MIAMI, Florida, September 6, 2013 /PRNewswire/ --
GRILLiT, Inc. (OTC: GRLT) ("GRILLiT" or the "Company") today
announced that FINRA has approved and made effective the Company's
previously announced common stock dividend.
On September 4, 2013, FINRA
announced a "5-1 STK; Restricted" (found here:
http://otcbb.com/dailylist/txthistory/di09042013.txt). It has
come to the Company's attention that this stock dividend is being
interpreted as a forward split, when in fact it is a stock dividend
of restricted shares, which will not cause an increase of the
public float or result in an automatic per share price
adjustment.
All shareholders of GRILLiT, Inc. owning common shares on the
record date of August 7, 2013 shall
receive four (4) shares of GRILLiT, Inc. restricted common stock
for every share held by such shareholder. For example, if a
shareholder owns 10,000 shares of GRILLiT, Inc. common stock at the
close of business on August 7, 2013,
that shareholder shall receive 40,000 additional shares of GRILLiT,
Inc. restricted common stock, giving that shareholder a total of
50,000 shares.
The dividended common shares will be "restricted" as defined in
the Securities Act of 1933. Rule 144 allows for the public
resale of restricted securities only if certain holding period and
other conditions are satisfied. The start date for the
holding period for the dividended shares shall be the record date
of August 7, 2013, and the holding
period is one year.
The Company will receive the certificates of the dividend shares
of restricted common stock and will deliver the certificates to its
shareholders over the course of the next several days.
About GRILLiT
GRILLiT (GRLT) is a growing Latin-Caribbean fusion restaurant
concept that marries fast casual to nutritious and healthy food.
The company opened its first location in Miami in 2011 and specializes in chef-inspired
custom crafted rice bowls, pasta and wraps as well as salads.
GRILLiT utilizes domestic growers and delivers healthy cuisine
using only fresh proteins, such as never-frozen chicken and Angus
beef. Restaurants offer an inviting and comfortable atmosphere with
an open kitchen and contemporary, industrial design. GRILLiT
currently has two locations and expects to have at least 21
corporate and 58 franchised locations open and operating within the
next five years. The company is targeting Florida, North
Carolina, New Jersey,
Pennsylvania, New Hampshire, Ohio, Kentucky, Tennessee and Georgia for new growth. For more information,
visit http://www.grillitinc.com.
Forward Looking Statements:
Statements in this press release that are not purely historical
facts, including statements regarding GRILLiT's beliefs,
expectations, intentions or strategies for the future, may be
"forward-looking statements" under the Private Securities
Litigation Reform Act of 1996. Such statements consist of any
statement other than a recitation of historical fact and can be
identified by the use of forward-looking terminology such as
"plan", "may", "expect", "anticipate", "intend", "estimate" or
"continue" or the negative thereof or other variations thereof or
comparable terminology. The reader is cautioned that all
forward-looking statements are speculative, and there are certain
risks and uncertainties that could cause actual events or results
to differ from those referred to in such forward-looking
statements. This disclosure highlights some of the important risks
regarding our business. Specifically, the reader should not place
undue reliance on statements regarding our ability to build a chain
of health-conscious fast-casual restaurants. Additionally,
there are number of other risk factors relating to our business
more fully explained identified by us in our filings with the OTC
Markets, which are available through http://www.otcmarkets.com.
Contact:
Robert L. Tucker
Director of Corporate Development
rltucker@grillitinc.com
Tel: +1(305)514-0326
Facebook: https://www.facebook.com/FreshGRILLiT
Twitter: @freshgrillit
SOURCE GRILLiT, Inc.