SOURCE: Meritage Hospitality Group Inc.

February 14, 2007 09:30 ET

Meritage Assigned New Trading Symbol

GRAND RAPIDS, MI -- (MARKET WIRE) -- February 14, 2007 --Meritage Hospitality Group Inc. (PINKSHEETS: MHGU), one of the nation's premier hospitality companies and only publicly traded Wendy's and O'Charley's restaurant franchisee, has been assigned a new trading symbol, MHGU, effective February 14, 2007. Meritage, which has quoted on the Pink Sheets after voluntarily delisting from the American Stock Exchange effective January 23, 2007, was previously quoted under the symbol MHGP. The Company has approximately 5,400,000 common shares issued and outstanding with an estimated public float of 3,000,000 common shares (i.e. shares held by those other than officers, directors or 10% shareholders). In addition, the Company had made application to the OTCQX -- a new premium listing service offered by Pink Sheets that is intended to provide a premier trading, quotation and disclosure market for Meritage's securities. This new premium tier listing will commence trading on March 5, 2007.

Meritage is one of the nation's premier franchise operators, currently operating 53 restaurants in two brands; Wendy's in the QSR Segment and O'Charley's in the Casual Dining Segment. Headquartered in Grand Rapids, Michigan, Meritage has approximately 2,000 employees. In addition, the Company has announced plans to engage in the development of waterfront hospitality development opportunities on the island of Eleuthera, Bahamas. The development is subject to permits, the economic feasibility of the project and various conditions.

Contact Information

  • CONTACT:
    James R. Saalfeld
    Vice President & Chief Administrative Officer
    Meritage Hospitality Group Inc.
    616/776-2600 x 1020