Snakes & Lattes Inc. Acquires a New Brick & Mortar Location in Virginia Beach, Virginia

Rhea-AI Summary

Snakes & Lattes Inc. (OTC: FUNN) announced the acquisition of ‘Roll With It’ Board Game Cafe & Bar in Virginia Beach, Virginia, through an all-cash deal. This marks the company's first East Coast location and fifth in the U.S. The café is well-established, generating strong revenue, situated in a high-traffic area near Lynnhaven Mall. The acquisition is expected to enhance Snakes & Lattes' expansion strategy across North America. Financing was secured via non-convertible promissory notes with a 5% interest rate, ensuring no dilution of shareholder equity. This move signifies continued growth and brand development for Snakes & Lattes.

Positive

• Completed acquisition of a well-managed café with strong revenue.
• Acquisition enhances Snakes & Lattes' presence on the East Coast.
• The café's location near Lynnhaven Mall offers high visibility and traffic.
• Financing through non-convertible promissory notes avoids shareholder dilution.

Negative

• None.

TORONTO, ON, March 20, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- Snakes & Lattes Inc. (OTC: FUNN) is pleased to announce the acquisition of ‘Roll With It’ Board Game Cafe & Bar (Roll With It) in Virginia Beach, Virginia via an all cash transaction.

Acquisition Highlights:

• Completed acquisition of ‘Roll With It’ Board Game Café & Bar in Virginia Beach
• All cash deal 
• Very popular, Operating Café & Bar with little competition in the area
• Strong revenue, well managed, with a similar company culture
• Over 4700 sq. ft. in a high-traffic area with lots of visibility and parking.
• Marks the first location on the East Coast of the USA (5th USA location To Date)

Established in August 2021 by Quan Truong, ‘Roll With It’ is extremely well managed, has a great company culture, strong revenue and little to no competition in the area. Mr. Truong is assisting the company through the transition. 

“I’m really proud of the work that my team and I have done to establish ‘Roll With It’ as a premier entertainment destination for Virginia Beach and the wider Hampton Roads area. When I first started considering a sale in order to have more time for my family, Snakes & Lattes was an obvious choice for taking up the mantle of continuing what we’ve built at ‘Roll With It’. Snakes & Lattes was an inspiration for a lot of the decisions and direction at the company and I’m thrilled to have them take over. I’m excited for the future of ‘Roll With It’ under Snakes & Lattes leadership!” stated Mr. Truong.

The location is expected to stay open during the transition period and the goal of the company is to complete this by summer. Snakes & Lattes Inc. financed the acquisition through non-convertible promissory notes with a 5% interest rate and friendly repayment terms. The notes do not have a convertible feature and no common stock was associated with the financing.

‘Roll With It’ is located in very close proximity to Lynnhaven Mall. This is the largest in the Hampton Roads metropolitan area and one of the largest on the East Coast. ‘Roll With It’ offers entertainment convenience in a high traffic area with plenty of parking and very high visibility. 

https://rollwithitbgcafe.com/

Virginia Beach, a city of ~500,000 people is a vibrant coastal city in southeastern Virginia which caters to year-round visitors. The 42nd largest city in the US, the oceanfront destination is rich with history, and home to a variety of arts and entertainment experiences, family-friendly activities, and a blossoming culinary scene. It hosts a lot of tourism, Military and large corporate activity.

Overall, the company is very pleased with the ‘Roll With It’ acquisition as it is an amazing venue and location from all viewpoints. The addition of what will become the new Snakes & Lattes ‘Virginia Beach’ location will provide a strong contribution to the continued expansion of Snakes & Lattes and its ever-increasing brand.

With the first East Coast location and now the 5th overall in the USA, the company continues to be excited about the future as it marches forward on its plan to have Snakes & Lattes locations coast to coast in North America!

Looking ahead, the company continues to advance its strong growth trend. Snakes & Lattes has a number of initiatives underway including additional ongoing discussions for location expansion. Upon successful closing and completion of the next project or any other active initiative, shareholders can expect detailed announcements to follow.  

See you at Snakes & Lattes! 

About Snakes & Lattes Inc.

Snakes & Lattes Inc. currently operates 8 tabletop gaming bars and cafes: 3 located in Toronto, Ontario, Canada, 1 in Tempe, Arizona, 1 in Tucson, Arizona, 1 in Provo, Utah, 1 in Chicago, Illinois and 1 in Virginia Beach, Virginia. The company is in the process of expanding throughout North America. Snakes & Lattes Inc. was the first board game bar and cafe in North America, and is believed to be the largest in the world. Our board game cafes have the largest circulating public library of board games in North America for customers to choose from. 

For more information on Snakes & Lattes Inc., please visit the website at: www.snakesandlattes.com.

For further updates from Snakes & Lattes inc., please follow us on Twitter @SnakesandLattes.

 Safe Harbor Statement

 This news release contains statements that involve expectations, plans or intentions (such as those relating to future business or financial results, new features or services, or management strategies) and other factors discussed from time to time in the Company's OTC Market or Securities and Exchange Commission 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,", "will", "expect," "anticipate," "believe," "estimate," "confident," "intend," "plan", “trending” and other similar expressions. Our actual results, such as the Company's ability to finance, complete and consolidate acquisition of IP, assets and operating companies, could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the company such as a result of various factors, including future economic, competitive, regulatory, and market conditions. 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.

Contact:

Ben Castanie
Snakes & Lattes Inc.
Telephone: (646) 992 3348
Email: investors@snakesandlattes.com 

FAQ

What is the significance of Snakes & Lattes acquiring Roll With It?

The acquisition marks Snakes & Lattes' first East Coast location and strengthens its presence in the U.S. market.

What type of financing was used for the acquisition of Roll With It?

The acquisition was financed through non-convertible promissory notes with a 5% interest rate.

Where is the Roll With It Board Game Cafe & Bar located?

Roll With It is located in Virginia Beach, Virginia, near Lynnhaven Mall.

What future plans does Snakes & Lattes have after acquiring Roll With It?

Snakes & Lattes plans to continue expanding its locations throughout North America.

How does the acquisition impact shareholders of Snakes & Lattes?

The acquisition enhances the brand's growth potential and avoids dilution of shareholder equity due to its financing structure.