SOURCE: Meritage Hospitality Group

Meritage Hospitality Group

March 14, 2014 08:00 ET

Meritage Announces Opening of First New-Build Image Activation Wendy's Restaurant

GRAND RAPIDS, MI--(Marketwired - Mar 14, 2014) - Meritage Hospitality Group Inc. (OTCQX: MHGU), one of the nation's premier restaurant operators, announced the opening of its 120th restaurant located on Argyle Road in Jacksonville, FL. 

The new Wendy's restaurant represents the Company's third "Image Activation" restaurant but its first Image Activation built new from the ground up. 

Robert Schermer, Jr., CEO of Meritage Hospitality Group, stated, "Meritage remains committed to image activation in both its new store development program and with the modernization and re-imaging of its existing Wendy's restaurant portfolio."

The Company reiterated its 2014 Outlook, which included:

  • Sales growth of 10% to 15%
  • Net Income growth of 50% to 55%
  • EBITDA growth (a non-GAAP measure) of 30% to 35%

The Company is headquartered in Grand Rapids, MI and employs a workforce of approximately 3,300 people. The Company owns and operates 120 restaurants in six states including Florida, Georgia, Michigan, North and South Carolina and Virginia.

The Company's public filings can be viewed at www.otcqx.com under the stock symbol MHGU, or at the Company's website, www.meritagehospitality.com

SAFE HARBOR STATEMENT
Certain information in this new 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

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