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Chanticleer Holdings Inc Announces Signing Non-Binding Letter of Intent to Acquire American Roadside Burgers

Wednesday, 14 Aug 2013 09:00am EDT 

Chanticleer Holdings Inc announced that the Company has signed a non-binding Letter Of Intent to purchase all of the outstanding shares of American Roadside Burgers, Inc. (ARB), a Charlotte, N.C.-based chain of 5 restaurants. ARB is a casual dining restaurant chain with the original location opened in 2006 in Smithtown, N.Y., and has 2 locations in Charlotte, N.C., 1 location in Columbia, S.C. and the newest location in Greenville, S.C. ARB was created in 2003 by John Tunney, III, a nationally renowned creator of restaurants throughout the United States. Tom Lewison, a current Director of ARB, will join the Chanticleer Holdings Board of Directors and provide strategic direction for the companies. The intended terms of the preliminary agreement call for Chanticleer to issue 740,000 HOTR units to the owners of Roadside Burgers, with each unit consisting of one share of common stock, and one five-year warrant, priced at $5.00. The value of the share exchange will be dependent upon Chanticleer Holding's stock price at date of closing. Chanticleer Holdings will assume minimal debt of ARB. Closing and final terms are anticipated on September 30, 2013, pending approval by Chanticleer's Board of Directors, the NASDAQ Stock Market and the SEC. 

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