Giggles N’ Hugs, Inc. (TPET) - Announces Execution of Definitive Agreement for Merger

“the merger with Giggles N’ Hugs, OTC:BB – TPET, should be completed at about the same time as our grand opening of our new Giggles N Hugs restaurant in Century City.”

The Merger with GNH, will provide Giggles N’ Hugs with the ownership of 100% of Giggles ‘N’ Hugs, LLC, which owns one operating restaurant and one restaurant under construction, in addition to ownership of all intellectual property rights for Giggles N Hugs facilities in the future. On August 24, 2010, Giggles N’ Hugs, Inc. announced the signing of a Letter of Intent pertaining to the above entities.

Upon completion of the Merger with GNH, Inc., Giggles N’ Hugs will own and operate the Giggles N Hugs restaurants located in Brentwood, California, in addition to the restaurant under construction in the Westfield mall in Century City, California, in addition to all rights to develop future restaurant facilities.

Joey Parsi, spokesman for, and a founder of the Giggles N Hugs restaurants, indicated that, “the merger with Giggles N’ Hugs, OTC:BB – TPET, should be completed at about the same time as our grand opening of our new Giggles N Hugs restaurant in Century City.” Under the terms of the definitive agreement, it is anticipated that Mr. Parsi will become a director and the new CEO of Giggles N’ Hugs, Inc.

Giggles N’ Hugs cautions investors in acquiring stock in the company as the result of the above transactions, as the definitive agreement contains material conditions yet to be completed, such as the completion of audited financial statements of the entities involved, in addition to the conveyance of all membership interests of Giggles ‘N’ Hugs, LLC into GNH, prior to closing.

Giggles ‘N’ Hugs LLC owns and operates children’s themed restaurants with built-in play areas filled with a variety of toys, bikes, cars, slides, doll houses and video games. The restaurant also features daily live entertainment and shows. The restaurant design is intended to create a fun, casual, family atmosphere where children 10 and under, can interact with parents and each other and where everyone enjoys freshly prepared, organic, nutritious and reasonably priced meals. Many high-profile actors and entertainers have patronized Giggles N Hugs, including Adam Sandler, Jennifer Garner, Ben Affleck, Mark Wahlberg, Dustin Hoffman, Marcia Cross, Melissa Joan Hart, Ali Landry, Warren Sapp, Damon Wayons, Tia Carrera, Carnie Wilson, Naomi Watts, Jack Black and many more.