Grillit, Inc. (GRLT)

[Chartmaster]

GRILLiT Inc. Q1 Released FinancialsPress Release | 04/29/2021

GRILLiT Inc. turned a corner in Q1 2021 as our strategic plan, published February 15, 2021, is now in full motion with the signing of a long-term lease to open the inaugural "The Pretzel Haus" location in Palm Harbor, Florida. This location is exactly the kind of looking we were looking to open. More than 75,000 cars per day will see The Pretzel Haus on their way to and from work according to Forward Pinellas. The location will also allow for both indoor and outdoor seating with room to create a covered outdoor patio.

Related to the Q1 2021 financial reports, we brought in $35,000 in cash in Q1 and ended Q1 with a $25,000 cash position in part to a $75,000 fixed rate funding agreement secured in Q1. We expect that Q2 cash investment inflow should reach between $75,000 and $90,000 as we secure funding for our second location. All funds received will continue to go toward opening new locations and the operating expenses of our first location. As expected, we saw an increase operating expenses related to multiple logo competitions for The Pretzel Haus, The Chicken Haus, Bessemer Brewery, and Trademark applications that took place in January, February, and March. Our new logos can be seen on our new website located at GRILLiTBRANDS.com that was designed by an outside marketing firm who has been tasked with the website for The Pretzel Haus which should be launched in late Q2, in time for our Grand Opening. A new mobile app for Android and iPhone is also under development that will allow for mobile ordering which we believe will account for 60% - 70% of all orders. It is an exciting time, and we are looking forward to where we are going in 2021 and beyond.

GRILLiT has received multiple offers to fund our next locations and we have been in conversations to partner with a Crowdfunding company based in Pittsburgh PA. This will provide all our shareholders the opportunity to help fund our expansion and keep us from issuing any convertible debt that could be dilutive to our shareholders. We are already looking for the next locations as our strategy that we published on February 15, 2021 was to open 2 Pretzel Haus locations in 2021, 3 locations in 2022, and 5 locations in 2023 in the Tampa market. We are only a few weeks behind what would be described as a fairly aggressive schedule and even more gratifying to know that we are during all this during a global pandemic. We are incredibly happy with the progress we are making and look forward to activating our social media strategy that should make several shareholders quite happy.

As mentioned previously, we believe we will be able to fund our expansion through fixed rate debt financing as we do not want to liquidate current shareholders beyond the 4 Billion shares authorized as we have no plans to authorize any more shares and we have no plans for a reverse split. What we are doing is unheard of in the Penny Stock market and has required patience and having a solid business plan. The first stage of our plan is to open multiple locations of The Pretzel Haus as it returns the highest return on investment with the smallest capital requirement which is attractive to larger investment companies. The low capital investment per location will allow us to open more locations at a faster pace compared to the other 3 brands in the pipeline of GRILLiT Inc. We are already looking for additional locations that fit the profile of The Pretzel Haus locations in the Greater Tampa Area. Based on our projections, the payback of the original 75K investment is between 12 - 18 months. At this pace we can generate enough free cash flow to self-finance the openings of locations after opening 3-4 locations which has been part of our business strategy to turn GRILLiT around and prove this business model. The strategy deployed is the exact same strategy that the St. Louis Bread company, that later became Panera, as they opened locations out of the free cash flow.



CONTACT:

Greg Mitchell - President

https://grillitbrands.com/

E-mail: [e-mail]


Forward-Looking Statements

Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently unreliable and actual results may differ materially. Examples of forward-looking statements in this news release include statements regarding the potential growth and advantages related to market trends and consumer preferences. Factors could cause actual results to differ materially from these forward-looking statements. These risk and uncertainties are detailed from information that may be detailed from time to time filings.
https://www.otcmarkets.com/stock/GRLT/news/GRILLiT-Inc-Q1-Released-Financials?id=300420

Quarterly Report Out:
https://backend.otcmarkets.com/otcapi/company/financial-report/280488/content

Shareholder update

https://www.otcmarkets.com/stock/GRLT/news/Update-to-Shareholders?id=295404