ARC GROUP, INC. (OTCMKTS:ARCK) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
On November 30, 2017, Seediv, LLC (“Seediv”), a Louisiana limited liability company and wholly-owned subsidiary of ARC Group, Inc. (“ARC Group”), and Raceland QSR, LLC, a Louisiana limited liability company (“Raceland”), entered into an amendment (the “Amendment”) to that certain Agreement for Purchase and Sale of Real Estate, dated October 14, 2017 (the “Purchase Agreement”), to which the parties agreed to extend the closing date by 60 calendar days.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment attached hereto as Exhibit 10.1 and incorporated by reference herein.
Seenu G. Kasturi serves as the President and Chief Financial Officer for ARC Group and owns approximately 49% of ARC Group’s issued and outstanding shares of common stock. Mr. Kasturi also serves as the President, Treasurer and Secretary, and sole member of, Raceland and owns all of the equity interests in Raceland. In addition, Mr. Kasturi serves as the Chief Executive Officer, Treasurer and Secretary, and as the sole member of the board of directors, of Blue Victory Holdings, Inc., a Nevada corporation with which ARC Group has a $50,000 revolving line of credit facility, and owns 90% of the equity interests in Blue Victory. Mr. Kasturi also serves as the President, Treasurer and Secretary of, and is the sole member of, DWG Acquisitions, LLC, a Louisiana limited liability company (“DWG Acquisitions”), and owns all of the equity interests in DWG Acquisitions. DWG Acquisitions currently owns and operates four of ARC Group’s 20 franchised restaurants, and Raceland is the landlord for the Property on which one of the restaurants owned by Seediv is located.
Section 9 – Financial Statements and Exhibits
|Item 9.01||Financial Statements and Exhibits.|
ARC Group, Inc. ExhibitEX-10.1 2 tv480640_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 FIRST AMENDMENT TO AGREEMENT FOR PURCHASE AND SALE OF REAL ESTATE THIS FIRST AMENDMENT TO AGREEMENT FOR PURCHASE AND SALE OF REAL ESTATE (this “Amendment”) is made and entered into this 30th day of November,…To view the full exhibit click
About ARC GROUP, INC. (OTCMKTS:ARCK)
ARC Group, Inc. is an operator and franchisor of the Dick’s Wings brand of restaurants. The Company’s Dick’s Wings concept includes traditional Dick’s Wings & Grill restaurants, which are full service restaurants, and non-traditional units. It has approximately 20 franchised restaurants and over two concession stands located in the States of Florida and Georgia. The Company offers a range of menu items highlighted by its Buffalo, New York-style chicken wings spun in its sauces and seasonings. It provides customers with an experience from first bite to last call. It focuses on developing brands that offer a range of food and beverages in various markets across the Unites States. The Company markets Dicks’ Wings restaurants as family fun fooderys. Its sauces and seasonings include flavors, such as Bourbon, Cajun Ranch, Caribbean Gold and Mango Habanero. Other menu items that it offers include chicken tenders, quesadillas, specialty burgers and sandwiches, salads, wraps and flatbreads.