SALT LAKE CITY, UT / ACCESSWIRE / April 6, 2015 / Latitude 360 (OTCQB:LATX), a growing contender in the upscale dining and entertainment industry, has continued the steady pace of its expansion, making some noteworthy lateral moves to better position itself both internally and on a global scale. The company signed an international franchise agreement earlier this month with Al Sedriyah to help launch its trademarked "360 Experience" in the Middle East. The agreement with Al Sedriyah will allow the company to bring the 360 Experience a multifaceted entertainment and dining experience unlike any other to the State of Qatar, while also granting Al Sedriyah first right of refusal into Egypt and Turkey for the potential to franchise the 360 brand in those locales as well.
Shortly after the franchising announcement, Latitude 360 also shared the news that it had appointed a new CFO to the company: Alan J Greenstein. Mr. Greenstein brings with him several decades worth of executive experience in the hospitality, gaming, and banking industries, including time spent as the CFO of Atlantic City's Revel Entertainment Group, which oversaw a casino beachfront operation spanning 14 restaurants, nearly 1400 hotel rooms, a 125,00 square foot casino, and over 6 million overall square feet of beachfront property. This unique experience makes Greenstein perfectly suited to step into the role of LATX's CFO, as the company's 35,000 -70,000-plus square-foot venues closely mirror the type of hospitality and entertainment experience that Greenstein's previous company provided.
In order to accommodate this move, and to lend the company more support globally and in the Middle East, former CFO Kenneth H. Adams will be moving into a new position with Latitude 360 Global to help oversee the company's franchising in Qatar, as well as to further the company's expansion plans into the United Arab Emirates.
Company Founder and CEO Brent W. Brown spoke about Latitude 360's new outlook during this transitional push toward the future of the company: "I look forward to working with both Ken and Alan as we grow this new and dynamic restaurant and entertainment experience to its potential across the globe."
And that potential continues to grow here at home as well, as the company looks to open several new locations in states across the U.S. including Massachusetts as well as a prime location in New York's financial district. The sheer pace of growth couple with the innovation of its product puts Latitude 360 on pace to eventually rival the household-name appeal of a company like Dave and Buster's Entertainment (NASDAQ:PLAY), which currently trades at 30.13 with a sizable 1.29B market cap. The gains made by PLAY act as evidence of the growing trends in entertainment-based dining, as the stock's share price has more than doubled in the last six months.
This trend shows a shift away from the standard "themed" restaurants like industry stalwart the Cheesecake Factory (NASDAQ:CAKE) or even apparent up-and-comer Good Times (NASDAQ:GTIM). CAKE shares have demonstrated mixed results of late, as the company's brand of West Coast upscale dining has begun to run stale with consumers. On the other hand, Good Times has performed well in recent months with a 72.47M market cap at 7.25 per share, but several analysts indicate that tide could be turning, as the market is beginning to place greater focus on entertainment-based fare like that found at Latitude 360 and Dave and Busters.
With large-scale operations popping up both abroad and at home, in addition to a financial report that shows excellence for 2014 and 2013, LATX represents a speculative situtation for investors at only 1.21 per share. As an alternative to PLAY, investors looking for an entryway into the entertainment-based dining industry can accumulate shares of LATX with minimal capital . Latitude 360 harbors of all of the traits of a company that will be around for the long-haul - steady growth, a long-term, global plan, consistently positive financial s, and experienced leadership, all of which are working diligently toward the future.
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SOURCE: Seraphim Strategies LLC