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Chanticleer Holdings, Inc. (HOTR) Expanding Line-Up of Restaurant Brands with Acquisition of Dallas Spoon, Dallas Spoon Beverage

Chanticleer Holdings, the owner and operator of a growing portfolio of restaurant brands in the United States and internationally, reports that it has agreed to acquire Spoon Bar & Kitchen through the purchase of all of the outstanding shares of Dallas Spoon, LLC and Dallas Spoon Beverage, LLC. Upon completion of the transaction, which is on or before January 31, 2014, Dallas Spoon and Dallas Spoon Beverage will be subsidiaries of Chanticleer.

Spoon Bar & Kitchen is an award-winning fine dining seafood restaurant by Chef John Tesar, recognized by numerous national publications, including Conde Nast, Bon Appetite, and Esquire Magazine. Chanticleer said it intends to expand the Spoon brand into a new, fast-casual dining concept.

“We are excited to complete this acquisition,” Mike Pruitt, CEO and president of Chanticleer stated in the news release. “As we begin our 2014 growth strategy, we believe the Spoon brand has the appeal that today’s consumers are looking for in a cutting-edge, wholesome seafood menu. We look forward to expanding the brand with the culinary knowledge of Chef Tesar.”

Per the agreement, Chanticleer will issue 195,000 of its HOTR units to Express Working Capital, L.L.C., the parent company of Dallas Spoon and Dallas Spoon Beverage. Each unit consists of one share of Chanticleer’s common stock, and one five-year warrant, 97,500 of which are exercisable at $5.50 and 97,500 exercisable at $7. The value of the share exchange will be dependent upon Chanticleer Holding’s stock price at date of closing.

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