CHARLOTTE, N.C., Nov. 26, 2007 (PRIME NEWSWIRE) -- Chanticleer Holdings, Inc. (OTCBB:CEEH), a business development company, today announced that the company will not acquire St. Cloud Capital Partners, LP (Fund I) and its general partner, SCGP, LLC. Both parties have mutually agreed that it was not in their best interests to pursue a merger at this time.
Michael Pruitt, chief executive officer of Chanticleer, said, "Although the deal made sense in principle, when we began working on the accounting issues involved with the proposed merger, we realized that a merger of this type would not be in the best interest of either group. We enjoyed working with the partners at St. Cloud and anticipate working with them in the future."
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.
About St. Cloud Capital, LLC
St. Cloud Capital is a Los Angeles-based private equity firm that provides growth capital to the lower middle market (companies with annual revenues between $10 million and $100 million) throughout North America. St. Cloud invests in companies across a wide range of industries in every layer of the capital structure, including senior secured debt, subordinated debt, and preferred and common stock. St. Cloud's investment discipline includes control and non-control investments, and in each case involves partnering with a strong existing management team or experienced industry entrepreneur. With over 100 years of relevant business and investment experience, St. Cloud's principals can move quickly to provide customized investment structures that fit the specific needs and resources of each company.
For more information about St. Cloud Capital, please visit www.stcloudcapital.com.
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