DENVER, June 11, 2015 /PRNewswire/
-- ILLEGAL Restaurant Group Inc. (IBGR), the Company, functioning
as a holding company within the Fast Casual sector and operating
under its subsidiary, ILLEGAL BURGER LLC, is pleased to
announce it has closed a senior secured revolving credit facility
of up to $3 million with TCA Global
Credit Master Fund, LP ("TCA"). The credit facility with TCA will
provide operating capital and funding for acquisitions and
expansions.
Logo - http://photos.prnewswire.com/prnh/20150611/222445LOGO
Jim Nixon, Founder and CEO stated
today; "We are extremely excited to be working with TCA and our
recent completion of our funding agreement with TCA Global Credit
Master Fund, LP. An initial draw of $375,000 less transaction expenses, will be used
to implement the beginning of our proposed expansion operations.
The company intends to use the remaining facility primarily to fund
the growth of future acquisitions and additional restaurant
locations. Additional draws up to $3
million under the facility are available on an as-needed
basis, based on a mutually approved formula of eligible receivables
and assets, and subject to continuing compliance with the terms of
the revolving credit facility." Jim
Nixon also stated, "In no way is this a share backed credit
facility, but a credit facility backed by the company's assets,
therefore maintaining and growing shareholder value in a
non-dilutive transaction that will help continue to grow the
company."
About ILLEGAL Restaurant Group Inc.
ILLEGAL Restaurant Group Inc., a holding company, operates
ILLEGAL BURGER, a Denver Colorado
based Fast Casual Burger and Bar Restaurant chain, that was created
to change the way people look at burgers. Founded by Jim Nixon in 2013, ILLEGAL BURGER has
established a foothold in the Denver,
Colorado area by providing great service and high quality
food. From the details of our sustainable decor, to the quality
products used in every aspect of our food, ILLEGAL BURGER is in
line to expand into the national Marketplace as a leader in the
Fast Casual Dining Sector. We are dedicated to giving
our customers what they deserve: a burger made with quality,
all-natural never frozen ingredients that tastes as good as it
looks. Experience perfection with every bite, only at ILLEGAL
BURGER. For more information, Please visit our website at
www.illegalburgerco.com
About TCA
TCA's Global Credit Master Fund is a short duration, absolute
return niche Credit fund specializing in senior secured lending and
advisory services to small, mainly listed companies predominately
in the U.S., Canada, the
United Kingdom and Australia. This specialist business helps to
fill the underserved small-cap lending gap, which exists in these
markets.
Safe Harbor
This release, like many written and oral communications
presented by ILLEGAL Restaurant Group Inc. (IBGR), our authorized
officers, and subsidiaries may contain certain forward-looking
statements regarding our prospective performance and strategies
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. We intend such forward-looking statements to be covered by
the safe harbor provisions for forward-looking statements contained
in the Private Securities Litigation Reform Act of 1995, and are
including this statement for purposes of said safe harbor
provisions.
Forward-looking statements, which are based on certain
assumptions and describe future plans, strategies, and expectations
of the Company, are generally identified by use of words
"anticipate," "believe," "estimate," "expect," "intend," "plan,"
"project," "seek," "strive," "try," or future or conditional verbs
such as "could," "may," "should," "will," "would," or similar
expressions. Our ability to predict results or the actual effects
of our plans or strategies is inherently uncertain. Accordingly,
actual results may differ materially from anticipated results.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
release. Except as required by applicable law or regulation, IBGR
undertakes no obligation to update these forward-looking statements
to reflect events or circumstances that occur after the date on
which such statements were made
Contact Information for all media inquiries:
Email: investor@illegalburgerco.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/illegal-restaurant-group-inc-ibgr-receives-3-million-credit-facility-from-tca-global-credit-master-fund-lp-300097785.html
SOURCE ILLEGAL Restaurant Group Inc.; TCA Global Credit Master
Fund, LP