Giggles N’ Hugs, Inc. (OTCQB: GIGL) is engaged in the management and operation of a chain of family-friendly restaurants. The restaurants combine high-end organic foods with child entertainment. Shares of the restaurant are rallying 16.67%, through early trading on Friday, February 17, 2017. Over the past three months, Giggles N’ Hugs, Inc. has seen average daily volume of 4.73 million shares. However, volume of 3.37 million shares or dollar volume of $134,800, has already exchanged hands through early trading today.
Shares of Giggles N’ Hugs, Inc. are jumping Friday, after the company announced that it has completed its convertible debt payments to Iconic Holdings, LLC. The note was originally issued on December 21, 2015 and carried an 8% interest rate. Over the past six months, Iconic Holdings, LLC has chosen to convert $191,000 into shares of common stock. Management is excited that the convertible debt is completed, as the selling pressure will likely cease moving forward. Here is the full press release detailing of the convertible debt completion:
Giggles N’ Hugs, Inc. (OTCQB: GIGL) Press Release:
Los Angeles, Feb. 16, 2017 (GLOBE NEWSWIRE) — Giggles N’ Hugs, Inc. (GIGL), owner and operator of family-friendly restaurants that bring together high-end, organic food with active, cutting-edge play and entertainment for children, is pleased to announce that the Company has repaid its 8% Convertible Note issued to Iconic Holdings, LLC (Iconic) on December 21, 2015, and as later amended. Pursuant to the terms of the convertible note, over the past six months Iconic converted $191,000 into shares of common stock.
“We are pleased that Iconic converted the entire balance of their convertible debt holdings into common shares of our Company. With most if not all of the shares converted and sold over the past six months, we anticipate that this will result in a decrease of continued selling pressure on the Company’s securities,” commented Joey Parsi, founder and Chief Executive Officer of Giggles N’ Hugs.
“This is yet another important step forward for us as we move ahead on our plans to expand. “ The company is speaking with a number of investment banks to engage in order to secure more traditional financing options for the needed expansion capital, Parsi continued. With the Iconic note out of the way, we are very much looking forward to a great 2017 and beyond.
About Giggles N’ Hugs, Inc.
Giggles N’ Hugs is the first and only restaurant that brings together high-end, organic food with active, cutting-edge play and entertainment for children. Every Giggles N’ Hugs location offers an upscale, family-friendly atmosphere with a dedicated play area that children 10 and younger absolutely love. We feature high-quality menus made from fresh and local foods, nightly entertainment such as magic shows, concerts, puppet shows and face painting, and hugely popular party packages for families that want to do something special.
Forward Looking Statements:
Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company’s filings with the Securities and Exchange Commission (the “SEC”). Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.