CHARLOTTE, N.C., Jan. 22, 2007 (PRIME NEWSWIRE) -- Chanticleer Holdings, Inc. (OTCBB:CEEH), a Business Development Company, today announced the creation of Chanticleer Advisors, LLC, a new wholly owned subsidiary which will manage value based investments on behalf of its clients.
The first managed investment of this new subsidiary is Chanticleer Investors, LLC, a company created for the purpose of investing in a promissory note to the late Robert Brooks, Chairman of Hooters of America (HOA) in May 2006. Upon Mr. Brooks' passing, the note became a responsibility of Hooters of America and is secured by and contains conversion options into 2% of Hooters outstanding stock. HOA has also granted Chanticleer the right of first refusal for any additional financing into Hooters.
Additionally, the Company has also launched Chanticleer Advisors II, LLC for the purpose of investing in publicly traded value securities.
Michael Pruitt, Chief Executive Officer of Chanticleer Holdings, Inc., commented, "Our new subsidiary demonstrates our commitment to long-term value investing in small/micro-cap companies. Both Chanticleer Advisors companies will engage in our holistic, bottom-up approach to value investing, leading to a fundamentally strong, low-turnover portfolio for our clients. We are very excited to launch Chanticleer Advisors and look forward to continuing to grow our assets under management (AUM)."
About Chanticleer Holdings, Inc.
Chanticleer Holdings is a closed-end investment company that invests in value based opportunities that are typically 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").
For more information about Chanticleer Holdings, 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.
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