Big Three Restaurants, Inc. (OTC Pink: BTHR) (PINKSHEETS: BTHR) announced today that it has changed its name to Sports Venues of Florida, Inc. The changes to the business have been filed on Form 8-K with the Securities and Exchange Commission and application to the Financial Industry Regulatory Authority (FINRA) has been submitted which should be reflected on the quotation systems on May 15, 2014. The stock symbol will not change at this time. We also amended our Articles of Incorporation to authorized 10,000,000 shares of preferred stock, the series, preferences, limitations and relative rights of which may be determined from time to time by the Board of Directors and to effect a share combination (reverse stock split) with the result that our 7,500,000,000 outstanding shares of common stock are reduced to 1,500,000 shares of common stock, the effective date of such combination for purposes of the public securities market subject to a market announcement by FINRA, which we also expect to be May 15, 2014.
The Company will be retaining Turf Solutions Group, Inc. (http://www.turfsolutionsgroup.com/) as its designer and lead project manager to build and develop a 100+- acre sports complex in the Tampa Bay area. The sports complex is being planned to include eight boys' baseball fields, eight girls' softball fields, one multi-purpose synthetic turf field, six soccer fields, and one main stadium field for baseball/softball with seating for 3,500. The main stadium will have a turf surface that can quickly be used for baseball or converted for soccer. The main stadium will have an owner's box, two VIP boxes, a media box, and TV camera outposts included. The project will have a themed national chain restaurant, a national chain pro shop/sporting goods store. To attract tournament play with players from around the United States the property is planned to have multi-purpose housing units for twenty-four teams with dining area for teams and a swimming pool for team use. A splash zone and play ground are planned to great visitors inside the main gate, followed by a fitness trail to guide visitors all around the park with distance markers every 1/8th mile and various stations for workouts. We are also planning indoor/outdoor batting cages, an indoor fitness and weight training center, a fully staffed first aid building and restrooms strategically placed as required by local code. Retail food and drink kiosks will be scattered around the park. We also are planning a multi-purpose building for parent meetings, coaches meetings etc. When not in use by participating teams, this building will be available for rental by non-park participants. Finally, we are planning to include equipment and maintenance buildings, executive office, ticket booths and parking.
The Company's preliminary estimates the entire project is in the $40 million range. The Company plans to use a combination of debt and equity to complete the project.
"I could not be more energized over the new direction of the company. Youth sports and sports venues is a multi-billion dollar emerging segment of the overall sports market. After months of planning and exploring various avenues of financial support, I believe we have hit a home run with both debt and equity players. I am convinced we will be able to arrange the combination of debt and equity needed to implement our plan," said John V. Whitman Jr., CEO and Chairman.
ABOUT THE COMPANY
The Company is a developmental stage enterprise. Our board of directors has approved a change in our business to the ownership, development and operation of venues for youth and adult team sports, sponsoring such teams and providing training programs for such team sports, as well as all activities related thereto.
SAFE HARBOR AND INFORMATIONAL STATEMENT
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact, regarding the intent, belief or current expectations of the Company and its management with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the Company's reports filed with the SEC. The Company claims the safe harbor provided by Section 21E(c) of the Exchange Act for all forward-looking statements.
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For more information contact -
John V. Whitman Jr.
Chief Executive Officer
SOURCE: Big Three Restaurants, Inc.