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  • Chanticleer Holdings, Inc. (HOTR) Expands In Australia With Two New Locations Planned For Development 0 comments
    Apr 8, 2013 2:15 PM | about stocks: HOTR

    Chanticleer Holdings is going "down under" again. The company announced that it has secured a location for a restaurant in Townsville on the northeastern coast of Queensland, Australia. The new restaurant is Chanticleer's second location in that country and its seventh location internationally.

    At 5,140-square-feet, construction on the Townsville site is expected to begin within the next several weeks, with an opening expected by the second quarter of 2013. Townsville sports a thriving economy with an estimated growth rate of 16.5 percent per year; the economy's strength is reflected in steady population growth, increases in retail spending, and billions of dollars in mining, construction, and infrastructure projects planned for the future. The area is also home to a thriving military base and three Royal Australian Regiments.

    Chanticleer, a minority owner in the privately held parent company of the Hooters® brand, Hooters of America, and a franchisee of international Hooters restaurants, also announced that its joint venture partner has signed a lease for its forthcoming restaurant in Surfers Paradise (also in Queensland). The new site is near a site the company had originally considered.

    Chanticleer selected this site after the owner of the original target location was unable to fulfill its obligations, thereby hampering the company's efforts to open on schedule. Construction in Surfers Paradise will begin after the Townsville location is finished, making the Surfers Paradise restaurant the company's eighth international location.

    Chanticleer formed a joint venture in 2011 with the existing Hooters Franchisee in Australia, Morney Schlebusch, who assisted in securing the two new locations. Mr. Schlebusch owns 51 percent of three Australian locations, Townsville, Surfers Paradise, and the already-existing Campbelltown, and handles all the day-to-day operations. Chanticleer owns the remaining 49 percent. With the opening of the two new locations, there will be a total of five Hooters restaurants in Australia.

    Mike Pruitt, CEO and President, remarked, "Australia has been a fantastic area for Hooters, and we are looking forward to expanding our presence in the country. In addition to our new menu, terrific ambiance and iconic Hooters girls, our large-screen TVs are expected to make our new restaurant a destination stop for both locals and tourists. We believe the Townsville area's strong economy and growing population, coupled with its proximity to the military base, is a perfect location for Hooters.

    He added, "We are also excited to recommence our plans to open in Surfers Paradise. The brand fits well with the beach culture of Surfers Paradise and the local and visitor demographic should make Hooters of Surfers Paradise a restaurant and sports bar all will enjoy."

    For more information, visit www.chanticleerholdings.com

    Please see disclaimer on the MissionIR website http://www.missionir.com/disclaimer.html

    Stocks: HOTR
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