CHARLOTTE, N.C., Dec. 5, 2006 (PRIME NEWSWIRE) -- Chanticleer Holdings, Inc. (OTCBB:CEEH), a Business Development Company, today announced that the Company has entered into an Option Agreement with Hooters of America, Inc. to open Hooters franchises in the Republic of South Africa.
As outlined in the agreement, Chanticleer Holdings has paid Hooters a designated Option Fee, granting the Company the exclusive 120-day option to purchase the right to open and operate Hooters restaurants within the Republic of South Africa, excluding the boundary area of the Orange River, currently the subject of a boundary dispute with the Republic of Namibia. Chanticleer anticipates opening its first Hooters franchises in cities such as Johannesburg, Cape Town and Durban by the end of 2007.
Michael Pruitt, Chief Executive Officer of Chanticleer Holdings, Inc., commented, "The Hooters brand has worldwide appeal which has been demonstrated in recent successful franchise openings in countries such as Greece, China, Singapore and other international destinations. Our research of worldwide locations led us to the conclusion that South Africa is an ideal country to introduce Hooters for several reasons. Primarily, South Africa has a great deal of year-round sports enthusiasts who follow rugby, cricket, football and golf, among other sports and Hooters offers a fun and entertaining environment for customers to watch these events. Additionally, with South Africa hosting the 2010 World Cup, established Hooters franchises would offer a familiar venue for foreign visitors to watch football."
Hooters, currently, has franchises in over 20 countries worldwide. For more information on Hooters of America, Inc. please visit www.hooters.com.
About Chanticleer Holdings, Inc.
Chanticleer Holdings 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").
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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.