COLORADO SPRINGS, Colo., May 4, 2015 (GLOBE NEWSWIRE) -- Southern Concepts Restaurant Group, Inc. (OTCQB:RIBS) opened its third full-service Southern Hospitality restaurant in the Colorado market at the intersection of C-470 and Quebec in Lone Tree, Colo. This new location marks the first of three anticipated new unit openings planned for 2015.
Mayor Jim Gunning of Lone Tree was on hand for the grand opening festivities and introduced President Mitchell Roth, as well as Co-Founder Gary Tedder.
"The community has been very enthusiastic in welcoming us and couldn't have been more helpful throughout the development process," said Roth. "Based on the initial response we have seen, we think this unit will become a flagship store for our company as it continues to grow."
Southern Hospitality exemplifies best-in-class barbecue and hospitality, while taking an innovative approach to culinary excellence. The concept was originally co-created by New York City restaurateur Eytan Sugarman, as well as Memphis natives Justin Timberlake and Trace Ayala.
"We couldn't me more excited about this specific unit. We have assembled a first-class team to operate the Lone Tree store and we believe the market surrounding our store demands concept-style restaurants," said Roth.
Management estimates this store will generate $3.2 million in sales on a normalized annual run rate basis, on which it should earn roughly 20 percent in store level net income.
The company plans to open two additional units this year as it enters the fast casual segment of the restaurant industry. The fast casual concept is being designed to maximize efficiency, convenience and store-level profitability.
For more information about Southern Concepts Restaurant Group visit www.SouthernConcepts.com .
FORWARD-LOOKING STATEMENTS
The information in this news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve risks and uncertainties, including statements regarding the Company's business strategy and expectations. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, forward- looking statements can be identified by terminology such as "may," "will," "should," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," or "continue," the negative of such terms or other comparable terminology. Actual events or results may differ materially. The Company disclaims any obligation to publicly update these statements, or disclose any difference between its actual results and those reflected in these statements. The information constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
IR Contact: Mitchell Roth Email: Phone: (719) 265-5821 PR Contact: Lexie Runge Email: Phone: (719) 265-5821
