Los Angeles, Feb. 28, 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 that Philip Gay, former CFO of California Pizza Kitchen and former CFO and CEO of Wolfgang Puck Food Company, has accepted the position as the Company’s Chief Executive Officer effective april 1, 2018, upon the completion of its rights offering. Mr. Gay will also be nominated to the Board of Directors of the Company.
Joey Parsi, current CEO, will be appointed chairman. "We are thrilled to have Philip take the helm and lead Giggles N’ Hugs through its next phase of development," stated Joey Parsi, founder. "He has been an invaluable asset to us over the years, first as an advisory board member and then as a senior executive overseeing business development efforts. "With Philip as CEO and director, and with a successful offering, we stand to benefit even further from his wealth of leadership experience and financial expertise.”
Mr. Gay most recently served as the Company’s Chief Business Development Officer and brings nearly three decades of industry-related senior executive experience to Giggles N' Hugs. Mr. Gay, also currently serves as Managing Director of Triple Enterprises, a business advisory service firm that assists mid-cap sized companies with financing, mergers and acquisitions and strategic planning, where he will continue his roll. From 2004 to 2010, he served as director, president, and Chief Executive Officer of Grill Concepts, a publicly-traded operator of upscale casual and fine dining restaurants throughout the U.S. From March 2000 to November 2001, Mr. Gay served as an independent consultant with El Paso Energy and assisted El Paso Energy with its efforts to reduce overall operating and manufacturing overhead costs. Previously he served as the Chief Financial Officer for California Pizza Kitchen, where he, and John Kaufman, COO, and the founders lead the company’s expansion to over 100 locations throughout the country before the sale of the company to Pepsi Co. From 1994 to 1996 Mr Gay served as the CFO, ultimately becoming CEO of Wolfgang Puck Food Company. He has held various COO and CEO positions including Color Me Mine and Diversified Food Group. Mr. Gay currently sits on the Board of Directors of Motorcar parts of America (MPAA), a half billion dollar publicly traded manufacturer and distributor of automotive aftermarket parts.
“Giggles N’ Hugs is an incredibly unique concept and the business model aligns well with trends in the restaurant industry and the needs of major mall owners and operators,” stated Mr. Gay. “As CEO, I look forward to bringing in my experience and relationships to benefit the Company in executing on its expansion plans, and bringing the Giggles N’ Hugs experience to parents and children around the world. I'm extremely excited to join Joey and the rest of the team at this amazing concept that he's built from the ground floor.”
“As the founder of the Company, I can’t think of a better person to lead the next phase of the Company growth in the months and years to come," stated Parsi. “Philip brings tremendous restaurant experience with some of the most recognizable concepts in the world and will be invaluable as we build Giggles N' Hugs domestically and internationally," commented Joey Parsi, founder and CEO of Giggles N' Hugs.
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
Except for historical information herein, matters set forth in this press release are forward-looking within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements about the Company's commercial progress and future financial performance. These forward-looking statements are identified by the use of words such as "grow", "expand", "anticipate", "intend", "estimate", "believe", "expect", "plan", "should", "hypothetical", "potential", "forecast" and "project", among others. All statements, other than statements of historical fact, included in the press release that address activities, events or developments that the Company believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors the Company believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company and may not materialize. Investors are cautioned that any such statements are not guarantees of future performance. The contents of this release should be considered in conjunction with the warnings, risk factors and cautionary statements contained in the Company's recent filings with the Securities and Exchange Commission, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Furthermore, the Company does not intend, and is not obligated, to update publicly any forward-looking statements, except as required by law.