Los Angeles, April 24, 2018 (GLOBE NEWSWIRE) --
Giggles N’ Hugs, Inc. (OTCQB: GIGL) (the “Company”), owner and operator of family-friendly restaurants that bring together high-end, organic food with active, cutting-edge play and entertainment for children, is pleased to announce Philip Gay, former CFO of California Pizza Kitchen and former CFO and CEO of Wolfgang Puck Food Company, is now CEO of Giggles N’ Hugs.
The Company’s founder, Joey Parsi, will still be actively involved but will now focus his efforts as Chairman of the Board, while Mr. Gay will assume the day-to-day operations.
Mr. Gay most recently served as the Company’s Chief Business Development Officer and will continue his roll as founder and CEO at Triple Enterprises, a consulting and M & A Company he has lead, and brings nearly three decades of industry-related senior executive experience to Giggles N' Hugs.
“Since founding the company, my goal was always to do the ground work to lay a solid foundation for the company so that it can become the number one rated family restaurant throughout the country and the world as is currently the case in Southern California,” stated Mr. Parsi.
“This meant building the culture within the organization to succeed at every level, perfecting what we do for our customers on a daily basis, having a laser focus on customer service, insuring that our mission statement is adhered to, building relationships with some of the largest mall owners in the country, and finally bringing in a top notch management team that has the experience to take this very unique concept and make it a national brand,” continued Mr. Parsi.
“I believe that these objectives have now been met and as a result, now is the ideal time for me to hand the keys to Philip and let him do what he does best throughout his career, and that is to grow concepts like Giggles N Hugs from its infancy and make it a brand known all over the country and the world as he has already done at California Pizza Kitchen and Wolfgang Puck food enterprises” Parsi concluded.
“I’m excited for the opportunity to drive the Giggles brand forward,” stated Mr. Gay. “Through Joey’s vision and hard work, we have a great foundation in place. Watching him over the past three years, it’s remarkable what he has been able to achieve with the limited resources available.”
Mr. Gay continued, “Coming off the recent rights offering, which raised approximately $600,000, we plan to focus on three areas. First, pursuing growth through both company owned and franchise locations, second, putting together a robust, experienced and independent board of directors, and lastly, identifying opportunities that are achievable in the near term” Mr. Gay, stated.
“With this in mind, discussions are underway with mall owners and we will update the market as necessary. Also, one area we can focus on immediately is right-sizing the corporate infrastructure of the company. As a result, to better reflect his new role in the Company, Mr. Parsi has agreed to lower his base salary, which will reduce the current cash burn rate and further what we can achieve with the proceeds from the offering” Mr. Gay Continued.
“I am excited to be the new CEO of Giggles N Hugs and believe the future of the company is very bright” concluded Mr. Gay.
About Giggles N’ Hugs
Giggles N' Hugs is the first and only restaurant that brings together high-end, organic food with active, cutting-edge play and entertainment for children. Every Giggles N' Hugs location offers an upscale, family-friendly atmosphere with a dedicated play area that children 10 and younger absolutely love. We feature high-quality menus made from fresh and local foods, nightly entertainment such as magic shows, concerts, puppet shows and face painting, and hugely popular party packages for families that want to do something special.
Forward Looking Statements:
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"). Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.