Eat At Joe’s Ltd. (OTCMKTS:JOES) continues to move up steadily after a shake to $0.45. JOES is the kind of stock that we love to report on here; over the past 3 years JOES has risen from well under a penny to highs near $0.40 a share.
For years JOES traded in the $0.005 range before embarking on a steady move up on light volume. It is only in recent trading that JOES has transformed from a thinly little known stock to one of the top traded stocks on the entire exchange.
On March 2 JOES said that the company has named Mark McGarrity as Chief information Officer. Mr. McGarrity, CEO of Franklin Networks, Inc., which was recently acquired by the Company, has in excess of 13 years of internet marketing experience, will maintain and grow Eat at Joe’s digital publishing and advertising operations.
Eat At Joe’s Ltd. (OTCMKTS:JOES) operates a restaurant called Eat at Joe’s (R) located in the food court at the Philadelphia Airport that is open for breakfast, lunch, and dinner . The restaurant has an “American Diner” atmosphere where families can eat wholesome, home-cooked food in a safe friendly atmosphere.
Eat at Joe’s, the classic American grill, is a restaurant concept that takes you back to eating in the era when favorite old rockers were playing on chrome-spangled jukeboxes and neon signs reflected on shiny tabletops of the 1950’s. Patrons can choose from such menu items as hot dogs, burgers, and meatloaf. CEO Joseph Fiore owns more than 60% of Eat at Joe’s.
JOES might look like a sleeper but there is a very good reason this stock has done nothing but rise over the past three years. The two major catalysts are the $7.4 million dollars sitting in JOES treasury and the recent $1.6 million capital raise completed with 4mm restricted shares at $0.40 according to the 8k on January 9.
The shell was incorporated on January 6, 1988, under the laws of the State of Delaware, as a wholly-owned subsidiary of Debbie Reynolds Hotel and Casino, Inc. DRHC caused the Company to register 1,777,000 shares of its initial 12,450,000 issued and outstanding shares of common stock with the Securities and Exchange Commission on Form S-18. DRHC then distributed the registered shares to DRHC stockholders.
In recent news JOES said provided an update to shareholders highlighting accomplishments over the preceding twelve months, and providing the following 2015 forecast to shareholders and the investment community:
–At the conclusion of 2014, the balance sheet at Eat at Joe’s was the strongest it has been in the company’s history. All long-term debt was agreed to be converted into a non-interest bearing series of preferred stock with a $0.40 fixed conversion price. As part of this conversion, $268,686 of interest was waived. Further details can be found in the Company’s Form 8-K filed with the SEC on January 7, 2015.
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–Eat at Joe’s completed a $1.6 million financing with a share conversion price of $0.40 per share, which is also subject to a very stringent resale provision, as further outlined in the Company’s Form 8-K filed with the SEC on January 9, 2015.
The press release goes on to say that the Company has worked diligently for many years to maintain a fiscally responsible funding method, and Eat at Joe’s is pleased to announce that it has accomplished that objective. As the Company enters 2015, management will explore potential new business opportunities in an effort to diversify the Eat at Joe’s business model.
As Eat at Joe’s explores new business opportunities in 2015, it expects to expand its management team by retaining qualified individuals to define and implement a new business model. The current board of directors is committed to these efforts and will remain unchanged. As these options are explored beginning in the first quarter of 2015, Eat at Joe’s will issue press releases as events warrant, and will also report as required to the SEC.
CEO of JOES Joseph Fiore said “In keeping up with the routine distribution of news that was established under my tenure as Chairman and CEO of Eat at Joe’s, Ltd., only reportable transactions, definitive and material in nature, will be announced,”
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Currently trading at a $53 million market valuation it is easy to get excited about JOES here; this is a fiscally responsible bb Company with a real business that has small but growing revenues. The Company has $7.4 million in the treasury with an eye on expansion. One really does not have to look much farther than the 8k from January 9; the fact that accredited investors were willing to put up $1.6 million for restricted stock of JOES at $0.40 speaks volumes to the future of this Company. JOES is a stock to watch.
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Disclosure: we hold no position in JOES either long or short and we have not been compensated for this article.