Chanticleer Holdings Secures Hungary as a First Step in Hooters Emerging European Expansion
CHARLOTTE, NC -- (Marketwire) -- 04/03/12 -- Chanticleer Holdings, Inc. (OTCQB: CCLR) (OTCBB: CCLR) ("Chanticleer" or the "Company"), a business operator focused on expanding the Hooters casual dining restaurant brand in international markets, today announced that it has secured exclusive franchise rights to operate Hooters restaurants in Hungary.
Alex Hemingway, director of Chanticleer Europe, will oversee day to day operations and development of the Hooters restaurant franchise in Hungary. Mr. Hemingway has over 14 years of international restaurant management and real-estate development experience, including six years as the Chief Executive and President of a franchise group for Pizza Hut and Kentucky Fried Chicken in Hungary. The Company is evaluating key locations for its first restaurant, which it hopes to open by the end of 3rd quarter of 2012. Under the franchise agreement, Chanticleer will own 80% of Chanticleer's business in Hungary, with a management group led by Mr. Hemingway owning the remaining 20%.
"We are excited to embark in our expansion into Hungary, an attractive growth market I know extremely well. Central Europe has very attractive operating economics due to low real estate and labor costs and minimal presence from competing casual restaurant brands. We believe Central Europe in general and Hungary in particular provides a unique opportunity for an iconic brand such as Hooters to thrive," stated Alex Hemingway, director of Chanticleer Europe. "Hungary will be a key starting point as we focus on establishing a presence in other emerging European markets and position the company for profitable growth."
About Chanticleer Holdings, Inc.
Chanticleer Holdings (OTCQB: CCLR) (OTCBB: CCLR) is a business operator focused on expanding the Hooters casual dining restaurant brand in international markets. Chanticleer currently has rights to develop and operate Hooters restaurants in South Africa and has joint ventured with the current franchisee in Australia. The company also has franchise rights to develop parts of Brazil and Hungary while evaluating several additional opportunities internationally.
In 2011, Chanticleer and a group of noteworthy private equity investors, which included H.I.G. Capital, KarpReilly, LLC and Kelly Hall, president of Texas Wings Inc., the largest Hooters franchisee in the United States, acquired Hooters of America (HOA). Today, HOA is the franchisor and operator of over 450 Hooters restaurants in 44 states and 28 foreign countries. Chanticleer maintains a minority ownership stake in HOA and its CEO, Mike Pruitt, is also a member of HOA's Board of Directors. For further information, please visit www.chanticleerholdings.com or www.hooters.com and follow us on Twitter at @ChantHoldings or @Hooters.
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Contacts: Company Contact: Michael Pruitt CEO 704-366-5122 Ext: 1 Email Contact Investor & Media Relations: MZ Group - North America Mark McPartland SVP Phone: (212) 301-7130 Email: Email Contact Web: www.mz-ir.com
Source: Chanticleer Holdings, Inc.
Released April 3, 2012