ATLANTA, June 10, 2013 /PRNewswire/ -- The following
is a report by Energy Edge Technologies Corporation (OTC:
EEDG) CEO James Boyd on progress
company has made since he assumed office.
- We have eliminated a considerable amount of debt produced by
Energy Edge Solutions.
- We are working to pay off the remaining $150,000 of debt
- We submitted an 8k detailing the executed modification
agreement and now EEDG owns 100% of Dry Fried Wings. This is a
major accomplishment for the brand.
- We terminated all consulting contracts. John Walker and Harold
Kestenbaum resigned from the Board. We thank them for their
contributions.
- I am the watchdog over stock issuances. All future consulting
contracts will be connected to scheduled deliverables. We will no
longer compensate consultants "today" for tomorrow's
performance.
- I am focused on:
- Opening our first company owned and operated Gourmet Wing
Restaurant in the Atlanta
area
- Today I met with the architect, general contractor and leasing
agent to develop cost projections for the downtown location.
- New Restaurant development Process:
- Securing the location
- Complete demographic analysis
- Complete traffic counts
- Developing architectural plans
- Develop cost estimate
- Securing architectural permits
- Submit to general contractor for bid
- Submit plans to equipment and sign suppliers for bid
- Construction start
- Our investment strategy has changed considerably. We invested a
considerable amount of capital initiating our licensing program. I
determined that strategy was not as sustainable and not as scalable
as franchising. While we intend to honor our commitment to our
licensees we are moving with all due haste to a franchising model.
We are in discussions with a well-capitalized physician and his son
for locations in Milwaukee and
Tallahassee. We must first complete our Franchise Disclosure
Document (FDD). The FDD is a legal document which is presented to
prospective buyers of franchises in the pre-sale disclosure process
in the United States.
- Master Franchising- Big Chow Grill. We are still in
discussions.
- China Moon Express-We are just beginning our talks to finalize
a franchise development agreement.
- Cu'i- We are scheduling meetings with Kroger and other large
retailers.
- Financing- I have several offers for financing and I am still
performing due diligence to ensure the loans are not toxic. We can
avert harming our shares because the stock is restricted for
six-months and we will have at least one restaurant location opened
by that time. I would be happy to entertain other offers of
financing.
- I am establishing deliverables connected to sales and profit
projections for Energy Edge Solutions and the restaurant group.
Both entities must produce profitable revenues.
- We will delay any spin-off until each entity has sufficient
assets.
- A name change will follow shortly thereafter.
- I am interviewing several very experienced candidates to fill
the role of Chief Financial Officer. This will be a part-time
position.
- Friday, August 9, 2013 is the
next filing date for the 10Q and we will file on time.
"As I reshape our company, we intend to be fully compliant with
SEC reporting requirements as we pursue our plan to continue adding
new brands to our expanding portfolio. Our strategy is to become a
meaningful participant in the food and beverage category," said
James Boyd, a former top executive
with Popeyes Chicken, Quizno's and other concepts.
Media contact: Tom Madden
561-750-9800 x211; tmadden@transmediagroup.com
This release contains statements, which may constitute
"forward-looking statements" within the meaning of the Securities
Act of 1933 and the Securities Exchange Act of 1934, as amended by
Private Securities Litigation Reform Act of 1995. Prospective
investors are cautioned that forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties, and actual results may differ materially from those
contemplated by such forward-looking statements. Important factors
known to management that could cause actual results to differ
materially from those in forward-looking statements include
fluctuation of operating results, ability to compete successfully,
and ability to complete before-mentioned transactions. The Company
undertakes no obligation to update or revise forward-looking
statements to reflect changed assumptions, the occurrence of
unanticipated events, or changes to future operating results.
SOURCE Energy Edge Technologies Corporation