Chanticleer Holdings Increases Ownership in Its Australian Hooters Restaurants from 49% to 60%
CHARLOTTE, NC -- (Marketwired) -- 05/05/14 -- Chanticleer Holdings, Inc. (NASDAQ: HOTR) (Chanticleer Holdings, or the "Company"), owner and operater of multiple restaurant brand internationally and domestically, announced today that the Company has increased its ownership stake in Hooters restaurant in Campbelltown, Australia from 49% to 60%. In addition, the Company has agreed to increase its ownership stake to 60% in the two new stores under construction in Townsville and Surfers Paradise.
In 2011, Chanticleer formed a joint venture agreement with the existing Hooters franchisee in Australia to cooperatively develop Hooters restaurants going forward. The Campbelltown location opened in January 2012 and the Company expects the Townsville and Surfers Paradise locations to be completed and open by June 30, 2014. The delay in opening the Townsville location was due to the liquor permit process. Townsville is a growing city that hosts a significant number of State and Federal agencies. Surfers Paradise is known as one of Australia's iconic coastal tourist destinations, drawing visitors year-round from neighboring countries including New Zealand, China, Japan, the United Kingdom, Canada, and the U.S..
Mike Pruitt, Chairman and Chief Executive Officer, commented, "Australia's market is a great opportunity to expand Hooters footprint as its patrons have a love for sports, food and entertainment. Increasing ownership in these restaurants will allow Chanticleer to book revenues in Q2 of this year and going forward."
About Chanticleer Holdings, Inc
Headquartered in Charlotte, NC, Chanticleer Holdings (HOTR), together with its subsidiaries, owns and operates restaurant brands in the United States and internationally. The Company is a franchisee owner of Hooters® restaurants in international markets including England, South Africa, Hungary, and Brazil, has joint ventured with the current Hooters franchisee in Australia, and recently acquired two Hooters restaurants in the United States. The Company also owns and operates American Roadside Burgers, Spoon Bar & Kitchen and owns a majority interest in Just Fresh restaurants in the U.S.
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Forward-Looking Statements:
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Press Information:
Chanticleer Holdings, Inc.
Investor Relations
Phone: 704.366.5122
ir@chanticleerholdings.com
Source: Chanticleer Holdings, Inc.
Released May 5, 2014