COLORADO SPRINGS, Colo., March 16, 2015 (GLOBE NEWSWIRE) -- Bourbon Brothers Holding Corporation (OTCQB:RIBS) announced that in an effort to fuel the Company's growth plan and further focus the brand, the Company has changed its name to Southern Concepts Restaurant Group, Inc. ("SCRG" or the "Company").
During 2014, the Company increased sales by 145 percent and ended 2014 with revenues of approximately $5,144,500 versus $2,099,000 in 2013. The Company reported total assets of $4,473,600 with $1,182,100 of the current assets being cash or cash equivalents. Moreover, the Company ended 2014 with net assets of approximately $2,140,700.
"I couldn't be more excited about the growth opportunities for Southern Concepts," said Mitchell Roth, SCRG President. "We are anticipating a number of restaurant openings this year and the launch of a new fast casual concept."
Southern Concepts Restaurant Group will be opening its second Southern Hospitality Restaurant and Bar in Lone Tree, Colo. in April, and its growth will not stop there. Before the end of 2015, Roth expects the Company to open at least two more Southern Hospitality fast casual locations in the Denver and Colorado Springs market, and as many as two units per quarter in 2016.
"Fast casual has been the fastest growing segment in the restaurant industry for five consecutive years, and outpaced traditional QSR and casual dining five to one during 2013," said Roth. "This concept is in line with the tremendous resurgence of barbeque, leaving us with an opportunity to gain immediate market share."
Southern Concepts Restaurant Group is expecting very strong average unit volumes in its fast casual concept. "Management is projecting average unit volume sales of $1.8 million in its fast casual stores with more than 20 percent in store-level net income," said Roth.
In addition to the Company's name change and projected growth, the SCRG Board of Directors gained two new members, Mr. Mitchell Roth and Ms. Jane Norton.
Mr. Roth joined the Company in 2013 and has been the driving force in developing the fast casual iteration of Southern Hospitality, including crafting the Master Licensing Agreement through which the Company will operate its fast casual units. Mr. Roth is primarily responsible for corporate development, including capital raising, contract negotiation, real estate development, and strategy. Prior to joining SCRG, Mr. Roth worked at the investment-banking firm Laidlaw and Company, Ltd. in New York City. Mr. Roth received a Bachelor of Science degree in Business Finance and Economics from Liberty University in Lynchburg, Va.
Ms. Norton is the founder and General Manager of Norton & Associates LLC consulting firm, established in 2012, to advise clients in areas such as government/public policy, non-profits, education, aerospace, emergency preparedness, healthcare, and the military. She served in the administrations of Presidents Reagan and Bush as Regional Director of the U.S. Department of Health and Human Services from 1988-1993; and in the cabinet of Governor Owens as Executive Director of the Colorado Department of Public Health and Environment from 1999-2002. In 2002 she was elected Colorado's 46th Lieutenant Governor and served until January of 2007. Ms. Norton currently serves on the Valor Christian High School Board of Education since February 2013 through the present, Colorado Uplift Executive Committee since May 2013 through the present, John Templeton Foundation International Board of Advisors since July 2014 through the present, Citizen Advisor to the Colorado Emergency Preparedness Partnership since 2013 through the present, and is a Fellow with the Centennial Institute since 2011 through the present. Ms. Norton earned a Bachelor of Science degree with Distinction in Health Sciences from Colorado State University in 1976, a Master of Science degree in Management from Regis University in 1999, and was awarded an Honorary Doctorate of Humanities degree from Colorado Christian University in 2011.
For more information about Southern Concepts Restaurant Group visit www.southernconcepts.com.
Forward-Looking Statements:
The information in this news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve risks and uncertainties, including statements regarding the company's business strategy and expectations. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "should," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," or "continue," the negative of such terms or other comparable terminology. Actual events or results may differ materially. The company disclaims any obligation to publicly update these statements, or disclose any difference between its actual results and those reflected in these statements. The information constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.