Epic Stores Corp. Secures Growth Financing

PHOENIX, AZ / ACCESSWIRE / February 5, 2016 / Epic Stores, Corp. ("Epic" or the "Company") EPSC, a second-hand goods retailer with locations throughout the United States, today announced that it has agreed to a financing in the aggregate principal amount of up to $500,000 consisting of 10% Senior Secured Convertible Promissory Notes issuable to Old Main Capital, LLC.

Brian Davidson, President and Chief Executive Officer of Epic Stores, Corp. commented, "This financing helps us to move forward with our aggressive growth strategy, as we plan to expand our market presence and introduce our popular brand into new markets. Old Main Capital has demonstrated a vote of confidence in our business model."

Old Main has agreed to purchase an aggregate of up to $500,000. The Notes will bear interest at the rate of 10% per annum. The purchase will occur in up to four tranches, with the first $250,000 closed upon the execution of the Purchase Agreement, the second tranche of $50,000 occurring within 3 trading days of the date that a Registration Statement is filed, the third tranche of $50,000 within three trading days after Epic received initial comments from the SEC, and the fourth tranche of $150,000 occurring within three trading days of the date that the Registration Statement is declared effective. More details on the transaction can be found in the 8-K filed with the SEC concurrently with this press release.

The proceeds from this financing will be used for general working capital purposes.

About Epic Stores Corp.

Epic is a second-hand goods retailer with locations throughout the United States. Based in Phoenix, Arizona, the company offers high quality, on-trend second hand clothing, accessories and household products at affordable prices. As of October 4, 2015, the company employed 232 employees and operated 10 retail stores in four states. Founded in 2010, Epic opened its first retail store in Phoenix, Arizona. Since that time, the company has opened additional stores in Arizona, Nevada, Colorado, and Texas. All of the retail stores sell products directly to consumers. The company also operates a leading wholesale business that supplies used shoes, books and clothing to distributors.

Forward-Looking Statements

The information in this press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often include words such as "anticipates," "estimates," "expects," "projects," "intends," "plans," "believes" and words and terms of similar substance in connection with discussions of future operating or financial performance. Examples of forward-looking statements include, but are not limited to, statements regarding: (i) the adequacy of the Company's liquidity to meet its needs for the foreseeable future, (ii) the benefits expected to be recognized in connection with retail and whole sales, (iii) the Company's expectation that the current market conditions will continue. The Company's forward-looking statements are based on management's current expectations and assumptions regarding the Company's business and performance, the economy and other future conditions and forecasts of future events, circumstances and results. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. The Company's actual results may vary materially from those expressed or implied in its forward-looking statements. Any forward-looking statement made by the Company speaks only as of the date on which it is made. The Company is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, subsequent events or otherwise.

Company Contacts

Brian Davidson
President and CEO
Epic Stores Corp.
Tel (623) 565-5758

Investor Relations

Brett Maas
Managing Partner
Hayden IR
Tel (646) 536-7331
brett@haydenir.com

SOURCE: Epic Stores Corp.