Grillit Inc (GRLT)

[~ Blue ~]

Great News~Non dilutive funding, No R/S about 10 locations within 2-3 years

GRILLiT Inc. closes on $500,000 Funding Agreement


Financing Agreement Announcement | 06/08/2021
GRILLiT Inc. (the "Company") (OTC: GRLT) today announced that it has closed on a fixed rate $500,000 note with Mammoth Corporation.

The Company received the initial tranche of $50,000 on Thursday, June 3, 2021 and, upon consent of the lender, GRILLiT Inc. will be able to access additional funds on the same terms up to $500,000. This note is not convertible into common stock unless there is a default on the monthly installment payments. We also negotiated that with each tranche, the installment payments are deferred 90 days to allow for a buildout period of each future Pretzel Haus location. This note will be used to carry out our expansion strategy of The Pretzel Haus by funding the buildout to get us close to 10 locations in the greater Tampa market over the next 2-3 years.

Access to this funding is a significant step that will greatly strengthen our capacity to carry out the expansion of corporately owned locations. It also aligns with all the communications I have made that I do not have any plan to execute a reverse split and that I have no plans to authorize additional shares beyond what was authorized by previous management. GRILLiT Inc. was in a terrible position due to previous management who did not understand how a public company must be built on operations that are financially sound and not on the continuous authorization of shares to fund unprofitable operations. We developed a strategy to turn GRILLiT Inc. into a fun and exciting development stage restaurant business and are well on our way to implementing that strategy. At this time we are a very small company and some things will progress slowly, but we continue to work to find and attract additional partners who are willing to utilize fixed rate loans to further accelerate our expansion strategy. I believe that we now have the necessary funding in place to open 8-9 additional locations as we get closer and closer to the Grand Opening of our initial Pretzel Haus location in Palm Harbor FL at the end of July. Greg Mitchell



About GRILLiT Inc.

GRILLiT Inc. (GRLT) is the parent company of 4 complementary restaurant businesses. Our initial expansion, The Pretzel Haus, will offer a pretzel products through a chain of retail locations. The second business is called The Chicken Haus and is based on a restaurant called Hhnchen Ewald www.haehnchen-ewald.de. The menu had a brilliance by offering only fried chicken, bratwurst, fries, special sauces, and beer. The namesake, GRILLiT, will remain the primary brand as we maintain the original menu and modernize the original strategy from 2011. The fourth business is called Bessemer Brewery. This railroad themed beer pub inspiration comes from the Bessemer Railroad that ran from Conneaut Ohio to Pittsburgh and supplied ore to the steel mills for that powered the industrial revolution.

All these businesses are designed to complement each other as we look to revive the GRILLiT brand allowing us to increase shareholder value and grow the company.

https://www.otcmarkets.com/stock/GRLT/news/GRILLiT-Inc-closes-on-500000-Funding-Agreement?id=306307