Business
Snakes & Lattes Inc. Acquires a New Brick & Mortar Location in Virginia Beach, Virginia
Snakes & Lattes Inc. Acquires a New Brick & Mortar Location in Virginia Beach, Virginia.
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[{"type":"text","content":"\n TORONTO, ON, March 20, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- Snakes & Lattes Inc. (OTC: FUNN) is pleased to announce the acquisition of ‘Roll With It’ Board Game Cafe & Bar (Roll With It) in Virginia Beach, Virginia via an all cash transaction. Acquisition Highlights: Completed acquisition of ‘Roll With It’ Board Game Café & Bar in Virginia BeachAll cash deal Very popular, Operating Café & Bar with little competition in the areaStrong revenue, well managed, with a similar company cultureOver 4700 sq. ft. in a high-traffic area with lots of visibility and parking.Marks the first location on the East Coast of the USA (5th USA location To Date) Established in August 2021 by Quan Truong, ‘Roll With It’ is extremely well managed, has a great company culture, strong revenue and little to no competition in the area. Mr. Truong is assisting the company through the transition.  “I’m really proud of the work that my team and I have done to establish ‘Roll With It’ as a premier entertainment destination for Virginia Beach and the wider Hampton Roads area. When I first started considering a sale in order to have more time for my family, Snakes & Lattes was an obvious choice for taking up the mantle of continuing what we’ve built at ‘Roll With It’. Snakes & Lattes was an inspiration for a lot of the decisions and direction at the company and I’m thrilled to have them take over. I’m excited for the future of ‘Roll With It’ under Snakes & Lattes leadership!” stated Mr. Truong. The location is expected to stay open during the transition period and the goal of the company is to complete this by summer. Snakes & Lattes Inc. financed the acquisition through non-convertible promissory notes with a 5% interest rate and friendly repayment terms. The notes do not have a convertible feature and no common stock was associated with the financing. ‘Roll With It’ is located in very close proximity to Lynnhaven Mall. This is the largest in the Hampton Roads metropolitan area and one of the largest on the East Coast. ‘Roll With It’ offers entertainment convenience in a high traffic area with plenty of parking and very high visibility.  https://rollwithitbgcafe.co...