Chanticleer Holdings, Inc. (NASDAQ:
BURG)
(“Chanticleer” or the “Company”), owner, operator, and franchisor
of multiple nationally recognized restaurant brands today announced
it has named Patrick Harkleroad as Chief Financial Officer, in
addition to naming Troy Shadoin as Chief Accounting Officer. The
appointments complement the recent appointment of seasoned
restaurant operator Fred Glick to the role of President.
“I’m thrilled to join Chanticleer Holdings at such an opportune
time in its evolution. Living in Charlotte, I’ve been a customer of
their better burger brands for some time,” commented Harkleroad. “I
believe Chanticleer has established a solid foundation to build
upon and that the recent extension of the Chanticleer’s debt by our
strategic investors positions us well for the future. I think my
financial background, experience and relationships will dovetail
perfectly with the skill sets of both Mike and Fred. I look forward
to working with them to help shape the Company’s future while
focusing on taking it to the next level and creating sustainable
shareholder value.”
Harkleroad comes to Chanticleer with over 15 years of CFO
experience. During that time, Harkleroad was a CFO consultant
with the Business Enhancement Group of Carolina Financial Group
(CFG), which focuses on providing financial and operational
consulting to CFG’s portfolio and client companies.
Harkleroad served as the Chief Financial Officer for one of CFG’s
portfolio companies, Trinity Frozen Foods, LLC.
At Trinity, Harkleroad oversaw all financial and accounting
functions, while also being integral in bringing operational best
practices to the company. Harkleroad was hired to turn around cash
flow as the company was in a challenging financial position.
Harkleroad created processes for inventory management, developed
standard operating procedures (SOPs), integrated customer sales
cycles, and worked with operations to streamline production.
Harkleroad was responsible for managing all operating funds,
closing the books on a monthly basis, reconciling accounts and
presenting monthly financial reports in an accurate and timely
manner to Trinity’s board. Through his efforts, Trinity
improved its cash flow position significantly, and was acquired by
a private investor group within nine months of Harkleroad leading
its turnaround.
Prior to his CFO role at Trinity, Harkleroad served as Chief
Financial Officer of Landmark Leisure Group (LLG) in Charlotte, NC,
a development company with a national footprint that created,
owned, and operated original restaurant and pub concepts, including
Blackfinn Ameripub, Vida Mexican Kitchen, and Strike City
Lanes. LLG also partnered with real estate developers to
create dining and entertainment destinations in the pub, restaurant
and entertainment industries. While at LLG, Harkleroad led
the efforts in raising, securing, and restructuring approximately
$40 million of capital from lenders, institutional mezzanine funds,
and accredited investors to fund the company’s growth.
Harkleroad was also responsible for managing the strategic
planning process, leading weekly and monthly financial reviews, and
partnering with the COO to provide financial data, KPIs, and
relevant metrics needed to manage the business, while also being a
member of the real estate committee that developed the company’s
real estate and site selection strategy.
Harkleroad received his B.S. in Finance from the University of
Virginia’s McIntire School of Commerce and earned an MBA from
Vanderbilt University’s Owen School of Management.
Chanticleer is also pleased to announce the appointment of Troy
Shadoin to the position of Chief Accounting Officer. A seasoned
Certified Public Accountant (“CPA”), he brings to Chanticleer a
strong track record in analyzing accounting issues, financial
reporting, project planning, scheduling, presentations, internal
control improvement, collaboration and team leadership, in addition
to possessing a management style that is focused, analytical, and
results-oriented.
Prior to joining Chanticleer, Shadoin was Corporate Controller
for Air T, Inc. (Nasdaq: AIRT) where he was responsible for
financial reporting and accounting for the consolidated group of
companies. Duties included preparation and review of quarterly and
annual financial reports (Form 10-Q and 10-K), consolidation of 15+
subsidiaries and handling all complex accounting matters. Prior to
his role at Air T, Inc., he was Senior Manager at Cherry Bekaert
LLP.
Shadoin received an undergraduate degree in Business
Administration from the University of North Carolina at Chapel Hill
and a Masters of Accounting from North Carolina State University.
He has been a CPA since 2006.
Mike Pruitt, Chanticleer Chief Executive Officer stated, “I’m
pleased to welcome both Patrick and Troy to the Chanticleer family.
I believe their combined and comprehensive financial experience in
the public markets will be of significant value to Chanticleer as
we pursue our next stage of growth. I’m particularly pleased that
we have now amassed a world class management team, while still
maintaining consistent SG&A spend which remains at historic
lows. I’m excited about our collective future and look forward to
working with Patrick, Troy and our newly named President Fred Glick
to the benefit of our shareholders.”
About Chanticleer Holdings, Inc.
Headquartered in Charlotte, NC, Chanticleer Holdings owns,
operates, and franchises fast, casual, and full-service restaurant
brands, including American Burger Company, BGR – Burgers Grilled
Right, Little Big Burger, Just Fresh, and Hooters. For more
information, please visit:
www.chanticleerholdings.com.
Forward-Looking Statements:
Any statements that are not historical facts contained in this
release are “forward-looking statements” as that term is defined
under the Private Securities Litigation Reform Act of 1995 (PSLRA),
which statements may be identified by words such as “expects,”
“plans,” “projects,” “will,” “may,” “anticipates,” “believes,”
“should,” “intends,” “estimates,” and other words of similar
meaning. Such forward-looking statements are based on current
expectations, involve known and unknown risks, a reliance on third
parties for information, transactions or orders that may be
cancelled, and other factors that may cause our actual results,
performance or achievements, or developments in our industry, to
differ materially from the anticipated results, performance or
achievements expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially from anticipated results include risks and uncertainties
related to the fluctuation of global economic conditions, the
performance of management and our employees, our ability to obtain
financing or required licenses, competition, general economic
conditions and other factors that are detailed in our periodic
reports and on documents we file from time to time with the
Securities and Exchange Commission. The forward-looking statements
contained in this press release speak only as of the date the
statements were made, and the companies do not undertake any
obligation to update forward-looking statements. We intend that all
forward-looking statements be subject to the safe-harbor provisions
of the PSLRA.
Contact Information:
Investor Relations Jason Assad 678-570-6791
Ja@chanticleerholdings.com
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