SOURCE: Eat at Joe's, Ltd.

February 24, 2015 09:30 ET

Eat at Joe's Announces Acquisition of Franklin Networks, Inc.

DENVER, CO--(Marketwired - February 24, 2015) - Eat at Joe's, Ltd. (OTCQB: JOES), an owner and operator of an "American Diner" theme food service establishment at the Philadelphia International Airport, today announced that the company has acquired Franklin Networks, Inc. (Franklin Networks) and with this acquisition, will be entering the digital publication and advertising arena.

Eat at Joe's has acquired Franklin Networks in an all-share exchange transaction, whereby 2.5 million shares of restricted Eat at Joe's common stock were exchanged for all of the shares of Franklin Networks. Franklin Networks will be operated by Eat at Joe's as a wholly-owned subsidiary.

In addition to the usual Rule 144 restriction, the Eat at Joe's common stock received by Franklin Networks has an additional resale restriction that limits the sale of stock by Franklin Networks to 5,000 for every 250,000 shares of daily trading volume.

"The acquisition of a profitable revenue producing company with an expandable platform, which operates in a growing multi-billion dollar aspect of the technology industry is what I was brought here to do," commented James R. Thompson, Esq., President and CEO of Eat at Joe's. 

"Companies such as Condé Nast, Meredith Corporation (MOP), and Scripps Networks Interactive (SNI) all utilize the same type of media platform that we will be utilizing now, and over the coming weeks I will be outlining each of the eight established online brands that we have purchased, the site's objective, and its business rationale," Mr. Thompson added.

The terms of the acquisition will be further outlined in a Form 8-K that will be filed with the SEC in the coming days.

Franklin Networks, Inc. (www.franklinnetworks.com), based in Franklin, Tennessee, creates quality content that builds brands to meet the interests of a key target market. According to Thompson, "Each of Eat at Joe's new brands caters to a different audience. Through each, we are committed to providing engaging content and high-quality advertising."

Mr. Thompson further stated: "The acquisition of Franklin Networks by way of an all-stock transaction shows the confidence that Franklin's owners have in the growth potential of Eat at Joe's. Obtaining these revenue generating assets without depleting available funds is highly significant, since we were able to preserve our existing capital for other investment in the Company's future by further developing existing assets and to take advantage of future acquisition opportunities that may present themselves." 

About Eat at Joe's, Ltd.
Eat at Joe's is a holding company that, through its wholly-owned subsidiary, E.A.J. PHL Airport Inc., owns and operates an "American Diner" theme restaurant located in the Philadelphia International Airport in Philadelphia, Pennsylvania called "Eat at Joe's®,"; and through its Franklin Networks, Inc., wholly-owned subsidiary, is engaged in digital publishing and advertising operations.

Safe Harbor Statement
This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance or guarantee that such expectations and assumptions will prove to have been correct. Forward-looking statements are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to: adverse economic conditions, competition, adverse federal, state and local government regulation, international governmental regulation, inadequate capital, inability to carry out research, development and commercialization plans, loss or retirement of key executives and other specific risks. To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made. Readers are advised to review our filings with the Securities and Exchange Commission that can be accessed over the Internet at the SEC's website located at http://www.sec.gov.

Contact Information

  • Investor Relations Contact:
    Marlin Molinaro
    Marmel Communications, LLC
    (702) 434-8692
    mmolinarofc@aol.com