MIAMI, Nov. 21, 2014 /PRNewswire/ -- GRILLiT, Inc. (the
"Company" or "GRILLiT") (OTC Pink Markets: GRLT) today announced
the retirement of its senior secure credit facility.
In July of 2013, Grillit entered into a credit facility under
which the Company entered into a $250,000.00 senior secured note. Per the terms of
the credit facility, the Company issued a combined 2,586,205 common
shares in connection with the note, which are due to be retired,
pursuant to the terms of the repayment of the note.
As of November 12, 2014 the
Company was able to complete the satisfaction of the note and
terminate the credit facility in exchange for the issuance of
common shares as iterated within the Company's third quarter
financial filing on otcmarkets.com; the balance of the issuance of
these shares will be reflected in the Company's annual financial
filing for the period ending 12/31/2014
Grillit's Chief Executive, Ghazi Hajj, said, "We are pleased to
complete the full repayment of the note to our senior lender. Not
only does this repayment eliminate the requirement for the Company
to make payments from its cash flow, it also unencumbered all of
our assets that were previously secured"
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
grass-fed organic steak. Restaurants offer an inviting and
comfortable atmosphere with an open kitchen and contemporary,
industrial design. For more information, visit
www.grillitinc.com or 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 retained consultants to
increase franchise sales in their targeted 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.