Latitude 360, Inc. (OTCQB: LATX) (www.latitude360.com), the "ultimate upscale multi-dimensional entertainment eatery," announced that it has entered into management agreements for two locations of Revolutions, an upscale bowling, dining & entertainment concept owned by Frank Entertainment, with the intent of acquiring these two stores plus a third location in the near future in a Preferred Equity transaction. Frank Entertainment owns 27 venues nationwide operating under different brand names.
These new locations are expected to operate as Latitude 360 in the fourth quarter of this year. The move is part of the Company's expansion strategy and will effectively double the number of Latitude 360 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.
The Company'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."
The Company is also announcing 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.
ABOUT LATITUDE 360
Latitude 360 (OTCQB: LATX), is an award-winning pioneer of combining premier upscale casual dining with state-of-the-art entertainment creating a "360 Experience" in its unique venues. The Company develops, constructs and operates cutting-edge Latitude 360 locations (from 50,000-70,000 sq. ft.) that appeal to a broad base of consumers and corporate clients. Current locations can be found in Jacksonville, Pittsburgh, and Indianapolis. Management plans to open three new venues per year for the next four years.
Latitude 360's "360 Experience" provides a dining and entertainment experience unlike any concept in the world. Key offerings at each Latitude 360 location include, but are not limited to:
- Latitude 360 Grille, a full-service, upscale casual restaurant and bar
- Latitude LIVE, a Las Vegas-style live entertainment theatre
- 360 Fantasy LIVE, providing daily fantasy sports contests for guests including the ability to wager and win big money while enjoying top quality sports watching on massive HD screens (and continue playing outside the venue via www.360fantasylive.com)
- Axis Bar & Stage, a lush bar featuring the area's top musicians and/or DJ's
- Luxury Bowling, a high end lounge for boutique bowling lanes
- Cinegrille, a full service dine-in movie experience
- HD Sports Theater, a state-of-the art HD viewing area with full service dining
- Arcade, an exciting game arcade featuring the most popular video and redemption games available
- Latitude Lit, a luxury Cigar Lounge
About Frank Family Entertainment Group
Celebrating over a century of bringing families together, the Frank Family Entertainment Group was founded in 1906 by Samuel Frank of Philadelphia, PA. From its humble beginnings in the movie theatre business to its current reputation as both a pioneer and innovator in entertainment, hospitality and real estate, the Company has consistently built a track record of success - owning, operating, developing and managing more than 150 entertainment venues. Frank Theatres, a division of the parent company and incorporated in 1921, introduced talkie films to the Philadelphia area, built the first Twin theatre in the United States (1966) and developed one of New Jersey's earliest Mega-Plex Cinemas, the Towne 16 Stadium Cinema, which also introduced stadium seating back in 1986. The company also develops, owns and operates numerous shopping centers, retail and residential properties, restaurants, nightclubs, hotels and condominium developments. The company is headquartered in Jupiter, Florida.
About Frank Theatres
Frank Theatres currently owns and operates 27 locations with 300 screens in New Jersey, Pennsylvania, West Virginia, North Carolina, South Carolina, Georgia, Tennessee, Virginia and Florida. Guided by a third generation of leadership and a seasoned management team, Frank Theatres continues their growth with upcoming projects in West Palm Beach, Fla.; Jupiter, Fla; Ranson, W.Va.; and Princeton, N.J.
For more information, visit www.franktheatres.com