Today before the opening bell, Latitude 360, Inc., the “ultimate upscale multi-dimensional entertainment eatery,” told investors that it has entered into management agreements for two locations of Revolutions, an upscale bowling, dining & entertainment concept owned by Frank Entertainment. The company intends to later acquire these two stores plus a third location in the near future via a Preferred Equity transaction.
The company expects these new locations to operate as Latitude 360 in the fourth quarter of this year. The move is part of Latitude 360’s expansion strategy and will effectively double the number of locations. The company has also entered into a letter of intent with Frank Entertainment to acquire these three locations. Assuming a definitive purchase agreement is entered into with the company and Frank Entertainment, it is the intent to close the acquisition of these three stores in the fourth quarter of 2015 subject to all closing conditions being met and liquor license approval being obtained from relevant government entities.
Latitude 360’s efforts are now focused on the integration and management of these locations and the September launch of 360 Fantasy Live, a cutting-edge daily fantasy sports platform. The Company expects that these strategic moves will provide a significant revenue increase and management believes will assist the Company as it positions itself for an uplisting to a national exchange in the future.
“We are confident the timing of the deal with Revolutions and 360 Fantasy Live’s upcoming launch made this the right move to create the most shareholder value for the capital outlay required. The decision to acquire existing locations will enable rapid top-line growth versus waiting for the construction of new location build-outs. We are excited about bringing the Latitude 360 to more markets as we continue to grow the revenues of our current locations,” said Brent Brown, CEO of Latitude 360.
Bruce Frank, President and CEO of Frank Entertainment, stated, “Latitude 360 is executing at the highest level in the restaurant entertainment space. The customer ‘360 Experience’ is one of the best concepts in the industry. We are excited to be a part of the momentum and look forward to more potential synergies with Frank Entertainment.”
In today’s press release, Latitude 360 also stated that it will not be moving forward with the previously announced construction and build out of the Albany, Kingston Collection or Shops at West End (Minneapolis) locations. The company executed mutual termination agreements on each location.
For more information, visit www.latitude360.com/corporate/investor-relations/
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