Chanticleer Holdings, headquartered in Charlotte, North Carolina, announced that it has entered a binding Letter of Intent to purchase all of the outstanding shares of Dallas Spoon, LLC and Dallas Spoon Beverage, LLC (collectively "Dallas Spoon"), the companies which own and operate Spoon Bar & Kitchen in Dallas, Texas.
Having been active for over two decades in the restaurant industry, Chef John Tesar has been well-known for his stylish, modern American cuisine prepared with classic European techniques, his innovative culinary perspective and charismatic personality. Since receiving classical French training at La Varenne Ecole de Cuisine in Paris, Tesar has cooked in top-notch kitchens across the country accumulating several prestigious awards and accolades along the way. In November 2012, Tesar in partnership with CapRock Services launched the new fine dining seafood restaurant, Spoon, which has received numerous awards from national publications including Conde Nast, Bon Appetite, and Esquire Magazine.
Mike Pruitt, CEO and President of Chanticleer Holdings, commented, "This is an exciting opportunity for Chanticleer and Chef Tesar to expand the Spoon brand into a new, fast-casual dining concept. With his culinary knowledge he will be invaluable to all of our brands."
"My passion is to create experiences through my dishes for all to enjoy and appreciate. Joining Chanticleer, and remaining in partnership with CapRock Services, will enable me to continue that journey, with the support of an experienced team of restaurant industry veterans that can deliver a strategic growth plan to take the brand to the next level," stated Tesar.
The intended terms of the preliminary agreement call for Chanticleer to issue 195,000 HOTR units to Dallas Spoon, with each unit consisting of one share of common stock, and one five-year warrant, 97,500 of which are exercisable at $5.50 and 97,500 exercisable $7.00. The value of the share exchange will be dependent upon Chanticleer Holding's stock price at date of closing. Closing and final terms are anticipated on or before December 31, 2013, pending approval by Chanticleer's Board of Directors, and review by the NASDAQ Stock Market and the SEC.
For more information, visit chanticleerholdings.com
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