57th Street General Acquisition Corp., Owner of Crumbs Holdings LLC, Announces Changes to Its Ticker Symbols
NEW YORK--(BUSINESS WIRE)--
57th Street General Acquisition Corp. ("57th Street" or the "Company")
(OTCBB: SQTC, SQTCU, SQTCW) announced today the change of its ticker
symbols following its recently announced acquisition of Crumbs Holdings
LLC ("Crumbs"), the largest US-based retailer of cupcakes, which
operates under the name Crumbs Bake Shop. Effective upon the open of
trading today, the Company's common stock, warrants and units will trade
on the Over-the-Counter Bulletin Board under the ticker symbols
"CRMB.OB", "CRMB.U" and "CRMB.W" respectively. The ticker symbols
"SQTC.OB", "SQTC.U", and "SQTC.W" will be retired.
The Company expects that its common stock, units, and warrants will
begin trading on either the Nasdaq Capital Market (NASDAQ) or the NYSE
Amex (NYSE-AMEX) in the coming weeks upon completion of the listing
process.
Jason Bauer, Co-Founder of Crumbs and CEO of the Company, commented, "We
are delighted to have achieved public company status and are hopeful
that these ticker symbol changes will allow us to elevate Crumbs'
standing within the business and investment communities. With our newly
enhanced financial flexibility, we anticipate that Crumbs will emerge as
a truly national brand with a projected target of approximately 200
locations in the top 15 markets by year-end 2014. As a public entity, we
are also committed to operating in a manner that not only enhances our
leadership position as the national bakery specializing in gourmet
cupcakes, but also rewards our core constituents — shareholders, team
members, suppliers and customers."
About 57th Street and Crumbs Holdings LLC
57th Street is a blank check company formed on October 29, 2009 for the
purpose of acquiring an operating business and completed its acquisition
of Crumbs on May 5, 2011. The first Crumbs bake shop opened its doors in
March of 2003 on the Upper West Side of Manhattan by co-founders Mia &
Jason Bauer. The design of CRUMBS Bake Shops is inspired by old-time
neighborhood bakeries, creating a warm and friendly environment with
wall-to-wall treats. Recently ranked the largest retailer of cupcakes
nationwide and one of Inc.'s 10 Breakout Companies of 2010, CRUMBS
currently has 35 locations, including 25 locations in the New York Metro
area, six locations on the West Coast, three locations in Washington
D.C. and one location in Chicago. The specialty of the house is
cupcakes; however the menu also adds an irresistible blend of
comfort-oriented classics and elegant baked goods. There are more than
60 varieties of cupcakes baked fresh daily with a new cupcake of the
week debuting each Monday.
Forward-Looking Statements
Some of the statements in this release may constitute forward-looking
statements. Words such as anticipate, expect, project, intend, plan,
believe, and words and terms of similar substance and any financial
projections used in connection with any discussion of future plans,
strategies, objectives, actions, or events identify forward-looking
statements. Forward-looking statements may include, but are not limited
to: the risk that the businesses will not be integrated successfully;
the risk that the anticipated benefits of the business transaction may
not be fully realized or may take longer to realize than expected; the
risk that any projections, including earnings, revenues, expenses,
synergies, margins or any other financial items are not realized, the
risk of disruption from the proposed business transaction making it more
difficult to maintain relationships with customers, employees or
suppliers; a reduction in industry profit margin; the inability to
continue the development of the Crumbs brand; changing interpretations
of generally accepted accounting principles; continued compliance with
government regulations; changing legislation and regulatory
environments; the ability to meet the NASDAQ Stock Market or NYSE Amex
listing standards, including having the requisite number of round lot
holders or stockholders and meeting the independent director
requirements for the board of directors and its committees; a lower
return on investment; the inability to manage rapid growth; requirements
or changes affecting the business in which Crumbs is engaged; the
general volatility of the market prices of our securities and general
economic conditions. These risks, as well as other risks associated with
the business transaction, are more fully discussed in the Schedule TO
(and any amendments thereto) filed with the SEC in connection with the
transaction and the Tender Offer. Additional risks and uncertainties are
identified and discussed in 57th Street's reports filed with the SEC and
available at the SEC's website at www.sec.gov.
Forward-looking statements included in this release speak only as of the
date of this release. If any of these risks or uncertainties materialize
or if any assumptions prove incorrect, results could differ materially
from those expressed by such forward-looking statements. Neither 57th
Street nor Crumbs undertakes any obligation to update its
forward-looking statements to reflect events or circumstances after the
date of this release.
Crumbs
John Ireland, 410-673-1220, ext 401
or
ICR
Tom
Ryan/Raphael Gross, 203-682-8200
Source: Crumbs Holdings LLC
News Provided by Acquire Media
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