More Clarity on New uWink Restaurant Locations

| About: uWink, Inc. (UWKI)

uWink logoIt looks like we have a little bit more clarity from uWink (Nasdaq: UWKI.OB), an entertainment and hospitality software development company and the operator of an interactive restaurant concept called uWink, concerning their latest 2 restaurant locations that are scheduled to open later this summer.

  • Mountain View, California Location: Today in an 8-K filing, uWink announced that on May 23, 2008, the company closed escrow on the acquisition of certain restaurant equipment and a liquor license (for use at its new restaurant location at 401 Castro Street, Mountain View, California) from Miyake Foods, Inc., the former occupant.

The consideration for this asset acquisition was $250,000 in cash and this now allows uWink to go ahead with the final build out and processes necessary to open this location.

As I’ve stated before, from the time that uWink receives all the necessary paperwork, approvals, licenses, etc., to the actual time it takes to build out a location to meet the company’s needs only takes about 6 to 8 weeks.

Now that these assets have been approved uWink estimates that the Mountain View restaurant location will open in late July 2008, assuming they don’t hit any other snags along the way.

  • Hollywood and Highland Location: uWink already has everything that they need for this location, and the timeline for opening should be any day now.

Unlike the Mountain View location, there are no hold-ups with licenses, permits, etc., and the only time delay is due to the actual build out, which should be completed by the end of June at the latest.

Bottom Line

Everything looks good and is on track for uWink to have 3 total restaurant locations up and running by the end of the summer.

This still leaves time for perhaps 1-2 more locations either via stand alone, or franchisee deals, before the end of the year.

In the mean time, uWink has released their latest earnings for all of 2007 which now gives us a chance to compare quarterly sales at the only location that they have, which has been open for over 1 year, among other items such as margins, etc.

Look for that complete update in the coming weeks.