Today before the opening bell, Latitude 360, Inc., the
“ultimate upscale multi-dimensional entertainment eatery,” told investors that
it has entered into management agreements for two locations of Revolutions, an
upscale bowling, dining & entertainment concept owned by Frank
Entertainment. The company intends to later acquire these two stores plus a
third location in the near future via a Preferred Equity transaction.
The company expects these new locations to operate as
Latitude 360 in the fourth quarter of this year. The move is part of Latitude
360’s expansion strategy and will effectively double the number of locations.
The company has also entered into a letter of intent with Frank Entertainment
to acquire these three locations. Assuming a definitive purchase agreement is
entered into with the company and Frank Entertainment, it is the intent to
close the acquisition of these three stores in the fourth quarter of 2015
subject to all closing conditions being met and liquor license approval being
obtained from relevant government entities.
Latitude 360’s efforts are now focused on the integration
and management of these locations and the September launch of 360 Fantasy Live,
a cutting-edge daily fantasy sports platform. The Company expects that these
strategic moves will provide a significant revenue increase and management
believes will assist the Company as it positions itself for an uplisting to a
national exchange in the future.
“We are confident the timing of the deal with Revolutions
and 360 Fantasy Live’s upcoming launch made this the right move to create the
most shareholder value for the capital outlay required. The decision to acquire
existing locations will enable rapid top-line growth versus waiting for the
construction of new location build-outs. We are excited about bringing the
Latitude 360 to more markets as we continue to grow the revenues of our current
locations,” said Brent Brown, CEO of Latitude 360.
Bruce Frank, President and CEO of Frank Entertainment,
stated, “Latitude 360 is executing at the highest level in the restaurant
entertainment space. The customer ‘360 Experience’ is one of the best concepts
in the industry. We are excited to be a part of the momentum and look forward
to more potential synergies with Frank Entertainment.”
In today’s press release, Latitude 360 also stated that it
will not be moving forward with the previously announced construction and build
out of the Albany, Kingston Collection or Shops at West End (Minneapolis)
locations. The company executed mutual termination agreements on each location.
For more information, visit
www.latitude360.com/corporate/investor-relations/
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