JACKSONVILLE, Fla., Sept. 6, 2012 (GLOBE NEWSWIRE) -- Latitude Global, Inc. ("LGI" or "Latitude Global"), has announced the closing of a $6.4MM senior credit facility from Fifth Third Bancorp (Nasdaq:FITB), which is intended to be used to support their expansion of additional venues in Q4 2012.
LGI is a full-service entertainment corporation founded in 2009 that builds and operates cutting-edge entertainment venues that include a variety of contemporary yet casual dining areas, state-of-the-art video and redemption games, luxury bowling lanes, movie screening rooms with food service, a Vegas-style showroom, and a high-tech sports bar.
Brent Brown, Latitude Global CEO, stated, "We are very proud of our new relationship with a traditional bank like Fifth Third, that recognized our strong value proposition as a sound business. We have shown consistent cash flow from the day we opened our flagship location in Jacksonville and are expanding to markets with even more robust demographics. We look forward to growing our partnership with Fifth Third with our expansion plans."
"We spent considerable time and effort researching the Latitude Global concept and business model. We are pleased to be able to provide this financing, as well as our holistic merchant processing and treasury solutions," commented Nathaniel Herring, city president, Fifth Third Bank (North Florida).
On the heels of public offerings of companies offering similar, one or two dimensional venues, LGI expects to continue to develop superior, next-generation family entertainment centers, where studies show that many markets are under-served for revolutionary establishments of this type. Recent research suggests that there are many cities in the United States alone that could support a "Latitude-type" restaurant/entertainment facility. LGI's flagship venue, located in Jacksonville, FL, serves as the platform to the company's expansion plans which include the opening of up to three centers in 2012 and as many as seven additional locations over the next two to three years.
For more information on Latitude Global, please visit, www.Latitude360.com .
About Latitude Global
LGI is a privately-held, independent, full-service entertainment company founded in 2009 to plan, develop, construct and operate state-of-the-art, 35,000 to 70,000 square foot premier entertainment venues. LGI and its expected future locations, fuse the magic of an exceptional food and beverage experience with multiple entertainment options in an upscale and contemporary-designed venue. Latitude 30, the flagship location, opened in January 2011. Our newest locations, Latitude 39 in Indianapolis, IN and Latitude 40 in Pittsburgh, PA are scheduled to open in the 4th quarter 2012. The first hybrid location, Latitude 42 in Chicago, IL will occupy 34,000 square feet within an existing Regal Cinemas multiplex and is also expected to open later this year. For additional information, please visit www.Latitude360.com. To watch a two minute LGI corporate overview, please visit http://www.youtube.com/watch?v=5a99E2R7LsU&feature=youtu.be .
The Latitude Global, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=14549
About Fifth Third Bancorp
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of June 30, 2012, the Company had $118 billion in assets and operated 15 affiliates with 1,322 full-service Banking Centers, including 105 Bank Mart® locations open seven days a week inside select grocery stores and 2,409 ATMs in Ohio, Kentucky, Indiana,Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Investor information and press releases can be viewed at www.53.com. Fifth Third's common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB."
Cautionary Statement Under The Private Securities Litigation Reform Act of 1995
This press release includes "forward-looking statements" under the Federal Private Securities Litigation Reform Act of 1995, including statements regarding the Company's expectation regarding the opening of future locations in 2012 and the Company's expansion plans and the ability to capitalize on those plans. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties inherent in the Company's business that could cause actual results and events to differ materially from those in the forward-looking statements. The Company wishes to caution readers that certain important factors may have affected and could in the future affect the Company's actual results and could cause the Company's actual results for subsequent periods to differ materially from those expressed in any forward-looking statements made by or on behalf of the Company. With respect to the Company's expectations regarding these statements, such risk factors include, but are not limited to: (1) the economic climate for the Company's industry and demand for the Company's products and services; (2) unanticipated delays in construction and obtaining additional financing if necessary; (3) the Company's ability to open new stores and operate them profitably; (4) changes in discretionary spending by consumers and general economic conditions; (5) the Company's ability to compete favorably in the entertainment and restaurant markets, (6) seasonality of our business and the timing of new openings and other events, and (7) the availability and cost of food and other supplies, many of which are beyond the control of the Company. Actual results may differ materially from the expectations contained in the forward-looking statements. The Company does not undertake to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.