GRAND RAPIDS, Mich., May 18, 2017 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX:MHGU), one of the nation’s premier restaurant operators, today announced it has acquired 57 Wendy’s restaurants located in the four states of Arkansas, Missouri, Mississippi and Tennessee.
Chief Executive Officer Robert Schermer, Jr., stated, “We are delighted to welcome 1,600 new employees from our expanded Wendy’s footprint across four states. Our plan is to integrate each of these Wendy’s locations into our web-based operating and accounting platform, followed by an extensive remodeling program to modernize the interior and exterior of the restaurants, leveraging hospitality and technology to enhance the overall guest experience.”
Company 2017 Full-Year Outlook: Robust Growth Ahead
- Sales growth of +30% to 40%
- Income from Operations growth of +45% to 55%
- Net Earnings growth of +45% to 55%
- EBITDA growth of +35% to 45%
- Common stock dividend growth of +30% to 40%
The Company’s new five-year business plan is to expand its restaurant operations from 250 today to 400 restaurants by 2021. The Company continues to distinguish itself as a leader and innovator in the quick service restaurant segment, striving for best in class results through a performance based culture committed to operational excellence, strategic acquisitions and real estate development.
Meritage Hospitality Group is one of the nation’s premier restaurant operators, with approximately 250 restaurants in operation located in Arkansas, Florida, Georgia, Michigan, Missouri, Mississippi, North Carolina, South Carolina, Ohio, Oklahoma, Tennessee and Virginia. Meritage is headquartered in Grand Rapids, Michigan, operating with a workforce of approximately 7,600 employees. The Company has approximately 6.0 million (basic) common shares outstanding. 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
Source:Meritage Hospitality Group, Inc.