SOURCE: Meritage Hospitality Group, Inc.

Meritage Hospitality Group, Inc.

December 10, 2013 08:00 ET

Meritage Reports Acquisition of Wendy's Restaurants and New Restaurant Developments

GRAND RAPIDS, MI--(Marketwired - Dec 10, 2013) - Meritage Hospitality Group, Inc. (OTCQX: MHGU), one of the nation's premier restaurant operators, today announced it has acquired four additional Wendy's restaurants in Jacksonville, FL, began development on its second Wendy's "image activation" remodel in Mt Zion, GA, and commenced construction of a Wendy's restaurant in Jacksonville FL, scheduled to open in the spring of 2014.

"We wish to welcome our many new employees in Jacksonville, FL to the Meritage family," stated Robert E. Schermer, Jr., CEO of Meritage. The Company plans to implement major capital improvements in the newly acquired Wendy's locations, beginning with the installation of the Company's comprehensive back-of-house operating and accounting systems, along with key brand initiatives designed to contemporize the total guest experience. "Reimaging and modernization of Wendy's restaurants remains a hallmark of our growth strategy and future workforce opportunities," added Mr. Schermer.

Meritage is a growth oriented restaurant company focused on the development of new restaurants and operating efficiencies through its web-based operating platform. The Company continues to invest in people and infrastructure to support the long-term fundamentals of the Wendy's restaurant brand transformation. The Company operates 118 quick service and casual dining restaurants in six states including Florida, Georgia, Michigan, North Carolina, South Carolina and Virginia.

The Company is headquartered in Grand Rapids, MI and employs a workforce of approximately 3,900 people. 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 news 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 www.meritagehospitality.com.