SOURCE: Chanticleer Holdings, Inc.

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July 12, 2016 09:35 ET

Chanticleer Holdings to Exit Australia and Eastern Europe Markets; Positive Impact on Margins and Profitability

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."

About Chanticleer Holdings, Inc.

Headquartered in Charlotte, NC, Chanticleer Holdings (HOTR), together with its subsidiaries, owns and operates restaurant brands in the United States and internationally. The Company is a franchisee owner of Hooters® restaurants in international markets including Australia, South Africa, and Europe, and two Hooters restaurants in the United States. The Company also owns and operates American Burger Co., BGR the Burger Joint, Little Big Burger, and owns a majority interest in Just Fresh restaurants in the U.S.

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