Restaurant & QSR Expansion Report

Gets Financing for International Hooters

Earlier in October, Charlotte, North Carolina-based Chanticleer Holdings Inc.  reported that it had completed a $1.6-million equity financing with accredited investors, meeting the minimum requirement for the private placement.  The private placement involved the sale of approximately 426,667 units of the company's common stock at a purchase price of $3.75 per unit. Chanticleer Holdings is a holding company that owns and operates Hooters Restaurants internationally and is focused on expanding the Hooters casual dining restaurant brand in emerging markets. It currently owns in whole or part of the exclusive franchise rights to develop and operate Hooters restaurants in South Africa, Hungary and parts of Brazil, and has joint ventured with the current Hooters franchisee in Australia. The company currently owns and operates in whole or part of six Hooters restaurants in Durban, Johannesburg, Cape Town and Emperor's Palace in South Africa, in Campbelltown in Australia and Budapest in Hungary. Chairman and Chief Executive Officer Mike Pruitt noted that the proceeds of this financing will allow Chanticleer to fund the completion of new locations.  “As we continue on our aggressive growth plan, it pleases me to know that new shareholders see value in our long-term growth strategy," he said. Also in early in October, Chanticleer Holdings acquired all of the outstanding shares of American Roadside Burgers Inc., a Charlotte, North Carolina-based chain of five casual restaurants in North and South Carolina.  Plans are to expand the concept as opportunities come up. The transaction is subject to board and regulatory agency approvals……

 

Chanticleer Holdings, Inc. (704/366.5122 www.chanticleerholdings.com)

Hooters Restaurants (www.hooters.com)

American Roadside Burgers Inc. (www.americanroadside.com)

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