Republic of Texas Brands Incorporated Announces Plan to Purchase Large Texas-Based Barbecue Restaurant Chain and Real Estate
July 30 2013 - 3:00PM
Marketwired
Republic of Texas Brands, Inc. (PINKSHEETS: RTXB) is pleased to
announce it has signed a Letter of Intent to purchase a successful
Texas-based barbecue restaurant chain, which consists of multiple
profitable restaurants in exchange for approximately $20 million.
The barbecue restaurant chain has been in business for over 30
years, generated well over $10 million in sales in 2012 and all of
its locations are in the Dallas/Fort Worth area. The Company plans
on entering into a definitive agreement after its 90 day due
diligence period. The Restaurant Chain has asked to keep its name
private until the definitive agreement is signed.
Republic of Texas Brands has made arrangements with a publically
traded asset based lender to enter into a Letter of Intent to
acquire the highly valuable barbecue restaurant chain's real estate
from its current owner and lease it back to Republic of Texas
Brands. The publically traded asset based lender and the barbecue
restaurant chain have started negotiations on a Purchase Agreement.
The Company has identified other sources for the necessary funds to
complete the acquisition. The Company has no commitment for the
balance of the financing and there can be no assurance that it can
obtain such financing.
Republic of Texas Brands plans to launch an investor's website
page within the next six months in addition to its commerce site
www.republicoftexas.com to help keep investors informed and up to
date on the Company and its subsidiaries.
"This acquisition will be a huge leap forward for our company
and will make Republic of Texas Brands a major player in the Texas
barbecue restaurant business. In addition to the company stores, we
will also execute our plan to franchise locations all across the
United States. The barbecue restaurant chain we plan to acquire
will keep the same name that it has been operating under for over
30 years," stated Jerry Grisaffi, CEO of Republic of Texas
Brands.
Please visit our website: http://www.republicoftexas.com
Please visit our Facebook:
https://www.facebook.com/republicoftexascompanystore
Please visit our Twitter: https://twitter.com/RTXB
About Republic of Texas Brands
Incorporated:
Republic of Texas Brands Incorporated (RTXB) has a distinct
unique brand and logo that captures the emotion attached to Texas
and its independent attitude, recognized and loved around the
world. Republic of Texas Brand's strategy will be to utilize its
relationship and co-packing agreement with Bergheim Texas BBQ to
produce product to our specifications and to be the commissary for
our restaurant group.
Safe Harbor Act: This release includes forward-looking
statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 that involves
risks and uncertainties including, but not limited to, the impact
of competitive products, the ability to meet customer demand, the
ability to manage growth, acquisitions of technology, equipment, or
human resources, the effect of economic business conditions, and
the ability to attract and retain skilled personnel. The Company is
not obligated to revise or update any forward-looking statements in
order to reflect events or circumstances that may arise after the
date of this release.
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Contact: Jerry Grisaffi Email Contact
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