GRLT Grillit has news out this morning!

RILLiT, Inc. (OTC: GRLT) (the "Company") today announced that it has executed a letter of intent ("LOI") to acquire an existing eatery to retrofit for its third restaurant location in South Florida.

The restaurant is located in a well-trafficked area adjacent to the University of Miami. Subject to finalizing due diligence and definitive documents, the financial terms of the pending deal are binding upon the parties, and the Company expects the closing to occur no later than August 27, 2013. The Company has already paid the initial deposit into escrow as required by the terms of the LOI.

GRILLiT CEO, Raymond Dias, stated, "We are extremely pleased to have the opportunity for this store location. It is a perfect fit for us, both in terms of the existing store being a relatively simple retrofit, as well as being in an ideal area that gives us exposure to the large student population."