As you may have seen on our Facebook or Twitter posts, Workers Diner was approved for the sale of preferred stock to residents of Connecticut on November 16th. This achievement did not come easily. It was the product of two years of ongoing work in collaboration with our lawyer Jenny Kassan at Katovich & Kassan Law Group and Cutting Edge Capital, as well as with the Connecticut Department of Banking. We are humbled to have taken this historic cooperative stock offering one step closer to realization.
At the same time, we still require approval in New York before we commence our direct public offering, and have many shares to sell before successful completion of the offering and the beginning construction of Workers Diner. That being said, New York is a non-merit review state, which means that applications are automatically approved provided that our information is complete and accurate. As such, we are extremely optimistic moving forward that Workers Diner will be selling stocks in 2012.