With the recent word that Latitude 360, Inc. (OTCQB: LATX), the ultimate dining and entertainment destination, is expanding beyond its already successful three-venue footprint consisting of locations in Indianapolis (75,000 square feet), Jacksonville (50,000 square feet) and Pittsburgh (65,000 square feet), as management agreements have been signed and a LOI has been issued, to take over and subsequently acquire three more locations in New York and Pennsylvania - the company is well on its way to successfully executing its aggressive expansion strategy, which has the company launching three locations per year over the next four years. Much like the previous venues - such as the company’s massive Latitude 360 located in the Clearwater Crossings Shopping Center on Indianapolis’ north side, in one of the city’s most vibrant commercial areas, with direct access to the Keystone office complex and nearby upscale Simon-owned Fashion Mall - these three new locations have been selected for being located in thriving areas, which offer exceptional customer demographics.
More importantly, this move by the company to acquire existing, established locations, two of which are currently being run as upscale bowling, dining and entertainment venues under Frank Entertainment’s Revolutions brand, saves Latitude 360 considerable time and expense over new location build-outs. Two of the new locations will be transitioned to the Latitude 360 brand and begin operating as such by Q4 2015, giving the company immediate access to the host markets for revenue generation, and thus accelerating LATX’s overall expansion timeline significantly. The company’s decision to close via an all-equity transaction will further allow LATX to conserve capital momentum, while still providing…
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