CHARLOTTE, N.C., Feb. 27, 2018 (GLOBE NEWSWIRE) -- Chanticleer Holdings, Inc. (NASDAQ:BURG) (“Chanticleer” or the “Company”), owner, operator, and franchisor of multiple nationally recognized restaurant brands in the U.S. and abroad, today announced the grand opening of its Little Big Burger (“LBB”), located in the Starwood owned Parkway Plaza Mall in El Cajon California. A second location is currently under construction in Mission Viejo, California with an anticipated April 1st opening. Both sites are in the San Diego market. Several additional sites are currently in final lease review.
The franchisee LBBIG LLC, is owned and managed by Larry Spitcaufsky, an experienced restaurant operator of more than ten restaurants in the San Diego and Los Angeles markets. Spitcaufsky also serves on the board of directors of Chanticleer and is currently a 6% beneficial owner of Chanticleer’s common stock.
Larry Spitcausky stated, “It’s exciting to see our hard work come to fruition with the opening of our first Southern California based Little Big Burger. We have a great brand, team and opportunity. My continuing commitment and belief in the value proposition of both Chanticleer Holdings and our Little Big Burger brand is no better evidenced than by not only my sizeable personal investment in Chanticleer, but also my multi-location commitment involving the ultimate opening of an additional seven locations.”
Mike Pruitt, Chairman and Chief Executive Officer of Chanticleer Holdings, commented, “We are excited to expand Little Big Burger’s presence on the West Coast with a partner like Larry who is not only an experienced restaurant owner, but who is also both a board member, as well as large investor in Chanticleer. We look forward to cultivating our partnership, focusing on building shareholder value through introducing our iconic brand to future additional local communities in Southern California.”
Pruitt continued, “We continue to expect that 2018 has the potential to be a transformational year for our Company. Currently we have 12 LBB stores and previously stated that we expected to add 8-12 new locations in 2018, this location being included. With our current pipeline, remaining JV locations and new potential franchise partners we remain confident we can exceed our previous guidance.”
The Company recently provided an update which may be found here: Chanticleer Holdings Provides Update for its Little Big Burger and Burgers Grilled Right Brands
The value proposition of the Little Big Burger brand is unique and highly scalable. It is a fast-casual restaurant concept offering fresh, high quality cooked-to-order burgers operating out of a small leasehold footprint and leveraging a walk up counter set up which allows the Company to maximize operational efficiencies, while reducing operating expenses and typically yielding industry profit margins in the top 1% of all restaurants. Early indications of its value proposition can be found in the Company’s previously disclosed Q3 results indicating early returns on investment of approximately 60%-90%.
A video about Little Big Burger may be viewed at the following link: http://www.chanticleerholdings.com/brands/littlebigburger/
About Little Big Burger
Little Big Burger (“LBB”) is a wholly-owned subsidiary of Chanticleer Holdings, Inc. Founded in Portland, OR in 2010, LBB is a counter service, fast-casual restaurant concept offering fresh, high quality cooked-to-order burgers, truffle fries and root beer floats. LBB has developed a cult-like following in the Pacific Northwest by offering a simple menu focused on delicious quality, served in a hip atmosphere. LBB now has 12 locations - 11 in the State of Oregon and one in Charlotte, NC. The Company expects new locations to open soon in Portland, San Diego, Seattle and Austin. Parties interested in franchise opportunities should send an email to email@example.com.
About Chanticleer Holdings, Inc.
Headquartered in Charlotte, NC, Chanticleer Holdings (Traded on Nasdaq under “BURG”), owns, operates, and franchises fast, casual, and full-service restaurant brands, including American Burger Company, BGR – Burgers Grilled Right, Little Big Burger, Just Fresh, and Hooters. For more information, please visit: http://www.chanticleerholdings.com
Any statements that are not historical facts contained in this release are “forward-looking statements” as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as “expects,” “plans,” “projects,” “will,” “may,” “anticipates,” “believes,” “should,” “intends,” “estimates,” and other words of similar meaning. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions, the performance of management and our employees, our ability to obtain financing or required licenses, competition, general economic conditions and other factors that are detailed in our periodic reports and on documents we file from time to time with the Securities and Exchange Commission. The forward-looking statements contained in this press release speak only as of the date the statements were made, and the companies do not undertake any obligation to update forward-looking statements. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA.
Source: Chanticleer Holdings, Inc.