Best Chicken Wings in Northeast Florida" 12 consecutive years by Folioweekly magazine. Dick's Wings® currently has 16 full-service restaurants and 2 express restaurants. Fifteen of the restaurants are located in Florida, with one located in Georgia and two located in Canada. For more information on the company, please visit its website at www.dickswingsandgrill.com.
About Blue Victory Holdings, Inc.
Blue Victory Holdings, Inc., headquartered in Lafayette, Louisiana, is an asset development firm that is focused primarily on the ownership and management of branded restaurants. It concentrates its activities on opening, managing, rehabilitating, buying and disposing of a variety of branded restaurants for the purpose of maximizing shareholder value. The company currently owns 22 restaurants located in the Southeastern United States that are expected to produce a total of more than $25 million in revenue during 2012. These restaurants consist of 16 Kentucky Fried Chicken restaurants, 4 multi-branded Kentucky Fried Chicken/Taco Bell restaurants, 1 multi-branded Kentucky Fried Chicken/Long John Silver's restaurant, and 1 Hardee's restaurant. For more information on the company, please visit its website at www.bluevictoryholdings.com.
Safe Harbor Provision
This press release contains "forward-looking statements" 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. All statements other than statements of historical fact contained herein, including, without limitation, statements regarding the company's future financial position, business strategy, budgets, projected revenues and costs, and plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expects," "intends," "plans," "projects," "estimates," "anticipates," or "believes" or the negative thereof or any variation thereon or similar terminology or expressions. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from results proposed in such statements. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can provide no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the company's expectations include, but are not limited to, those factors set forth in the company's Annual Report on Form 10-K for the year ended December 25, 2011 and its other filings and submissions with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, the company assumes no obligation to update or revise any of the information contained in this press release.
SOURCE American Restaurant Concepts, Inc.