New York, NY / ACCESSWIRE / October 29, 2014
SeeThruEquity, a leading independent equity research and corporate access firm focused on smallcap and microcap public companies, today announced that it has issued an update note on Latitude 360 Inc. (LATX). LATX is a full-service upscale casual dining restaurant and entertainment company which develops and operates 50,000 to 70,000 sq ft premier, award-winning restaurant/entertainment venues. LATX currently operates three locations in Jacksonville, FL, Pittsburgh, PA and Indianapolis, IN with 500 employees.
Highlights from the update note are as follows:
LATX announces to bring L360 experience to Massachusetts in Q1’15
On October 24, 2014, LATX announced its plan to bring 360 EXPERIENCE to Massachusetts’ South Shore in December 2014. This is the South Boston location which we referenced in our initiation report dated October 15, 2014. Latitude’s new location will be part of Kingston Collection, a 900,000 sq. ft mall serving the greater Plymouth County region. The Company has identified and expects to open a number of additional new locations in the coming years.
The Company’s unique “360 EXPERIENCE” fuses the blend of exceptional food and beverage with multiple entertainment options in upscale, contemporary-designed venues. The L360 at Kingston Collection will feature premier upscale casual dining service with an extensive menu of delicious dishes and regionally inspired specialties. The menu will include hand-picked dishes created by Tim Gannon, Co-Founder of Outback Steakhouse and Latitude 360 Board Member, and team of experienced chefs. To complement L360’s customer-centric service and its signature food and beverage offerings, LATX will also offer a wide range of entertainment options for all ages to enjoy. This location will feature 18 lanes of luxury bowling, live music every weekend at AXIS Bar & Stage, numerous event spaces to easily accommodate corporate outings, birthday parties and any other special occasion, a cutting-edge electronic video and redemption game space and HD Sports Theater.
LATX is already running L360 Experience in three locations in the US which includes Jacksonville, FL, Pittsburgh, PA and Indianapolis, IN. With the announcement of opening up of venue in Massachusetts, the company now has three L360 sites under construction which altogether doubles LATX’s footprint to six locations in the U.S. The Company now has three brand new L360 sites under construction with build-out costs being funded by the respective commercial developers:
1. Crossgates Mall in Albany, NY Capital Region – Expected Q4 2014 opening (Pyramid Management Group)
2. Kingston Collection located in Plymouth County, MA – Expected Q1 2015 opening (Pyramid Management Group)
3. The Shops at West End located in Minneapolis/St. Louis Park – Expected Q2 2015 opening (Duke Realty NYSE:DRE)
“This news is another incremental step in the company’s plans to increase its locations spread out across the U.S.,” stated Ajay Tandon, CEO of SeeThruEquity. “The company is planning to launch three new venues in the near term including this one which will double its footprint to 6 locations. We are reiterating our target price of $2.70.”
The report is available here: LATX Update Note.
You may view the PDF version of the report here: LATX Update Note.
SeeThruEquity is an approved equity research contributor on Thomson First Call, Capital IQ, FactSet, and Zack’s. The report will also be available on these platforms.
Please review important disclosures on our website at www.seethruequity.com.