Diversified Restaurant Holdings Completes Spinoff of Bagger Dave's
December 27 2016 - 4:05PM
Diversified Restaurant Holdings, Inc. (NASDAQ:SAUC) ("DRH" or the
"Company"), the largest franchisee for Buffalo Wild Wings® ("BWW")
and creator and operator of Bagger Dave's Burger Tavern® ("Bagger
Dave's"), today announced the spinoff and distribution of shares of
Bagger Dave’s for shareholders of record on December 19,
2016. The date of the distribution was December 25, 2016.
Each DRH stockholder will receive one share of Bagger Dave’s
common stock for every share of DRH common stock held on the record
date. No action is required by DRH stockholders to receive
their Bagger Dave’s shares in the distribution. Shares of
Bagger Dave’s will begin trading on the OTC Bulletin Board™ upon
approval by Financial Industry Regulatory Authority (“FINRA”).
David G. Burke, President and CEO, commented, “This is a
significant milestone for DRH and a clean start for Bagger
Dave's. We believe focusing resources on each business
independently should create more opportunities for strengthened
operational performance.”
Following the spinoff, DRH common stock will continue to be
listed on The NASDAQ Capital Market under the symbol "SAUC."
Bagger Dave’s common stock will be listed on the over-the-counter
market under the symbol "BAGR."
About Diversified Restaurant Holdings,
Inc.Diversified Restaurant Holdings, Inc. operates 64 BWW
franchised restaurants in key markets in Florida, Illinois,
Indiana, Michigan and Missouri. The Company routinely posts
news and other important information on its website at
www.diversifiedrestaurantholdings.com.
Safe Harbor StatementThe information made
available in this news release contains forward-looking statements
which reflect DRH's current view of future events, results of
operations, cash flows, performance, business prospects and
opportunities. Wherever used, the words "anticipate," "believe,"
"expect," "intend," "plan," "project," "will continue," "will
likely result," "may," and similar expressions identify
forward-looking statements as such term is defined in the
Securities Exchange Act of 1934. Any such forward-looking
statements are subject to risks and uncertainties and the Company's
spinoff, actual growth, results of operations, financial condition,
cash flows, performance, business prospects and opportunities could
differ materially from historical results or current expectations.
Some of these risks include, without limitation, the impact of
economic and industry conditions, competition, food and drug safety
issues, store expansion and remodeling, labor relations issues,
costs of providing employee benefits, regulatory matters, legal and
administrative proceedings, information technology, security,
severe weather, natural disasters, accounting matters, other risk
factors relating to business or industry and other risks detailed
from time to time in the Securities and Exchange Commission filings
of DRH. Forward-looking statements contained herein speak
only as of the date made and, thus, DRH undertakes no obligation to
update or publicly announce the revision of any of the
forward-looking statements contained herein to reflect new
information, future events, developments or changed circumstances
or for any other reason.
Investor and Media Contact:
Deborah K. Pawlowski
Kei Advisors LLC
716.843.3908
dpawlowski@keiadvisors.com
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