Southern Concepts Restaurant Group, Inc. (OTCMKTS:RIBS) Files An 8-K Termination of a Material Definitive Agreement

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Southern Concepts Restaurant Group, Inc. (OTCMKTS:RIBS) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement

On March 1, 2017, the Company notified SH Franchising & Licensing, LLC, that the Company and related franchisees would no longer continue to operate the Company’s restaurants under the Southern Hospitality franchise agreement. The Company was required to give notice of its intention not to continue operating under the Southern Hospitality name to the terms of the franchise agreement.
Item 8.01 Other Events.
On February 24, 2017, the Company received a notice of default related to a promissory note in an amount of $150,000 dated February 3, 2016, which matured on February 3, 2017. The promissory note contains a thirty day cure period, and the Company is currently determining if it will be possible to cure the default of the promissory note.
On February 28, 2017, the Company received a default notice related to a note conversion agreement with Bourbon Brothers #14, LLC dated December 29, 2016. The default notice states that to the note conversion agreement, the Company was required to hold a shareholders meeting, or file a proxy statement within sixty days of the note conversion agreement in order to effect various corporate changes. The default notice demands payment of the debt owed to Bourbon Brothers #14, LLC, in an amount of $1,300,000. In exchange for repayment, Bourbon Brothers #14, LLC would return the 20,000,000 shares of common stock issued to the note conversion agreement. The Company is currently deciding how to proceed and respond to the default notice.
On February 28, 2017, the Company received a default notice related to a licensing agreement with Hospitality Income & Asset, LLC, whereby the Company was granted the exclusive right to use the Bourbon Brothers federal trademark and associated trademarks, trade names, service marks, logos, brands, slogans, domain names and identifying features (the “Marks”) owned by Hospitality Income & Asset, LLC. The default notice states that the Company is in violation of Section 11 of the first amendment to the licensing agreement related to insolvency, and Hospitality Income & Asset, LLC is therefore invoking such section 11 in order to terminate the rights, grants and any usage of the Marks by the Company. The default notice states that the notice of termination shall take effect thirty days from the date of the default notice, and that the Company must begin to return all intellectual property containing the Marks, and transfer all domain names making reference to the Marks to Hospitality Income & Asset, LLC.
Item 9.01 Financial Statements and Exhibits.
Exhibits.
None.

About Southern Concepts Restaurant Group, Inc. (OTCMKTS:RIBS)

Southern Concepts Restaurant Group, Inc., formerly Bourbon Brothers Holding Corporation, operates and manages restaurants through its subsidiaries. The Company is exploring options for growth of its two brands: Southern Hospitality and Carve Barbecue. The Company’s business is to own and operate southern-food themed restaurants in several cities in the United States. The Company’s restaurant, Carve Barbecue, is located in Glendale, Colorado. Carve Barbecue is a fast casual concept. The Company operates Carve Barbecue through a subsidiary, Carve BBQ Glendale, LLC. The Company operates a Southern Hospitality restaurant in Lone Tree, Colorado. The Company also operates Southern Hospitality Southern Kitchen restaurant.

Southern Concepts Restaurant Group, Inc. (OTCMKTS:RIBS) Recent Trading Information

Southern Concepts Restaurant Group, Inc. (OTCMKTS:RIBS) closed its last trading session down -0.0050 at 0.0350 with 9,084 shares trading hands.

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