The ONE Group, LLC Completes Acquisition of the Remaining 27% Ownership Interest of STK Midtown Manhattan
NEW YORK-- The ONE Group, LLC, a wholly-owned subsidiary of Committed Capital Acquisition Corporation (“The ONE Group”) (OTCQB:STKS), announced today that it has purchased the remaining 27 percent ownership interest of the entity that owns the STK Midtown restaurant in New York City from its minority interest members.
“As a brand that was founded in New York City, we are very pleased to fully consolidate the ownership of our STK Midtown restaurant into The ONE Group,” said Jonathan Segal, CEO of The ONE Group. “This location continues to present a unique opportunity for us to attract both a strong business and leisure crowd, who appreciate the high energy dining and nightlife experience that they enjoy at our Meatpacking location and our other top restaurants worldwide.”
The transaction closed on December 6, 2013. The ONE Group recently became a publicly traded company through a business combination with Committed Capital Acquisition Corporation.
About The ONE Group
The ONE Group develops and operates upscale, high-energy restaurants and lounges and provides “ONExperience”, a turn-key food and beverage service for hospitality venues including boutique hotels, casinos and other high-end locations in the United States and United Kingdom. The ONE Group’s primary restaurant brand is STK®, which is a unique steakhouse concept with locations in major metropolitan cities throughout the U.S. and in London. STK artfully blends two concepts, the modern steakhouse and a chic lounge, into one offering a high-energy, fine dining experience with the superior quality of a traditional steakhouse. The ONE Group’s food and beverage hospitality services business provides the development, management and operations for premier restaurants and turn-key food and beverage services at high-end boutique hotels and casinos. Additional information about The ONE Group can be found at www.togrp.com.
Cautionary Statement on Forward-Looking Statements
This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements, including but not limited to, (1) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined company to open new restaurants and food and beverage locations in current and additional markets, grow and manage growth profitably, maintain relationships with suppliers and obtain adequate supply of products and retain its key employees; (2) changes in applicable laws or regulations; (3) the possibility that the ONE Group may be adversely affected by other economic, business, and/or competitive factors; and (4) other risks and uncertainties indicated from time to time in filings with the SEC by Committed Capital.
Investors are referred to the most recent reports filed with the SEC by Committed Capital. Investors are cautioned not to place undue reliance upon any forward looking statements, which speak only as of the date made, and The ONE Group and Committed Capital undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events, or otherwise.
Don Duffy or Fitzhugh Taylor, 203-682-8200
Phil Denning, 203-682-8246
Kristina Jorge, 646-277-1234
Source: The ONE Group, LLC
Released December 12, 2013