GRILLiT today announced that it has awarded master franchise rights to Texas Expansion Wing Group to open in Texas and Arizona. The rights were obtained for a total cash consideration of $200,000, which the company will book to its revenue in the first quarter of this year, plus an ongoing 4 percent royalty commitment on all gross revenues and a $12,500 up-front fee for each franchised location established in these territories, according to a company press release.
"This is a big leap forward for the company for several reasons," said CEO Ghazi Hajj. "First, this represents the company's first initiative in the southwestern United States; Texas and Arizona are the most logical states to commence franchise operations in this region. Second, we are very fortunate to have a master franchisee the caliber of The Texas Expansion Wing Group. We believe they are the perfect operator to carry out this program, mainly because they have a proven track record of establishing and supporting restaurant franchise owner/operators."
As announced on March 18, 2014, the company changed its name from Grillit Inc. to Healthy & Tasty Brands Corporation and is in the process of effectuating the name change with FINRA. Healthy & Tasty Brands Corporation, is a company that holds interests in restaurants and food-related entities that are focused on healthy, natural and nutritional foods.