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Chanticleer Holdings to Exit Australia and Eastern Europe Markets; Positive Impact on Margins and Profitability 9:36 AM ET 7/12/16 | Marketwired

CHARLOTTE, NC--(Marketwired - July 12, 2016) - Chanticleer Holdings, Inc. (NASDAQ: HOTR) ("Chanticleer" or the "Company"), owner and operator of multiple restaurant brands internationally and domestically, today announced that it intends to exit the Australia and Eastern Europe markets. The stores are expected to either be sold or closed during the third quarter of 2016.

Mike Pruitt, CEO of Chanticleer Holdings, Inc., stated, "Most of the stores across our platform are performing well, with growing comps and attractive store economics. Unfortunately our 5 stores in Australia and our store in Budapest, Hungary, while demonstrating recent progress, continue to significantly underperform our other locations and accounted for approximately $0.7 million of the reported net loss in the first quarter of 2016. Hence, discontinuing these operations and focusing on our diverse base of performing stores in the U.S., South Africa and Europe will create a much stronger growth platform while swiftly enhancing corporate margins and profitability."