Letter from Joey
Hello shareholders,
We want to update you on the current status of the execution of the Giggles N' Hugs business plan regarding expansion of new stores and our merchandise line.
We want to thank all of you for being patient while we move forward to achieve our business objectives. We know you are as excited as we are to move forward and seeing Giggles N' Hugs grow to be a household brand that parents and children will cherish.
We are still working on our NorCal location from the prior LOI. We continue to negotiate with all parties involved not only to secure this location, but set up the landscape so we can expand much quicker into other mall locations with the current management company. One this is accomplished, we will be able to expand across the country much quicker.
Regarding the Bahrain master franchise deal, as you may or may not know, we did not account for Ramadan when we gave a time frame in our last PR for this part of our expansion. We have been working with our Bahrain consultant to assist us in securing the ground work so we can get the 2-3 stores ready for construction.
As always happens in the business world with so many moving parts, unexpected issues and events arise that we cannot predict that can cause delays. But we are working hard to get through these issues and continue our expansion plan.
When we have more definitive details of the progress on these deals, we will inform you as soon as we can disclose the information. We want to make sure we expand intelligently and this often takes more time than predicted.
Again, we appreciate your support and dedication to the Giggles N' Hugs brand as we build it into a company that families can visit and make lifelong memories together!
Best regards,
Joe Parsi
