Redneck Foods Inc. (OTC:RDNK) Friday (7 September) announced that the company had acquired an additional Love’s BBQ restaurant along with the master territory from an unaffiliated party.
Under the terms of the acquisition agreement, Redneck will purchase the Love’s restaurant and territory for a combination of cash and notes.
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Redneck acquired the assets of a Love’s BBQ restaurant in Reno, Nev., and the territory from a master agreement. The territory acquired includes the rights to Love’s BBQ in the entire states of Arizona, Colorado, Florida, Nevada and New Mexico.
Redneck paid $200,000 in cash and gave the sellers a promissory note and assumed specific liabilities for a total of $125,000.
Commenting on the new acquisition, William E. Eskew, president of Redneck Foods Inc., stated: “We are very pleased and excited with this agreement to acquire the Love’s BBQ restaurant in Reno, Nev., along with a significant territory. Love’s is a very respected brand that’s been operating in the important Southern California market since 1948. The Reno Love’s gives Redneck and the Love’s brand the ability to expand into new areas and open new restaurants in some of the most desirable restaurant markets in the U.S.”
This news release may contain forward-looking statements made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the company’s products and restaurants, product demand, competition, and other risks and uncertainties detailed from time to time in the company’s periodic reports, including Quarterly reports on Form 10-Q and Annual Reports on Form 10-K.
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