SOURCE: Eat at Joe's, Ltd.

January 14, 2015 09:30 ET

Eat at Joe's, Ltd. Provides Summary of 2014 Milestones and 2015 Forecast

SCARSDALE, NY--(Marketwired - January 14, 2015) - Eat at Joe's, Ltd. (OTCQB: JOES), a developer, owner, and operator of theme food service establishments, currently operating one location at the Philadelphia Airport, today provided an update to shareholders highlighting accomplishments over the preceding twelve months, and providing the following 2015 forecast to shareholders and the investment community:

  • At the conclusion of 2014, the balance sheet at Eat at Joe's was the strongest it has been in the company's history. All long-term debt was agreed to be converted into a non-interest bearing series of preferred stock with a $0.40 fixed conversion price. As part of this conversion, $268,686 of interest was waived. Further details can be found in the Company's Form 8-K filed with the SEC on January 7, 2015.
  • Eat at Joe's completed a $1.6 million financing with a share conversion price of $0.40 per share, which is also subject to a very stringent resale provision, as further outlined in the Company's Form 8-K filed with the SEC on January 9, 2015.

The Company has worked diligently for many years to maintain a fiscally responsible funding method, and Eat at Joe's is pleased to announce that it has accomplished that objective. As the Company enters 2015, management will explore potential new business opportunities in an effort to diversify the Eat at Joe's business model.

As Eat at Joe's explores new business opportunities in 2015, it expects to expand its management team by retaining qualified individuals to define and implement a new business model. The current board of directors is committed to these efforts and will remain unchanged. As these options are explored beginning in the first quarter of 2015, Eat at Joe's will issue press releases as events warrant, and will also report as required to the SEC.

"In keeping up with the routine distribution of news that was established under my tenure as Chairman and CEO of Eat at Joe's, Ltd., only reportable transactions, definitive and material in nature, will be announced," commented Joseph Fiore, Chairman and CEO of Eat at Joe's, Ltd.

About Eat at Joe's, Ltd.

Eat at Joe's develops, owns, and operates theme restaurants and food service establishments called "Eat at Joe's®." The theme for the restaurants is an "American Diner" atmosphere where families can eat wholesome, home-cooked food in a safe, friendly atmosphere. The company presently owns and operates one establishment located in Philadelphia, Pennsylvania. Management may seek to make acquisitions of established businesses, or, if a desirable location becomes available, the company may elect to expand the concept.

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
    Phone: (702) 434-8692
    Email:  mmolinarofc@aol.com