SOURCE: Latitude Global, Inc.

Latitude Global, Inc.

March 12, 2012 09:39 ET

Latitude Global Closes on $25 Million in Funding for the Next Phase of Expansion

JACKSONVILLE, FL--(Marketwire - Mar 12, 2012) - Latitude Global, Inc., ("LGI" or "Latitude Global"), has announced the formal establishment of a strategic financial partnership with Entertainment Properties Trust (NYSE: EPR). Entertainment Properties Trust (EPR), is a self-administered real estate investment trust (REIT) that develops, owns, leases and finances megaplex theatres, entertainment retail centers (centers generally anchored by an entertainment component, such as a megaplex theatre and containing other entertainment-related or retail properties), public charter schools and destination recreational and specialty properties. This partnership, which was arranged by LGI's financial advisor, EFA Partners LLC, will fund Latitude Global's expansion into new cities as well as a parking garage at their Jacksonville, FL location (Latitude 30), to meet increasing customer traffic.

Brent Brown, Latitude Global CEO, stated, "We are thrilled about our new relationship with Entertainment Properties Trust, which fuels our rapid growth and the next phase of our expansion plans, that includes new venues already under construction. These new sites include Latitude 39 in Indianapolis, Latitude 40 in Pittsburgh and an exciting new hybrid location in Chicago (Latitude 42). Chicago's location will occupy 34,000 square feet within an existing Regal Cinemas megaplex with over 900,000 walk-in customers a year."

LGI is a full service entertainment corporation founded in 2009 and offers the latest in cutting-edge entertainment venues that include state-of-the-art video games, luxury bowling lanes, movie screening rooms with food service, a Vegas-style showroom, a high-tech sports bar and a variety of Nuevo-American casual dining areas.

"Our team has been involved with financing entertainment venues for over a decade so we have visited many sites across the country and as soon as we entered LGI's Jacksonville site, it was clear that there was a uniquely exciting atmosphere with a great mixture of live events, attractions for all ages and excellent dining options," stated Kenny Favre, a founding partner with EFA Partners. "The team at Entertainment Properties Trust also recognized this and with their backing, LGI is well positioned for tremendous growth."

On the heels of public offerings of companies offering similar, one or two dimensional venues, LGI continues to develop superior, next-generation family entertainment centers, where studies show that many markets are under-served for revolutionary establishments of this type. Recent research suggests that there are many cities in the United States alone that could support a "Latitude-type" restaurant/entertainment facility. LGI's flagship venue, located in Jacksonville, FL, serves as the platform to open three centers in 2012 and as many as seven additional locations over the next two to three years.

The President of Latitude Global, Greg Garson, concludes that, "Entertainment Properties Trust embraced the vision of the Latitude Global concept as the next-generation entertainment center and the opportunity it presents to investors. We look forward to a strong partnership that executes on all levels."

For more information on Latitude Global, please visit www.Latitude-Global.com.

About Latitude Global, Inc.

LGI is a privately-held, independent, full-service entertainment company founded in 2009 to plan, develop, construct and operate state-of-the-art, 40,000 to 100,000 square foot premier entertainment venues. LGI and its future locations, fuse the magic of an exceptional food & beverage experience with multiple entertainment options in an upscale and contemporary designed venue. Latitude 30 (www.Latitude-30.com), the flagship location opened in January 2011, Latitude 39 in Indianapolis, IN and Latitude 40 in Pittsburgh, PA are scheduled to open in 4th quarter 2012. Our first hybrid location, Latitude 42 in Chicago, IL is expected to open in August 2012 and will occupy 34,000 square feet within an existing Regal Cinemas megaplex.

To watch a 2 minute LGI corporate overview, please visit http://www.youtube.com/watch?v=sUwoFazl3rg .

About Entertainment Properties Trust

Entertainment Properties Trust (NYSE: EPR) is a specialty real estate investment trust (REIT) that invests in properties in select categories which require unique industry knowledge, while offering the potential for stable and attractive returns. Our total investments exceed $2.9 billion and include megaplex movie theatres and adjacent retail, public charter schools and other destination recreational and specialty investments. We adhere to rigorous underwriting and investing criteria, centered on key industry and property level cash flow standards. We believe our focused niche approach provides a competitive advantage, and the potential for higher growth and better yields. Further information is available at www.eprkc.com or from Brian Moriarty at 888-EPR-REIT.

About EFA Partners

EFA Partners is a specialized advisory and financial consulting firm focused on providing services in select entertainment industries including the film and leisure sectors. EFA was founded by Kenny Favre, Ralph Willis and Brandt Gully, three former executives of GE Capital's entertainment group, who collectively have over 40 years of entertainment finance experience and have closed and managed more than $3 billion in entertainment transactions. The group's focus is to lead its clients' efforts with arranging senior debt, equipment leasing, junior capital, mergers and acquisitions, restructurings, and general business strategy. EFA's offices are located in New York and Atlanta. For additional information, visit EFA's web site at www.efapartners.com.

Contact Information

  • Media Contact:

    Philip A. Alia
    Director of Marketing
    Latitude Global, Inc.
    904-705-5574 cel
    Email Contact