×

Meritage Announces Common Stock Cash Dividend; Results of Annual Meeting

GRAND RAPIDS, Mich., May 18, 2016 (GLOBE NEWSWIRE) -- Meritage Hospitality Group, Inc. (OTCQX:MHGU), one of the nation’s premier restaurant operators, today announced that the Company’s Board of Directors approved a special cash dividend of $.03 per share at the May 17, 2016 Board of Directors meeting. The dividend is payable on June 22, 2016, to shareholders of record on June 8, 2016.

“The $0.03 cash dividend is consistent with our stated philosophy to reward shareholders with dividends commensurate with the Company’s earnings growth. We anticipate acceleration in our sales and earnings growth during the second half of the year,” stated Meritage CEO, Robert Schermer, Jr.

During the annual shareholder meeting, the Company’s shareholders elected six directors: James P. Bishop, Duane F. Kluting, Joseph L. Maggini, Robert E. Schermer, Sr., Robert E. Schermer, Jr. and Peter D. Wierenga. Each director will serve until the 2017 Annual Shareholders Meeting.

Also discussed at the annual meeting was the company’s new five-year plan to expand its restaurant operations to 285 restaurants by 2021 from 164 restaurants today. The expansion plan continues the growth trajectory the Company has been on over the last five years. Management expects to achieve these goals through continued acquisitions, new restaurant development and extensive renovations. The Meritage Wendy’s restaurant remodels continue to produce strong sales increases and enhance the overall guest experience. The Company announced the scheduled opening of its 165th restaurant named Wheelhouse, opening on May 23, 2016 in Grand Rapids, MI.

Meritage Hospitality Group is one of the nation’s premier restaurant operators, with 164 restaurants in operation located in Florida, Georgia, Michigan, North Carolina, South Carolina, Ohio and Virginia. Meritage is headquartered in Grand Rapids, Michigan, operating with a workforce of approximately 5,200 employees. The Company’s public filings can be viewed at www.otcqx.com, under the stock symbol MHGU, or the Company’s website www.meritagehospitality.com.

SAFE HARBOR STATEMENT

Certain information in this news release, particularly information regarding future economic performance and finances, and plans, expectations and objectives of management, constitutes forward-looking statements. Factors set forth in our Safe Harbor Statement, in addition to other possible factors not listed, could affect the Company’s actual results and cause such results to differ materially from those expressed in forward-looking statements. Please review the Company’s Safe Harbor Statement at http://www.meritagehospitality.com.

CONTACT: Robert E. Schermer, Jr., CEO Meritage Hospitality Group, Inc. 616-776-2600 Ext 1012

Source:Meritage Hospitality Group, Inc.