June 14, 2013 /PRNewswire/ -- Big Three Restaurants, Inc., (OTCPink: BTHR) announced today it has signed an agreement with VERA Group, LLC, which provides immediate equity or bridge financing of
$1.5 million and debt, equity or a combination of both totaling an additional
$10 million but not less than
$5 million net for operating capital.
VERA Group will have first right of refusal on all future capital requirements, expansion and acquisition funding. The agreement is for 12 months and is on a non-exclusive basis with three additional six month increments.
John V. Whitman, Jr., the Company's chief executive officer, said, "The Company is planning to launch its own restaurant brand. Additional announcements will be fourth coming in the days ahead that will provide detail as to the new restaurant concept. The agreement with VERA Group, is one of the final major steps in successfully implementing our plan."
Wayne Colson, VERA Group founder and CEO, said, "We are all about new and innovative concepts. We seek out management with long term vision and the proven track record to successfully implement its plan. We do not take our commitments lightly and spent several months conducting research on Big Three, its management team and its new restaurant brand. We could not be more excited or engaged than we are with our new relationship with Big Three and John Whitman."
ABOUT THE COMPANYThe Company is a developmental stage enterprise planning acquisitions of profitable restaurant operations in three categories – respected franchise brands, upscale family dining and theme style restaurants. In addition the Company will seek businesses which have built a core business that can easily be duplicated in emerging markets throughout the Southeast.