Los Angeles, March 27, 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, announced its plans today for the first 180-days after the closing of its rights offering.
Coinciding with the closing of the rights offering, Philip Gay, former CFO of California Pizza Kitchen and former CFO and CEO of Wolfgang Puck Food Company, will assume the position of CEO of Giggles N’ Hugs and will join its Board of Directors. 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.
“Our business model aligns well with trends in the restaurant industry and the needs of major mall owners and operators, and with proper funding in place, we have multiple near-term expansion opportunities available that we plan to capitalize on over the next six months,” stated Mr. Gay. “Shareholders that participate in the current rights offering will play a major role in helping us achieve our goals and we intend to reward them by improving shareholder value while rapidly scaling operations, both domestically and abroad.”
“Early investors of major restaurant brands such as Shake Shack, Cheesecake Factory, and Panera Bread have reaped significant gains as these companies entered their explosive growth phase. With the capital we are raising from the rights offering, we believe we are about to enter our own phase of growth,” continued Mr. Gay.
Upon assuming the role of CEO, Mr. Gay’s primary priority will be expanding the Company’s footprint into new markets, such as Seattle, Portland, San Francisco and Silicon Valley where seasonal weather is more extreme than sunny Southern California, driving families indoors for parties and play time. Based on ongoing discussions we have had with major mall owners in each market, and with the expected funding in hand, the Company will be well-positioned to quickly move forward on signing new leases.
Discussions have also taken place with interested parties for franchising in both domestic and international markets. The Company expects to announce specific franchising deals after the offering closes.
In addition to new expansion opportunities, the Company plans to announce new additions to its Board of Directors, including experts in franchising, M&A, product launches and licensing, as well as merchandising.
We have pioneered a very unique concept in the market place and with sales up year over year, unit level margins at historical highs, and if the rights offering is fully subscribed, along with Philip Gay at the helm with the rest of the management team, we will finally have the capital and expertise to leverage these years of hard work as we bring the Giggles N’ Hugs experience to parents and children around the world,” stated Joey Parsi, founder 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:
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.
The rights offering is being made pursuant to the Company’s effective registration statement on Form S-1 (Reg. No. 333-220302) on file with the U.S. Securities and Exchange Commission (the “SEC”). The offering can be made only by a final prospectus. Investors should consider investment objectives, risks, charges, and expenses carefully before investing. The prospectus included in the registration statement contains this and additional information about the Company and the rights offering, and rights holders should carefully read the prospectus before exercising their rights and investing. The prospectus and supplements 1-4 may be found by clicking on the following links:
https://www.sec.gov/Archives/edgar/data/1381435/000149315218002746/form424b2.htm
https://www.sec.gov/Archives/edgar/data/1381435/000149315218003042/form424b3.htm
https://www.sec.gov/Archives/edgar/data/1381435/000149315218003117/form424b3.htm
https://www.sec.gov/Archives/edgar/data/1381435/000149315218003316/form424b3.htm
Requests for copies of the prospectus may be directed to Mackenzie Partners at (800) 322-2885 or rightsoffer@mackenziepartners.com.
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The completion of the rights offering remains subject to the satisfaction of certain conditions, and Giggles N’ Hugs reserves the right to terminate the rights offering at any time prior to the expiration date of the rights offering.