Redstone American Grill, Inc.'s Chief Executive Officer David Goronkin today announced the company has secured $26.5 million dollars in growth funding to accelerate restaurant development. The company completed a rights offering with existing shareholders for $10 million dollars and secured an additional $16.5 million dollars in funding through GE Capital.
'I am very pleased with the incredible job our team has done to secure this level of financing at this stage of our development. Our founder Dean Vlahos and business partner Greg Oberlander have worked tirelessly to develop relationships that allowed for this transaction to develop,' commented David Goronkin, CEO of Redstone American Grill. Goronkin added, 'We anticipate opening up to three restaurants in 2008, marking the beginning of our fast-track restaurant development strategy.'
Redstone American Grill currently has four restaurants open in Eden Prairie and Minnetonka, MN, Oakbrook Terrace, IL, and Marlton, NJ. Several additional locations are in various stages of development, including one under construction in Plymouth Meeting, PA.
'Redstone American Grill is poised to become the category leader in upscale casual restaurant dining, thanks to recent key developments. Not only is it is a significant achievement for our growing company to secure $26.5 million in financing to fuel restaurant expansion, but the addition of CEO David Goronkin to the Redstone organization is a critical factor in our future success. David has the expertise, know-how and proven track record to lead the expansion of Redstone American Grill to new heights. The strategies he is implementing will ensure that the company grows in a thoughtful and disciplined manner,' said Dean Vlahos, founder and Chairman of Redstone American Grill.
About Redstone American Grill. Spirited, rugged and romantic best describes Redstone American Grill. Redstone features a wood burning grill, rotisserie and an open exhibition kitchen where their signature steaks, chops, chicken and the freshest seafood available are creatively prepared. A large stone fireplace warmly greats guests as they enter the 'Redstone Experience': fine dining, beautifully designed bar, carefully selected music, first class service and an ambience that's perfect for any occasion. Redstone's four locations include the original restaurant, opened in 1999 in Minnetonka, MN, as well as Eden Prairie, MN, Oakbrook Terrace in suburban Chicago, IL, and Marlton, NJ. Redstone American Grill was chosen as one of Nation's Restaurant News' 'Hot Concepts!' for 2005.
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