Chanticleer Holdings Acquires Equity Position in 1st Choice Mortgage, LLC

CHARLOTTE, N.C., April 6, 2006 (PRIMEZONE) -- Chanticleer Holdings, Inc. (Other OTC:CEEH.PK - News), a Business Development Company ("BDC") announced today that is has acquired a one third equity position in 1st Choice Mortgage, LLC for an undisclosed amount.

1st Choice Mortgage, founded in 2004, is a non-prime specialty finance residential mortgage brokerage company with headquarters located in New Jersey and marketing division in Florida. It is currently licensed to originate residential mortgage loans in Michigan, Virginia and Pennsylvania and has access to virtually every mortgage loan product available on the market today.

1st Choice Mortgage principally offers debt consolidation refinance loans, which allow homeowners, mostly those with special credit circumstances, to combine their existing mortgage with their non tax-deductible credit card, car and other higher interest consumer finance debt to obtain a lower tax-deductible monthly mortgage payment.

The management team at 1st Choice Mortgage, led by mortgage banking veterans Brian Krasner and Gene Devine, has a combined 24-years experience in non-prime, direct to the consumer, marketing and mortgage loan origination.

"They are building one of the best positioned non-prime retail mortgage finance companies," said Michael Pruitt, CEO of Chanticleer Holdings. "With their expertise in highly targeted direct marketing and specialty finance sales, their primary goal is to continue to maximize revenue while expanding their originations into new markets. The timing for our partnership with 1st Choice Mortgage is perfect," he said.

"We are eager to capitalize on our new partnership with Chanticleer Holdings. The non-prime homeowner market is rich with opportunity for our type of debt consolidation mortgage loan origination," Devine said.

"Chanticleer Holding's expertise in small and micro cap companies, plus their capital investment, will be used to fuel our continued growth in the non-prime and subprime mortgage industry," Krasner stated.