Los Angeles, Jan. 26, 2017 (GLOBE NEWSWIRE) --
Giggles N’ Hugs, Inc. (OTCQB: GIGL), owner and operator of family-friendly restaurants that
bring together high-end, organic food with active, cutting-edge play and entertainment for children, signed a non-binding Letter of
Intent (LOI) with QIC, a $78 billion alternative investment fund, to open the next Giggles N’ Hugs location at The Shops at
Tanforan (Tanforan) mall in San Bruno, California.
Per the terms of the LOI, QIC, which owns The Shops at Tanforan mall among the many others around the world,
will provide the Company up to $1.4 million in tenant allowances, covering the entire build-out cost of the new location. Extremely
favorable rent terms, with significant discount to current market rates, were also negotiated.
“The proven success of our locations in Southern California and the significant foot traffic that we bring in to
the malls were a major influencing factor behind the attractive deal terms in the LOI,” commented Joey Parsi, founder and CEO of
Giggles N’ Hugs. With more and more consumers shopping online, the malls are looking for ways and concepts like ours that deliver
foot traffic. “We’re excited to begin moving forward on our expansion plans, and we couldn’t be more pleased with the
location of our first Giggles N’ Hugs in the San Francisco market. “we hope and expect that these incredible deal terms will be the
norm for us going forward” Parsi continued.
Tanforan, located minutes away from San Francisco International Airport, underwent a three-year reconstruction
in 2005. Major anchor tenants include Sears, Target, JCPenny, and Century Theatres.
“We’re working diligently with QIC to complete the negotiations and finalize the lease,” continued Parsi. “While
there are no guarantees we’ll be successful, we believe the LOI is a major step in the right direction.”
About Giggles N’ Hugs
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.
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INVESTORS RELATIONS CONTACT: Michelle Steinberg domain New York 601 West 26th St. Suite #1750 New York, NY 10001 212-675-0012 domain Los Angeles 7381 Beverly Blvd. Suite #100 Los Angeles, CA 90036 323-549-0012 Joey Parsi - Founder/CEO Giggles N Hugs Joey@gigglesnhugs.com http://www.gigglesnhugs.com/
