The board of directors believes that stockholder approval of a range of potential exchange ratios, rather than a single exchange ratio, is in the best interests of its stockholders.
American Restaurant Concepts, Inc. (OTCBB: ANPZ), operator and franchisor of the award-winning Dick's Wings & Grill® restaurants, announced today that it will hold a special meeting of stockholders on October 21, 2013 to seek approval of a proposal to grant the Company's board of directors the discretionary authority to effect a reverse stock split of the Company's common stock within an approved range.
The board anticipates that the reverse stock split will provide the Company and its stockholders with several benefits, including:
Even if stockholder approval of the reverse stock split is received, the board reserves the right to not effect the reverse stock split if it determines that not proceeding with the reverse stock split is in the best interests of the stockholders.
The reverse stock split will not affect any stockholder's percentage ownership interest or proportionate voting power or other rights in the Company's common stock, except to the extent that any stockholder receives whole shares in lieu of fractional shares.
"American Restaurant Concepts is a fundamentally different company than it was a year ago," stated Richard Akam, Chief Executive Officer of American Restaurant Concepts. "A higher stock price will help raise our corporate profile and make our stock more appealing to institutional investors and analysts. It will also help broaden our stockholder base, improve our stock's liquidity and, ultimately, enhance our valuation as we continue to achieve our corporate objectives. This action underscores our commitment to generating long-term value for our stockholders, and we believe that it is in the best interest of our stockholders and the future growth of our Company."
American Restaurant Concepts, Inc., headquartered in Lafayette, Louisiana, is the operator and franchisor of Dick's Wings & Grill® full-service restaurants and Dick's Wings Express® express restaurants. The Company prides itself on the 365 original mouth-watering flavors it has created for its premium grade chicken wings. Dick's Wings offers customers the freshest wings, sandwiches, burgers, wraps, salads and signature waffle fries, all in a unique setting that combines a family-friendly environment with a sports-themed restaurant. Dick's Wings & Grill's chicken wings have won numerous awards in Florida and Georgia. The Company currently has 15 full-service restaurants and 2 express restaurants. Sixteen of the restaurants are located in Florida, with one located in Georgia.
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