Chanticleer Holdings Enters Option Agreement with Hooters of America, Inc. to Open Franchises in South Africa

CHARLOTTE, N.C. - December 5, 2006 -- Chanticleer Holdings, Inc. (OTC: CEEH), a Business Development Company, today announced that the Company has entered into an Option Agreement with Hooters of America, Inc. to open Hooters franchises in the Republic of South Africa.

As outlined in the agreement, Chanticleer Holdings has paid Hooters a designated Option Fee, granting the Company the exclusive 120 day option to purchase the right to open and operate Hooters restaurants within the Republic of South Africa, excluding the boundary area of the Orange River, currently the subject of a boundary dispute with the Republic of Namibia. Chanticleer anticipates opening its first Hooters franchises in cities such as Johannesburg, Cape Town and Durban by the end of 2007.

Michael Pruitt, Chief Executive Officer of Chanticleer Holdings, Inc., commented, “The Hooters brand has worldwide appeal which has been demonstrated in recent successful franchise openings in countries such as Greece, China, Singapore and other international destinations. Our research of worldwide locations led us to the conclusion that South Africa is an ideal country to introduce Hooters for several reasons. Primarily, South Africa has a great deal of year-round sports enthusiasts who follow rugby, cricket, football and golf, among other sports and Hooters offers a fun and entertaining environment for customers to watch these events. Additionally, with South Africa hosting the 2010 World Cup, established Hooters franchises would offer a familiar venue for foreign visitors to watch football.”

Hooters, currently, has franchises in over 20 countries worldwide. For more information on Hooters of America, Inc. please visit www.hooters.com.

December 5, 2006 Press Release (pdf file - 93 KB)

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