West Coast Ventures Group Corp. (OTC: WCVC) which wholly owns fast-casual dining concept Illegal Burger announced today the Company has recently signed multiple Letters of Intent to acquire complimentary successful fast-casual operations in Colorado and Arizona. Subject to fully executed definitive documents, with these acquisitions the Company stands to increase annual revenue by 3X to over $9,700,000.
"We are considered a disruptor in the highly charged and competitive fast-casual dining space in the Denver area. As such we have assiduously pursued these strategic acquisitions including a $3,200,000 revenue size restaurant in Phoenix, AZ. All the subject properties are now off the market as we negotiate definitive documents for closing," stated Company CEO James Nixon, adding, "We believe these fully executed Letters of Intent demonstrate the Company's success in launching its growth strategy in addition to its ongoing commitment to build long-term shareholder value."
Information regarding each LOI signed by the Company is summarized below:
1) Company has signed an LOI for each of two (2) new Illegal Burger restaurant locations in Lafayette and Denver, CO.Pursuant to the LOI's, each location requires $150,000 for build-out which is expected to generate an approximately $1,600,000 in combined annual revenues.
2) Company has signed an LOI to purchase the RnR Restaurant ("RnR") and all its associated IP located in Scottsdale, AZ.RnR generated revenue of approximately $3.2 million in 2017 with over $300,000 in pre-tax income. IP is defined as all Trademarked IP - logo, name, website, all social media platform ownership, franchise rights.
3) Company has signed an LOI to purchase the remaining (2) El Senor Sol restaurants and all associated IP located in Centennial and Littleton, CO. These two El Senor's generated revenue of approximately $1.5MM in 2017 with over $200,000 in pre-tax income.
4) Company has signed an LOI to purchase 100% ownership of Komotodo Sushi Burrito Restaurant in Denver in an all stock deal, including IP which includes trademarks, franchising rights, franchise offering documents, website, social media and related IP.
Logos, product and company names mentioned are the property of their respective owners.