International Expansion: Hooters to Open in South Africa
Chanticleer Holdings Inc. announces opening of first Hooters Restaurant in South Africa.
-- Chain Leader, 10/2/2009 12:40:00 PM
PRESS RELEASE: CHARLOTTE, N.C., Oct. 1, 2009 (GLOBE NEWSWIRE) -- Chanticleer Holdings, Inc. (OTCBB:CCLR) today announced that its joint venture with Shaw Foods PTY plans to open its first Hooters restaurant in South Africa in late November. A lease has been secured and construction has begun for the restaurant in the city of Durban at 2 Lagoon Dr., Umhlanga 4319.
Chanticleer formed Hoot SA 1, LLC for the purpose of contributing its 50% of the start-up capital. Chanticleer led this investment and raised the remainder from outside investors. Chanticleer Advisors, LLC is the manager of Hoot SA 1 and will participate in the economic success of this location.
Michael Pruitt, Chief Executive Officer of Chanticleer, said, "This is the culmination of a process that began in 2006 with the signing of the option agreement for South Africa. We are excited about the prospects for this first restaurant and we look forward to continuing the build-out of Hooters restaurants in South Africa as the country moves closer to hosting the World Cup next year."
About Chanticleer Holdings, Inc.
Chanticleer Holdings, Inc. is a publicly traded holding company that is headquartered in Charlotte, NC. It operates two wholly-owned operating subsidiaries: Chanticleer Advisors, an investment manager; and Avenel Ventures, a consulting firm. Additionally, the company owns several minority investments in private companies, including an interest in a convertible note into Hooters of America, Inc. Chanticleer Holdings, Inc. was formed in 2005 as a business development company. In 2008 our shareholders elected to convert to an operating holding company. For further information, please visit www.chanticleerholdings.com.
This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statement of historical fact (including statements containing the words "believes," "plans," "anticipate," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events.
