Someone has done their homework! The Greg Mitchell referenced in that SEC suit is not the Greg Mitchell currently running GRLT. Maybe do a little research before trashing someone's good name.
He did lose money as a franchisee and a shareholder. He is working hard to revive the company - either as Grill-it or some other venture that will create shareholder value. Everyone on this board, including myself, were bashing Keith Wilkerson for the awful job he did with the company. So why are people calling the stock a scam? It was never the Grill-it concept that was a failure, it was the management team. They stopped focusing on the Grill-it concept and ventured off into owning sub shops, coffee houses and brad companies. None of those sound like their core business of providing reasonably price, responsibly sourced latin cuisine. So we all admit there is a mess to sift through before Mr Mitchell can release a public statement on the status of the company. It would be improper to give false hope and pump the share price artificially. He realizes this and that's exactly why there has been no formal communication from the company as of yet. But we are getting closer to the issuance of the prior 6 quarters of financial statements and then will announce plans for future business development.
The Half Moon Café and Sooner Bread Company both failed almost immediately after the purchase by Healthy & Tasty Brands. These were troubled assets when they were purchased and previous management fell for the lies the owners of those restaurants told to get out from under the failing businesses. Mr Wilkerson did not cause the businesses to fail - they were already on their way to closure when GRLT purchased them. It was his ego that led him to believe he could turn around those failing businesses with no expertise or excess cash to float the business until a turnaround could be undertaken.
Those failures leave us with a pile of debt, billions of shares outstanding and many investors with a bad taste in their mouth. But those past mistakes cannot be placed on Mr. Mitchell as he is a shareholder and a franchisee of Grill-it, the only part of Healthy & Tasty Brands that was ever truly successful. It is my belief that the Grill-it concept will ultimately succeed if relaunched with realistic expectations and promises. A national rollout was never going to happen as quickly as Hajj and Wilkerson promised. The Florida locations were profitable and successful. The Texas location was showing promise. The other franchisee locations in other states were not supported by corporate due to lack of assets, focus of management and any level of expertise running a franchise restaurant model. The food and theme are perfect - the execution of the business model by management was the failure. Consumers (especially millennials) are seeking quick, convenient and unique dining options while demanding responsibly sourced proteins and farm fresh produce. Grill-it checks all of these boxes and just needs a team of focused and driven executives along with supportive shareholders to revive the concept and expand beyond anything promised in the past, but this time at a slower and more planned pace.
I will continue holding my core shares and add as we continue to bounce between .0001 and .0002 the next several days. Once the sellers clear who are willing to part ways with shares at any price then the price will move toward a short-term target of .0004. Once financials are issued and we receive a formal public statement from the company there is no reason the shares won't proceed to .0007. With the relaunh of Grill-it and optimally 3 initial locations to retest public acceptance of the concept, it should approach .0011. That is not a rich valuation and not an unreasonable target if all goes as planned. I am not going to say it's going to .25 or even .01 in the next 12 months. But if you're patient you could easily see 3x or 4x returns and then maybe catch a spike higher when good news is finally released. Ultimately this concept works and we have a Florida franchisee running the show now. He knows what works and what caused the problems of the past. Hold strong and hold long my friends.
