Los Angeles, Nov. 07, 2018 (GLOBE NEWSWIRE) --
– Giggles N’ Hugs, Inc. (OTCQB: GIGL), owner and operator of family-friendly restaurants that bring together high-end, organic food with active, cutting-edge play and entertainment for children, today announced the launch of a crowdfunding campaign by its subsidiary, GNH Restaurant 3 LLC, to raise the necessary capital to build and open its next location.
“We are very excited to finally get to this point and be able to make this announcement as we have been working on this for months”. “We have pioneered and perfected a brand-new kind of restaurant concept for 41% of the U.S. population: parents with kids,” stated Joey Parsi, Founder and co-CEO of Giggle N’ Hugs. “With new customers born every day, and minimal competition, we see one or more Giggles N' Hugs locations in every major metropolitan market around the country and eventually the world, expanding through corporate-owned locations as well as franchise partners.”
Parsi continued, “By participating in this campaign, investors will own and be a part of our newest location, which depending on the terms we get, will more than likely be in Seattle and will be a separate subsidiary. In a place like Seattle, there are a lot more cold or rainy days that will bring more people indoors compared to Los Angeles and we expect that the weather differences will drive our sales higher.”
“Depending on our success in this campaign, we envision doing a new campaign under Reg A which would give us the opportunity to raise significantly more than the current Regulation CF cap of $1,070,000 and or we can do a separate Reg C offering like the current campaign providing us the ability to secure funding for each location in new markets around the country. Ultimately, we see the investors in future campaigns being the customers in the respective cities we go into, and therefore providing us the necessary capital for our future expansion plans” Parsi concluded.
To raise this capital, the Company has partnered with Wefunder, the largest regulation crowdfunding platform in the country, which was founded in 2012. Starting in May of 2016, under the new Regulation Crowdfunding law, which is part of the previously enacted Jumpstart Our Business Startups (JOBS) Act, it became legal for everyone to invest small amounts of money in the startups they believe in, providing an alternative around the previous “accredited investor” restriction that prevented smaller investors from making investments in private companies.
Since then, Wefunder, which was backed by Y Combinator and helped pass the JOBS Act in Congress, and its more than 183,000 investors have helped more than 220 companies raise over $71 million. Some of the companies who first raised seed capital on Wefunder have since become inovators and leaders in their respective industries having raised over $1.5 billion in follow-on funding.
Familiar names that raised capital on Wefunder include Zenefits, which raised capital at a $9 million-dollar valuation and has since been valued as high as $4.5 billion. Another familiar name that raised capital through Wefunder is Ginko Bioworks, which raised over $265 million in 2017 at a valuation of $1.3 billion. Other Wefunder success stories include, Meow Wolf, which has raised over $36 million since setting a record by raising over $1 million in less than 48 hours on Wefunder, Beta Bionics is another familiar name that did its seed round at Wefunder and just last week raised over $57 million in its Series B round.
“What we need from our current and perspective shareholders around the country is to not just participate in this campaign to ensure our success, but to also help us spread the word so that we can have as many people as possible consider this opportunity,” stated Philip Gay , co-CEO of Giggles N’ Hugs.
Gay continued, “This opportunity will be available only to friends and families of the company’s staff as well as to current and prospective shareholders while we are in reservation mode PRIOR to us opening the campaign to Wefunder's community of almost 200,000 investors. The reservation period for early investors to participate will begin today on Wednesday November 7 and will end on Sunday November 11 when it opens to the Wefunder’s community and everyone else”.
Early participants will receive exclusive perks not available to other later investors, so we encourage you to visit https://wefunder.com/gigglesnhugsinc prior to Sunday before it opens up to the Wefunder community.” “Investors may invest as little as $100 up to as much as they choose and given that under Reg C the campaign is capped at only $1,070,000 we anticipate that the offering will be fully subscribed.
“We are very excited for this opportunity as we believe it will finally mark the beginning of our ramp up and growth objectives that you have all waited so patiently for. We hope that you too are as excited as we are and that you participate and share the opportunity with others. Thank you for believing in our vision and Company” Gay concluded.
See additional information, including the risk factors contained in our Form C Offering Statement, at: https://wefunder.com/gigglesnhugsinc
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. The forward-looking statements include, but are not limited to, statements regarding our ability to successfully raise the targeted amount of capital in our subsidiary’s Reg CF Offering, our subsidiary’s ability to successfully open our third location, our subsidiary’s ability to open a location in Seattle and if opened that restaurant’s ability to have higher sales than our other restaurants due to differing weather conditions or other factors, our ability to raise capital in the future for additional restaurants through other Reg CF offerings or Regulation A offerings and our and our subsidiary’s ability to execute on our business plan and strategy. 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 Giggles N’ Hugs, Inc.’s filings with the Securities and Exchange Commission (the "SEC") and those contained in the Form C Offering Statement of GNH Restaurant 3 LLC, which was filed with the SEC. Thus, actual results could be materially different. We 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.