PF Hospitality Group, Inc. Announces Completion of Merger With Pizza Fusion Holdings, Inc.
With the Merger, the Company Announces the Appointment of Vaughan Dugan and Randy Romano as New Officers and Directors
BOCA RATON, FL (July 2, 2015) - PF Hospitality Group, Inc. (OTC PINK: KHGTD), announced today that it has completed its previously announced merger with Pizza Fusion Holdings, Inc. (“Pizza Fusion”), a franchisor of organic fare pizza restaurants.
Pursuant to the terms of the May 26, 2015 merger agreement, PF Hospitality Group exchanged 17,117,268 shares of its common stock for 100% of the Pizza Fusion common shares and a warrant to purchase one share of PF Hospitality Group, Inc. common stock at $0.25 per share for a period of three years. In addition, Pizza Fusion’s founders, Vaughan Dugan and Randy Romano, each purchased 21,441,366 shares of PF Hospitality Group, Inc. common stock and 1,000,000 shares of PF Hospitality Group, Inc. Series A preferred stock at a price of $.0001 per share. The shares are restricted and subject to the conditions set forth in Rule 144. Holders of convertible debt in the original principal amount of $65,600 agreed to convert such debt into 40,000,000 shares of PF Hospitality Group, Inc. common stock as part of the merger.
Upon completion of the merger, Vaughan Dugan was appointed as the Chief Executive Officer of PF Hospitality Group, Inc. and Randy Romano was appointed as President. Messrs. Dugan and Romano were also appointed to the Company’s board of directors. David Kugelman resigned from his position as Chief Executive Officer and Director.
"Our focus for PF Hospitality Group will be to increase shareholder value by growing the company both organically and through acquisitions,” stated Vaughan Dugan, CEO of PF Hospitality Group, Inc. “We are focused on acquiring key niche verticals and developing new concepts that are agile, which we believe will help us expand our reach in the marketplace and become more robust in the fast casual restaurant space.”
Through the merger with Pizza Fusion, PF Hospitality Group has become a franchisor of pizza restaurants specializing in organic fare free of artificial additives, such as preservatives, growth hormones, pesticides, nitrates and trans fats. The Pizza Fusion brand proudly offers health conscious alternatives and provides its customers with a 75% organic menu featuring an eclectic variety of gourmet sandwiches, salads, desserts, beer and wine. Pizza Fusion evaluates its operations from an environmental perspective in an effort to minimize its ecological footprint and was awarded the “Hot Concept” award by Nation's Restaurant News in 2010.
The company also owns a 100% interest in Shaker & Pie, Inc., a modern Italian bistro in the heart of downtown Boca Raton, Florida, which is slated to open in the fall of 2015. Shaker & Pie combines wood-fired pizzas with healthy, hearty Italian-influenced street food.
For more information on Pizza Fusion, visit http://www.pizzafusion.com or follow the restaurant on Facebook (https://www.facebook.com/pizzafusion) or Twitter @PizzaFusion. For more information on Shaker & Pie, visit http://www.shakerandpie.com or follow the restaurant on Facebook (https://www.facebook.com/shakerandpie).
About PF Hospitality Group
PF Hospitality Group, Inc. is a publicly-traded management firm which creates, cultivates, and operates innovative and healthy brands within the restaurant and retail industries. PF Hospitality Group focuses on consumer food service concepts, with a specialization around franchised and multi-unit business models in the retail, fast-casual, and traditional restaurant sectors. As the creator and current advisor organization of the global, all-natural and organic pizza franchise, Pizza Fusion, PF Hospitality Group has been on the cutting edge of innovative food service with an emphasis on sustainability and community impact since 2006. Currently with 17 locations throughout the United States, Saudi Arabia, and the United Arab Emirates, PF Hospitality Group is now testing out new concepts it will develop and manage. PF Hospitality Group created “Shaker & Pie,” a new, interactive restaurant concept which combines wood-fired pizzas with healthy, hearty Italian-influenced street food, slated to launch in Q4 2015 out of Boca Raton, Florida. PF Hospitality Group believes that successful investing begins with providing a compelling value proposition paired with a unique and innovative concept, to all business constituencies. Leaning on its extensive resources and depth of team members, PF Hospitality Group is actively partnering with brands who share this vision so that new concepts may be created, incubated, developed and operated with the customer, environment, and bottom line profitability in mind.
Safe Harbor and Forward-Looking Statements
This news release contains statements that involve expectations, plans or intentions (such as those relating to future expansion or financial results) and other factors discussed from time to time in the Company's OTC Markets filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as "may," "should," "expect," "anticipate," "believe," "estimate," "intend," "plan" and other similar expressions. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the company. The company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
PR Director, PF Hospitality Group