GRILLiT Executes Exclusive Option Agreement for California Master Franchise License
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.
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SOURCE GRILLiT, Inc.