IRVINE, CA / CRWEPRESSRELEASE / September 17, 2015 / Independent Film Development Corp. (“IFLM”) (OTCPink: IFLM), a diversified, publicly-held real estate and entertainment company, today announced that it has signed a binding Letter of Intent to acquire a 100% stake in C2C Restaurant Group of New York in an all stock deal.
“With this acquisition, we take our first steps into the hospitality space,” said Jeff Ritchie, CEO of IFLM. “We look forward to working with restaurateur and Celebrity Chef Edward Gallagher as he opens a location in New York City’s rapidly gentrifying East Harlem.”
“The partnership with IFLM is perfect for us,” said C2C President Edward Gallagher. “My background in both running restaurants and performing on cooking shows makes this a perfect confluence of the culinary arts and digital content creation.”
The first location of the flagship restaurant, Chef Eddie G’s Kitchen, is to be located on Park Avenue in Manhattan and is slated to open on or about 15 October 2015. It is themed as a global small plate steakhouse, with a sharing menu priced at five, ten, fifteen and twenty dollars. A full bar stocked with regional favorites including selections from local wineries and micro-breweries is also planned.
“This new division is completely autonomous,” said Ritchie. “Eddie and his team are managing the division. That stated, all revenue will be consolidated onto IFLM’s balance sheet. In this way, we believe we can enhance shareholder value.”
About Independent Film Development Corp.:
Based in Irvine, California, Independent Film Development Corporation is developing a multi-pronged approach to commercial real estate acquisition and management and digital film creation and distribution.
Safe Harbor Statement
This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E and/or 27E of the Securities Exchange Act of 1934 that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company and the risks and uncertainties detailed from time to time in reports filed by the company with the Securities and Exchange Commission. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, the company’s ability to raise necessary financing, retention of key personnel, timely delivery of inventory from the company’s suppliers, timely product development, product acceptance, and the impact of competitive services and products, in addition to general economic risks and uncertainties.
For more information contact:
C.David Pugh, CCO of IFLM
SOURCE: Independent Film Development Corp.