2020, 07:00 ET
LAS VEGAS , July 15, 2020 /PRNewswire/ -- Cordia Corporation (OTC: CORG) today outlined its real estate strategy for virtual restaurants and ghost kitchens.
Restaurant, bar, and retail closures are on a record pace due to the corona virus pandemic. Industry estimates suggested that up to thirty percent of the independent restaurants and bars will close or not reopen. Unprecedented vacancies are expected in real estate serving food and beverage businesses.
Cordia is actively exploring opportunities to acquire vacant or closed restaurants or bars with kitchen space.
The company recently launched a division called Virtual Dining Brands ( www.virtualdiningbrands.com ) which consolidated its virtual concepts. The company has two active online restaurants operating now Vegas.Pizza and KO Sports Bar and Grill. A high end burger restaurant called Supreme Burger is in the final stages of development prior to launch.
The company's planned celebrity restaurants will also be part of this new division.
All of Cordia's virtual restaurants are intended to aggressively scale. The company is working with a national food distributor to allow for ordering of necessary ingredients by potential operators around the country. Cordia would generate revenue through the sale of ingredients to its licensees in additional to potential royalties.
The company believes that landlords will welcome activating vacant spaces. Management projects that these locations will be attractive to entrepreneurs to acquire or lease from Cordia once they are operational. The kitchens will be functional with Cordia brands with delivery and supplier relationships in place. The company forecasts a mixture of Cordia owned stores and licensed partners in its planned portfolio.
"There is no doubt in my mind that the restaurant business will not go back to the way it was. We were building our off premise dining business model that uses the latest technology prior to COVID-19. We think we are uniquely positioned to provide a valuable service to commercial landlords and a real opportunity to entrepreneurs while adding significant shareholder value," added Peter Klamka CEO of Cordia.
Cordia maintains relationships with UberEats, Postmates, GrubHub, DoorDash, Snackpass Slice, Otter, Tock, Open Table, Sysco, and US Foods. Management has over thirty years in restaurant operations and hospitality.
This news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities & Exchange Act of 1934, as amended, with respect to achieving corporate objectives, including developing the Company's business model, consumer acceptance of its brands, securing partnerships with commercial real estate owners, building a portfolio of restaurants, and developing virtual restaurants. The Company's plans described above and otherwise are contingent upon adequate financing, of which there are no assurances. No information in this press release should be construed as any indication whatsoever of the Company's future financial results, revenues or stock price. These statements are made under the "Safe Harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein.
SOURCE Cordia Corporation
