Latitude 360 Commences Construction at Albany’s Crossgates Mall, Bringing its 360 EXPERIENCE to the Capital Region’s Premier Shopping, Dining and Entertainment Destination
Company Also Amends Merger Agreement with Kingdom Koncrete
ALBANY, N.Y. & JACKSONVILLE, Fla.-(BUSINESS WIRE)— Latitude 360 (OTCQB:KGKO) (L360), an award-winning, premier upscale casual dining and state-of-the-art entertainment venue operator, today announced that construction has begun on its soon-to-be fourth location, which is slated for an early fall debut. Crossgates Mall (located in Albany, NY) is the Capital Region’s premier shopping, dining and entertainment destination and it will also be the next site for the unparalleled Latitude 360 EXPERIENCE, the evolution and fusion of dining and entertainment.
CEO/Founder of Latitude 360 Brent Brown stated, “Today’s news underscores our excitement about bringing our fourth venue to Albany’s Crossgates Mall later this year. Crossgates Mall welcomes over 20 million customer visitors per year and has been named one of Travel & Leisure Magazine’s ‘Most Visited Shopping Malls in America.’ We believe this ideal location will be a huge opportunity for us as we continue to further expand the L360 footprint across the US.”
Brown continues, “Top-notch dining, beverage selection and customer-centric service anchor the 360 EXPERIENCE at all locations and we are also delighted to bring the Capital Region community many cutting-edge entertainment options - from 20 luxury bowling lanes to stand-up comedy, live musical performances, dancing to top DJs and VJs, plus much, much more.”
Latitude 360 will occupy approximately 53,000 square feet within Crossgates Mall, which boasts an impressive 1.7 million square feet of a wide array of leading high-end retail establishments (including Coach, Apple, Pottery Barn, J. Crew and many more). The L360 entrance will be on the lower level by Pandora.
Last month, Latitude 360 announced that dining industry legend and Outback Steakhouse Co-Founder Tim Gannon was appointed Executive Board Member. Mr. Gannon is working closely with Latitude 360’s chefs and dining professionals, and will soon be collaborating with the Crossgates L360 team, to create special ‘signature’ dishes at that forthcoming venue.
As previously announced, Latitude 360 has agreed to merge with public entity Kingdom Concrete (OTCQB: KGKO) and in-line with the Company’s extensive near- and long-term growth and expansionary plans, Latitude 360 management and its Board also today announced that following significant discussions with Kingdom Koncrete’s team and additional due diligence, each has determined that certain core competencies Kingdom Koncrete would provide offer significant benefits to L360 in executing on its business and strategic plan. These benefits to combining the companies include, among other things:
- The substantial expansion of the L360 brand and footprint by adding new locations.
- The addition of new locations requires substantial build-out of a commercial space to meet L360’s specifications for operation.
- L360’s management team has determined that Kingdom Koncrete’s senior management experience, skillsets and in certain cases, the concrete products it sells through Kingdom Texas, will all potentially help L360 execute upon its business plan with respect to the preparation and construction associated with its new target locations.
Based on the forgoing, among other considerations, the parties have mutually agreed to further amend their Merger Agreement to provide that L360 will retain Kingdom Texas as a wholly owned subsidiary and to accommodate this change the companies have extended the outside closing date to on or before May 30, 2014.
This news announcement may contain certain “forward-looking statements.” Such statements include the timing of recent events and others related to the company’s expectations about future events or to the company’s future financial performance and are not historical facts. Forward-looking statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Such statements are not guarantees of future performance, are based on certain assumptions, and are also subject to various known and unknown risks and uncertainties, many of which are beyond the control of the company. Actual results may differ materially from the expectations contained in forward-looking statements. The company does not undertake any obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
Saul Markowitz, 412-977-8517
Rob Rinderman or Jennifer Neuman