Bit Brother Ltd (NASDAQ: BTB) recently announced plans to buy a 51% stake in Angelo’s Pizza 1697 Inc., 60th Street Restaurant Corporation, and 1279 1st Avenue LLC. Angelo’s pizza began as a family-style boutique restaurant for its first 30 years. It later pivoted to a chain restaurant for 90 years. After 120 years of existence, Angelo’s pizza has garnered wide brand recognition and customer reviews. Once the acquisition is finalized, the three chains of restaurants will begin accepting cryptocurrency as payment.
Expanding to international markets
Angelo’s pizza is looking to expand into rapidly growing international markets in Japan, Canada, South Korea, Singapore, China, New Zealand, and Australia. These branches overseas will focus on takeout and delivery services, with limited dine-in seats. Advantages of such setups include low rent and slighter build-out. As a result, Angelo’s pizza plans to open 1,000 overseas branches in the next five years.
All branches outside China will accept cryptocurrency as payment methods to diversify their client base among other payment methods.
Under the non-binding letter of intent by Big Brother, the total consideration of 51% equity in Angelo’s pizza is $12.5 million, half of which shall be paid in the company’s shares while the remaining 50% shall be paid in cash. Both parties agree to enter into a binding agreement once due diligence is completed.
Big Brother’s Chief Executive Officer, Mr. Xianlong Wu, remarked that Bit Brother’s experience in the catering industry, coupled with Angelo pizza’s rich history, is set to bring growth to both parties. He adds that apart from expanding a restaurant with more than a century of success, this opportunity will allow them to grow their Bitcoin payment business.
Big Brother (formerly Urban Tea, Inc.) was incorporated as a company with limited liability in the British Virgin Islands in 2011. The business currently consists of the retail and distribution of tea products.
Important to note
While some of the statements in this press release are historical facts, other statements fall under the “forward-looking statement.” Such statements can be identified with phraseology like “expects,” “hopes,” and similar expressions.