Fast Casual Concepts, Inc. Announces Acquisition of CK Distribution

Rhea-AI Summary

Fast Casual Concepts (OTC: FCCI) has announced the acquisition of 100% of CK Distribution, a wholesale and retail distributor of nonalcoholic mixers in Florida. This acquisition marks FCCI's first step towards a new business direction. Prior to the acquisition, the company completed a 1:4 reverse stock split, resulting in 26,112,754 total common shares outstanding. Management views this acquisition as positioning the company for future growth and opportunity in what they describe as a lucrative market.

Positive

• Strategic acquisition of CK Distribution provides entry into Florida's nonalcoholic mixer distribution market
• Company completed corporate restructuring with 1:4 reverse stock split, potentially improving share price visibility

Negative

• Reverse stock split indicates potential share price concerns
• Significant business direction change may pose integration and execution risks

GROVE CITY, Pa., Nov. 25, 2024 (GLOBE NEWSWIRE) -- Fast Casual Concepts, Inc. (OTC: FCCI) (“Company”) announces it is acquiring 100% of CK Distribution.

CK Distribution is a wholesale and retail distributor of nonalcoholic mixers throughout the State of Florida. The acquisition is the first step towards a new business direction of Fast Casual Concepts, Inc. Prior to this acquisition, the Company underwent a 1 for 4 reverse stock split and the total remaining common shares outstanding are 26,112,754. Management intends to provide the shareholders with the best opportunities possible and the board of directors believes that this acquisition will position the Company well for future growth and opportunity.

George Athanasiadis, CEO of Fast Casual Concepts, Inc. stated, “This acquisition is an exciting new opportunity, and I believe we have an opportunity for rapid growth in a very lucrative market.”

About CK Distribution:

CK Distribution sells nonalcoholic mixers through wholesale and retail channels. Some of CK Distributions’ products can be found at www.7sinsmixes.com.

Forward-Looking Statements: This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. Except for historical matters contained herein, statements made in this press release are forward-looking statements. Without limiting the generality of the foregoing, words such as “may”, “will”, “to”, “plan”, “expect”, “believe”, “anticipate”, “intend”, “could”, “would”, “estimate,” or “continue”, or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements. Forward-looking statements involve known and unknown risk, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date hereof. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with OTC Markets. Except as required by law, we assume no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Contact:

Office Administrator
+1 727-692-3348
info@fastcasualconceptsinc.com
fastcasualconceptsinc.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/02bf8f3e-0b1a-4d39-8d56-2412ac31e9de

FAQ

What company did Fast Casual Concepts (FCCI) acquire in November 2024?

Fast Casual Concepts (FCCI) acquired CK Distribution, a wholesale and retail distributor of nonalcoholic mixers in Florida.

What was FCCI's reverse stock split ratio before the CK Distribution acquisition?

Fast Casual Concepts implemented a 1 for 4 reverse stock split, resulting in 26,112,754 total common shares outstanding.

What is CK Distribution's main business activity?

CK Distribution is a wholesale and retail distributor of nonalcoholic mixers throughout the State of Florida.

How will the CK Distribution acquisition affect FCCI's business direction?

The acquisition represents FCCI's first step towards a new business direction, positioning the company for future growth in the nonalcoholic mixer distribution market.