Grillit Inc (GRLT)

[cautiousoptimism]

I help nobody by living in the past and spending all my time and energy chasing poor decisions made by previous management and people who had their own interests at heart. Any legal proceedings would cost hundreds of thousands in legal fees and consume 100% of my time that I dont have, and any resolution would be years away. I do and have cooperated by answering any and all questions posed to me by State Attorney Generals, the SEC, the IRS, and any other regulatory authority who asks. The SEC has gone after and successfully convicted multiple people trying to eliminate the toxic environment that surrounded Penny Stocks. My family was one of the families permanently hurt by this industry. Our current strategy is to leave the legal proceedings to taxpayer funded entities and be transparent with all shareholders and the common public which is easier now that we are current on our financials.

OTC DISCLOSURE & NEWS SERVICE
Financials Released and Current - GRILLiT Inc.
Press Release | 12/18/2020
GRILLiT INC. is happy to announce that the quarterly financials for GRILLiT Inc. are now current and disclosed on www.otcmarkets.com. I want to thank the many companies and individuals over the past few years who have provided information that was crucial to understand the future viability of GRILLiT Inc. We especially want to thank the many shareholders who provided detailed back-up and support over the past 3 years as we overcame many challenges discovered after the transfer of leadership in early 2018.

Today GRILLiT Inc. is announcing that GRILLiT Inc. will be the parent company of 4 complementary retail restaurant businesses. The namesake, GRILLiT, will remain the primary brand as we will maintain and expand on the original business plan. We will be modernizing the original strategy from 2011 and incorporate drive-thrus and mobile ordering into the design and operation of every location. Pre-covid-19 statistics show that a drive- thru will add 40%-60 to the top line sales and more than doubles the profitability of a location. We are already looking for partners and have been in talks with multiple companies from the US and Canada to start expanding on the business strategy. Our projections estimate each location will produce between 1.4M and 1.8M in revenue and 140K 180K in profitability.

The second business is called The Pretzel Haus (MA operating LLC). This business will be offering wholesale pretzels to local restaurants, sporting venues, breweries, and pubs while producing the fresh wholesale products from local retail stores offering an expanded menu of stuffed pretzel pockets offering feta and spinach, and mozzarella and peperoni, cheddar and bacon, along with rotating seasonal favorites. This strategy also incorporates a premium website for ordering gourmet pretzels packages to be shipped around the US and delivered as a friendly gift to be given to friends and family. The Pretzel Haus will be the first of the four businesses to go live as opening each location can be accomplished for under 50K with revenue projections of 400K per location and a profitability of 50K. The inspiration for this business came from an amazing company in Tampa Florida with whom GRILLiT of the Suncoast had been working with, investing in, and advising since 2013.

The third business is called The Chicken Haus. (MA operating LLC) Inspiration for this business came from a family trip to Koln Germany where we visited a restaurant called Hhnchen Ewald www.haehnchen-ewald.de. The concept was so simple and based around a fun family restaurant that was like nothing I had seen in the North America. The brilliance of the menu was offering an extremely focused offering of fried chicken, bratwurst, fries, special dipping sauces, and beer that is delivered within minutes after being seated. There were no options, simply amazing food with an outstanding atmosphere with beer to be served in traditional Kolsch style beer glasses. Revenue projections are estimated to be 1.2M - 1.5M per location with a and a profitability of 130K+. The best way to explain this restaurant is to cross a Cracker Barrel with a Chicken Guy https://chickenguy.com/ location found in Disney Springs.

The fourth and final business is to be part of our new offering will be called Bessemer Brewery (The name is still pending Trademark approval and subject to change). This railroad themed beer pub inspiration comes from the hometown of Albion, PA which was a bustling railroad town of 2,500 people during the peak of the industrial revolution. The Bessemer Railroad is still active today and runs from Conneaut, Ohio to Pittsburgh, PA. This business is designed solely to supply beer to The Pretzel Haus and The Chicken Haus along with operating small pubs like the original Quaker Steak and Lube which was founded in another Bessemer Railroad town of Sharon, PA only 50 miles south of Albion PA. The Quaker Steak & Lube® brand includes 42 locations in twelve states across the U.S.

All our businesses are designed to focus on a specific market with different strategies. GRILLiT is designed to be a healthy food fast offering. The Pretzel Haus and The Chicken Haus are designed to have a simple operational model with a small hometown feel. Lastly, the Bessemer Brewery is designed to be fun. What is life worth living if we dont incorporate a little fun in everything we do. The plan with these GRILLiT INC. brands is to create an offering that is attractive to communities of all shapes and sizes across the US. At least one of our offerings will be a good fit from a small town to a large city. As we attract partners to join us, we will bring in the necessary cash flow to allow GRILLiT Inc to pay down debt accumulated from previous management, buy-back shares from our positive cash flow, and increase value to each shareholder. In 2010 Tesla had 46 Million in Debt, today they have 10.6 Billion in debt but a market cap of 622 Billion. Now I am not comparing us to Tesla, but there are similarities to be put into perspective. A company valuation isnt about debt, its about the opportunity to service that debt and growing companies make that much easier to accomplish. The current debt level of GRILLiT Inc. is minimal compared to the opportunity that lies ahead as we build this company and vision.



Previous 3-year summary

The year ended December 31, 2018 was spent collecting financial documents, reaching out to previous management, contacting companies like TCA for supporting documentation, researching numerous subsidiary companies in multiple states, reviewing bank statements from banks in Florida and Oklahoma, implementing a new accounting system, validating debts with individuals and companies, and researching numerous other transactions that happened under the previous management. We develop a plan to get our accounting systems reconciled and plan to outsource the accounting to a nation firm so that financial statements can be audited in the future.

The year ended December 31, 2019 we knew there was a pathway to profitability and determined our priority was to go keep the GRILLiT franchise as the foundation of our future after the multiple previous failed attempts in Oklahoma trying to revive failing restaurants loaded with debt and cash flow reliant on additional debt. The plan was to get cash flow positive in as short a time as possible, and the capital structure of The Pretzel Haus is at the foundation of that model due to the minimal upfront capital needed to open a location. In December 2019, I moved from Tampa to Boston and I pitched our new business plan to more than 5 different PE firms with the hopes of landing a long-term partner in early 2020.

2020 was not kind the launching a new business strategy, especially a restaurant business, and delayed our announcement until today. In November 2020 I pitched our business model to a Corporate Bond Broker based in San Francisco who could possibly attract capital that would be non-dilutive to our shareholders utilizing a new crowd funding model specific to small company corporate bonds. . We have a follow-up meeting scheduled for January as they liked our business model and especially liked the Pretzel Haus vision.

I believe my actions speak for the past 3 years speak for themselves. There has been plenty I wanted to share, but ultimately, I help nobody by living in the past and spending all my time and energy chasing poor decisions made by previous management and people who had their own interests at heart. Any legal proceedings would cost hundreds of thousands in legal fees and consume 100% of my time that I dont have, and any resolution would be years away. I do and have cooperated by answering any and all questions posed to me by State Attorney Generals, the SEC, the IRS, and any other regulatory authority who asks. The SEC has gone after and successfully convicted multiple people trying to eliminate the toxic environment that surrounded Penny Stocks. My family was one of the families permanently hurt by this industry. Our current strategy is to leave the legal proceedings to taxpayer funded entities and be transparent with all shareholders and the common public which is easier now that we are current on our financials. I will be seeking additional people to create and fill out a diversified Board of Directors of GRILLiT who agree with and can support our strategic vision. These plans will take time, but we have a new start. My personal financial support every month since January 2018 is reflected as an investment into the business on our cash flow statement that successfully helped us get GRILLiT Inc. current with Pacific Stock Transfer, The State of Nevada, The State of Massachusetts, and we now have a viable entity for all our shareholders. Have a great holiday season and I look forward to a prosperous 2021 for all." Greg Mitchell



CONTACT:

Greg Mitchell - President

E-mail: [e-mail]