Chanticleer Holdings, Inc. Provides Update on NASDAQ Trading Halt
2012年9月15日 - 6:04AM
Marketwired
Chanticleer Holdings, Inc. (NASDAQ: HOTR) ("Chanticleer Holdings"
or the "Company"), a minority owner in the privately-held parent
company of the Hooters® brand, Hooters of America ("HOA"), and a
franchisee of international Hooters restaurants, provided today an
update on the circumstances surrounding the NASDAQ trading halt in
Chanticleer Holdings, Inc. (NASDAQ: HOTR) (NASDAQ: HOTRW).
The Company has been providing NASDAQ with additional
information regarding the Company's SEC filing on Form 8-K on
September 10, 2012 regarding financial statements of its South
African operations, where some requested information included: the
circumstances of Mr. Hezlett's departure as CFO of South African
operations; how the Company came to believe the South African
operation's financials were audited; and which internal control
breakdowns occurred. The information gathering process is ongoing,
and the Company is cooperating to provide NASDAQ with all
information requested in the timeliest manner. There can still be
no assurance as to the precise timing of when trading can
resume.
The Company is also taking the following steps to initiate and
complete the audit of its South African operations for the period
ending December 31, 2011 and the review of the three-month periods
ending March 31, 2012 and June 30, 2012. The Company's CFO, Eric
Lederer, arrived in South Africa on Sunday, September 9, 2012 and
will remain there until the Auditors are engaged to audit the
Company's South African subsidiary for the period ending December
31, 2011 and until the CFO is comfortable on the progress made. The
Company will hire an internal replacement to handle financials in
South Africa, prior to the CFO's departure from South Africa.
Chanticleer Holdings has verified that all four of its Hooters®
restaurants in South Africa are operating under normal
circumstances, where rents, trade payables, and salaries are
current and in good standing. While the financials are in the early
stages of review, the Company continues to believe the South
African operation's revenue reported to date are accurate; and this
review should not affect the Company's development schedule.
Chanticleer Holdings has also contacted Hooters of America,
where the Director of Franchise Support has been notified; and the
Company maintains their good-standing relationship. The Director of
Franchise Support, Jim Mallam, recently returned to Atlanta from a
regularly scheduled trip on September 4, 2012 of a one-week review
of the Company's South African restaurants, where Jim reported that
operations are running smoothly.
The Company is working diligently on this accounting review and
completing the audit of the financial statements for its South
African Operations, as well as its internal controls in South
Africa. There can be no assurance as to the precise timing of the
review and audit. The Company will continue to inform investors of
any material developments in a timely manner.
About Chanticleer Holdings, Inc.
Chanticleer Holdings is focused on expanding the Hooters® casual
dining restaurant brand in international emerging markets.
Chanticleer currently owns in whole or part of the exclusive
franchise rights to develop and operate Hooters restaurants in
South Africa, Hungary and parts of Brazil, and has joint ventured
with the current Hooters franchisee in Australia, while evaluating
several additional international opportunities. The Company
currently owns and operates in whole or part of six Hooters
restaurants in its international franchise territories: Durban,
Johannesburg, Cape Town and Emperor's Palace in South Africa;
Campbelltown in Australia; and Budapest in Hungary.
In 2011, Chanticleer and a group of noteworthy private equity
investors, which included H.I.G. Capital, KarpReilly, LLC and Kelly
Hall, president of Texas Wings Inc., the largest Hooters franchisee
in the United States, acquired Hooters of America (HOA), a
privately held company. Today, HOA is the franchisor and operator
of over 430 Hooters® restaurants in 28 countries. Chanticleer
maintains a minority ownership stake in HOA and its CEO, Mike
Pruitt, is also a member of HOA's Board of Directors. For further
information, please visit www.chanticleerholdings.com or
www.hooters.com and follow us on Twitter at @ChantHoldings or
@Hooters.
Safe Harbor Statement 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. Further information on our
business, including important factors which could affect actual
results are discussed in the Company's filings with the SEC,
including its Annual Report on Form 10-K under the headings "Risk
Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations."
For Additional Information, Please Contact: Company
Contact: Shannon DiGennaro V.P. Investor Relations Phone:
704.941.0959 sd@chanticleerholdings.com
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