CHARLOTTE, N.C., April 6, 2006 (PRIMEZONE) -- Chanticleer Holdings, Inc. (Pink Sheets:CEEH), a Business Development Company ("BDC") announced today that is has acquired a one third equity position in 1st Choice Mortgage, LLC for an undisclosed amount.
1st Choice Mortgage, founded in 2004, is a non-prime specialty finance residential mortgage brokerage company with headquarters located in New Jersey and marketing division in Florida. It is currently licensed to originate residential mortgage loans in Michigan, Virginia and Pennsylvania and has access to virtually every mortgage loan product available on the market today.
1st Choice Mortgage principally offers debt consolidation refinance loans, which allow homeowners, mostly those with special credit circumstances, to combine their existing mortgage with their non tax-deductible credit card, car and other higher interest consumer finance debt to obtain a lower tax-deductible monthly mortgage payment.
The management team at 1st Choice Mortgage, led by mortgage banking veterans Brian Krasner and Gene Devine, has a combined 24-years experience in non-prime, direct to the consumer, marketing and mortgage loan origination.
"They are building one of the best positioned non-prime retail mortgage finance companies," said Michael Pruitt, CEO of Chanticleer Holdings. "With their expertise in highly targeted direct marketing and specialty finance sales, their primary goal is to continue to maximize revenue while expanding their originations into new markets. The timing for our partnership with 1st Choice Mortgage is perfect," he said.
"We are eager to capitalize on our new partnership with Chanticleer Holdings. The non-prime homeowner market is rich with opportunity for our type of debt consolidation mortgage loan origination," Devine said.
"Chanticleer Holding's expertise in small and micro cap companies, plus their capital investment, will be used to fuel our continued growth in the non-prime and subprime mortgage industry," Krasner stated.
About 1st Choice Mortgage, LLC.
Headquartered in Hainesport, New Jersey with marketing offices in Deerfield Beach Florida, 1st Choice Mortgage, LLC. is a direct to the consumer brokerage originating non-prime residential mortgages. They are currently licensed in three states and focus on non-prime and subprime residential debt consolidation loans. They can also originate non-conforming, conforming and Alt-A loans. For further information about 1st Choice Mortgage, LLC., please contact Gene Devine at 954-429-9559.
About Chanticleer Holdings, Inc.
Chanticleer Holdings (www.chanticleerholdings.com) is a closed-end investment company that invests in value based opportunities that are either privately held or considered small or micro cap publicly traded companies. Chanticleer's investment objective is to generate both current income and long-term capital appreciation through debt and equity investments. Chanticleer Holdings, Inc. has elected to be treated as a business development company under the Investment Company Act of 1940 ("1940 Act"). Accordingly, we are required to comply with a series of regulatory requirements under the 1940 Act as well as applicable EXCHANGE, state and federal rules and regulations. In addition, we have elected to be treated a regulated investment company under the Internal Revenue Code of 1986. Failure to comply with any of the laws and regulations that apply to Chanticleer Holdings could have material adverse effect on Chanticleer Holdings and its shareholders.
The Chanticleer Holdings, Inc. logo is available at: http://www.primezone.com/newsroom/prs/?pkgid=2295
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 flings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events.