Giggles N Hugs Inc (OTCMKTS:GIGL) stock started to rally in February moving from .03 cents to .25 cents in March based on fixing the cap structure internally. It makes sense that the news today is about engaging and M&A firm to make acquisitions and move up to a larger exchange.
Giggles N Hugs Inc (OTCMKTS:GIGL) shareholders and investors are rightfully excited about these prospects. If you don’t know about the company – they are an owner and operator of family-friendly restaurants that together high-end, organic food with active, cutting-edge play and entertainment for children.
“Those that have followed Giggles N’ Hugs know that we have plans to develop and launch a full line of complementary merchandise under our growing brand. This relationship with PacificShore could help us jump-start this segment of our business,” commented Joey Parsi, CEO. “Acquisition targets that we plan to look at could include food companies, with established distribution, that expedite the launch of our frozen food line of pizzas, pastas, and other kids’ meals in which we infuse healthiness by pureeing vegetables and hiding it in kids favorite meals, similar to what California Pizza Kitchen and Wolfgang Puck have done with their frozen meals that are available at the local supermarket.”
“Because of the generous tenant improvements we are being offered by the biggest mall owners in the country, our focus is and will remain with opening new locations where mall owners pay for most if not all the build out costs, however we could also look at other play spaces that host birthday parties, children’s clothing companies, toy manufacturers, or even other restaurant concepts that could be either synergistic and or easily converted to a Giggles N Hugs location,” Parsi stated. “Our current plan is to have the existing management teams of any acquired company stay in place so that we are not distracted from our priority of growing our footprint.”
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PacificShore is targeting companies which are cash flow positive and have minimum annual revenue of $5 million or more. The Company has been tasked with identifying and creating target company profiles, introducing, initiating negotiations, and ultimately facilitating the closing of such potential companies and to introduce traditional banking relationships for the Company to fund the acquisitions.
“We are excited to work with Giggles N’ Hugs and explore opportunities in the M&A world to accelerate their growth. We believe Giggles is in the right position and has the right management to acquire and integrate companies to benefit their shareholders in the short and long term,” Mason Habib, Founder & Managing Partner of PacificShore Ventures, stated.
“If and when we complete an acquisition, we anticipate that it will allow us to expedite our plans to up list to a national exchange as well as being accretive to our top and bottom line numbers,” Parsi stated. “Driving shareholder value will be a key focus as we explore potential acquisition targets with PacificShore. Executed well, this strategy should positively impact our growth prospects in the near-term,” concluded Parsi.
Giggles N’ Hugs, Inc. is an owner and operator of family-friendly restaurants that bring together high-end, organic food with active, cutting-edge play and entertainment for children, is pleased to announce that the Company has repaid its 8% Convertible Note issued to Iconic Holdings, LLC (Iconic) on December 21, 2015, and as later amended. Pursuant to the terms of the convertible note, over the past six months Iconic converted $191,000 into shares of common stock.
“We are pleased that Iconic converted the entire balance of their convertible debt holdings into common shares of our Company. With most if not all of the shares converted and sold over the past six months, we anticipate that this will result in a decrease of continued selling pressure on the Company’s securities,” commented Joey Parsi, founder and Chief Executive Officer of Giggles N’ Hugs. “This is yet another important step forward for us as we move ahead on our plans to expand. “ , continued Parsi.
Shares in Giggles N’ Hugs, Inc. (OTCMKTS: GIGL) is speaking with a number of investment banks to engage to secure more traditional financing options for the needed expansion capital. With the Iconic note out of the way, the market is very much looking forward to a great year and beyond. Market watchers understand how quickly GIGL stock moved in 2017 and it’s potential to retrace any of the recent sell off is making shares in GIGL and interesting play in today’s markets. For more news on $GIGL and other fast-moving penny stocks, please subscribe to OracleDispatch.com below.