American Restaurant Concepts Announces Name Change and Reincorporation in Nevada
LAFAYETTE, La. - June 23, 2014 // PRNewswire // - American Restaurant Concepts, Inc. (OTCQB: ANPZ), owner, operator and franchisor of the award-winning Dick's Wings & Grill® concept, announced that it has changed its name to "ARC Group, Inc." and has completed its reincorporation into the state of Nevada. The name change and reincorporation were two of several proposals approved by the Company's shareholders at its June 13, 2014 annual meeting.
"This change from American Restaurant Concepts to ARC Group comes at a defining moment in our company's history," commented Richard W. Akam, CEO of ARC Group. "We are successfully executing upon our plan of growing the company into a diversified restaurant company operating a portfolio of premium restaurant brands, as evidenced by our acquisition of a 50% interest in the franchisor of the Wing Nutz® brand earlier this year. Our name change is part of a broader marketing initiative that we are implementing that will include a new corporate website and company logo. We look forward to unveiling these new measures later this summer."
"We have also implemented a number of additional corporate measures designed to strengthen the company," added Akam. "Most notably, we completed a reincorporation of the company from Florida to Nevada to take advantage of Nevada's advanced and flexible corporate statutes and well-established body of case law. We are pleased that our shareholders showed their support for our vision by approving each of our proposals at the annual meeting. We remain committed to creating shareholder value for our investors and other stakeholders."
The Company has applied for a new stock trading symbol with the Financial Industry Regulatory Authority, which is expected to be approved in 10-15 days. Until that time, the Company's stock will continue to trade under the name "American Restaurant Concepts" and the trading symbol "ANPZ".
About ARC Group, Inc.
ARC Group, Inc., headquartered in Lafayette, Louisiana, is the owner, operator and franchisor of the Dick's Wings & Grill concept, and the co-owner of the owner, operator and franchisor of the Wing Nutz concept. Dick's Wings® prides itself on its award-winning chicken wings spun in its signature sauces and seasonings. Wing Nutz offers a large selection of premium baked chicken wings and other baked products. Wing Nutz also offers its own proprietary line of craft beers under the name "Nut Job Beers". Dick's Wings has 16 restaurants in Florida and one restaurant in Georgia, along with a concession stand at EverBank Field. Wing Nutz has 10 restaurants in Utah and one restaurant in Idaho.
Safe Harbor Provision
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created thereby. All statements other than statements of historical fact contained herein, including, without limitation, statements regarding the Company's future financial position, business strategy, plans and objectives, 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 29, 2013 and its other filings and submissions with the SEC. 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 forward-looking statements.
SOURCE American Restaurant Concepts, Inc.
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