Grillit Inc (GRLT)

[bluediamonds500]

Some notes from the Shareholder meeting:

1. Klein extended an offer to those holding convertible notes to turn them in for a non-convertible note paying 5% interest.
-moving forward he wants to rid the company of different classes of shares i.e preferred, class D and just wants to have common shares.

2. He also stated that he wants to put an end to the dilution. He wants to get the PPS up very soon. If I remember correctly I think he said in about 4-6 weeks.

3. There are about 2.4 billion outstanding shares.

4. No reverse split is planned. Why? because it does not make sense at the current PPS.

5. Klein did not provide a specific time frame for when the share buy back will occur. I believe his thinking is if the PPS continues to linger in the triple zeros he will do it sooner rather than later.

6. Closing on 3 existing restaurants (I believe this includes the property too) in Oklahoma City generating about $3 million in revenue. The restaurant sellers have agreed to carry a note. There will be a PR when deal is complete.

7. The Round Rock location should open in a few days.

8. The 11 LOI's from Clarion Hotel is still on the table. Klein stated that Clarion Hotel does not want to be in the business of running a restaurant. The vision there is to take over the restaurant spaces at Clarion Hotels, remodel them to Grillit, and make them open to the public instead of just open to hotel guests. Progress has not been made there because they don't have the finances to support this endeavor yet.

9. Klein was not aware of the 10% ownership of Gaucho Rancho. I wonder what the deal is there.