I smell $4.00 pps news coming - inside debt converted to restricted stock!
LAFAYETTE, La., Nov. 4, 2013 /PRNewswire/ -- American Restaurant Concepts, Inc. (ANPZD), operator and franchisor of the award-winning Dick's Wings & Grill® restaurants, announced today that it has settled another of the Company's outstanding debt obligations.
On November 1, the Company agreed to issue 200,000 shares of common stock in full settlement of a total of $55,000 of principal and accrued interest due under a promissory note that had originally been issued to The Carl Collins Trust in January 2012.
This represents the second major debt settlement achieved by the Company during 2013. In April, the Company paid Bank of America $50,000 in full and final settlement of all outstanding principal, accrued interest and other amounts due under the loan agreement originally entered into by the parties in October 2008. The Company owed approximately $370,000 to Bank of America on the date of that settlement agreement.
"We continue to execute upon our strategy of improving our financial position to create shareholder value," stated Richard Akam, CEO of American Restaurant Concepts. "Between this note and our note with Bank of America, we have removed a total of $425,000 in debt from our balance sheet during 2013. This significant reduction in debt has strengthened our financial position and contributed to our bottom line through the termination of the related interest payments."
"A strong balance sheet will continue to be a focus for the Company as we move forward with our aggressive growth plan," continued Akam. "Our goal is to remove virtually all of our outstanding debt obligations from our balance sheet by the end of the year."
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