CHARLOTTE, NC--(Marketwire - December 21, 2012) -  Chanticleer Holdings, Inc. (NASDAQ: HOTR) ("Chanticleer Holdings" or the "Company"), a minority owner in the privately-held parent company of the Hooters® brand, Hooters of America ("HOA"), and a franchisee of international Hooters restaurants, announced today, its financial results for the third quarter ended September 30, 2012.

Third Quarter & Year-to-Date Highlights

• Chanticleer reported revenues of $1.77 million for the third quarter as compared to ($5,726) in same period last year.
• Chanticleer reported record revenues of $4.9 million for the first nine months of 2012, as compared to revenue of $468,417 in the same period last year.
• Campbelltown, Australia became profitable, generating net income for the third quarter of $68,000, of which our share of profits is 49%.
• Earnings per share loss decreased in the third quarter to a loss of $0.20 per share as compared to a loss of $0.40 per share in the year ago period.
• Chanticleer opens its sixth international Hooters® restaurant in Budapest, Hungary.

Mike Pruitt, President and CEO of Chanticleer Holdings, commented, "We are pleased to report our third quarter financial results and expansion of our International Hooters® restaurants. Year to date, we have grown our number of operating restaurants by 100% to six as compared to three restaurants at 2011 year-end. During the year, we opened restaurants in Campbelltown, Australia; Emperor's Palace, South Africa; and Budapest, Hungary. We continue to execute on our plan to grow the Hooters brand in our exclusive international emerging markets." 

Third Quarter 2012 Results:

For the third quarter ended September 30, 2012, total revenue increased to $1.77 million, compared to total revenue of ($5,726) in the third quarter of 2011. This growth is attributable to gaining majority ownership in our first three South African restaurants on September 30, 2011, at which point we began consolidating our South African Hooters operations, effective October 1, 2011. This growth is also attributable to opening our Emperor's Palace, South Africa and Budapest, Hungary locations in 2012, where our Emperor's Palace continues to be a success and profitable. Also, The Company's Campbelltown, Australia location, where Chanticleer owns 49%, became profitable during the third quarter, generating $68,000 in net income. 

For the nine months ended September 30, 2012, total revenue increased to $4.9 million as compared to $468,417 in the same period last year, due to consolidating our South African operations, effective October 1, 2011 and opening our Emperor's Palace, South Africa and Budapest, Hungary locations in 2012.

The Company reported a net loss of $739,766 or $0.20 per share and a net loss of $495,756 or $0.40 per share during the three-month period ended September 30, 2012 and September 30, 2011, respectively. The increase in net loss is due to increased expenses associated with the consolidation of our South African restaurant operations, effective October of 2011 and our continued expansion of our international footprint, where during the third quarter, the Company incurred approximately $126,000 in one-time expenses related to opening the Hooters Budapest location. The Company closed the September Quarter with cash and cash equivalents of $1.7 million.

The independent investigation by the Company's Audit Committee is nearing completion. No other findings of misconduct have been identified that have not previously been publicly disclosed. However, the independent investigation did identify certain weaknesses in internal controls and the Company is in the process of implementing a remediation plan.

The Company is continuing to provide the NASDAQ Staff with all information requested in a timely manner. However, at this time we are not able to provide guidance as to when trading will resume. The Company intends to continue to inform investors of any material developments in a timely manner.

                Chanticleer Holdings, Inc. and Subsidiaries                 
              Condensed Consolidated Statements of Operations               
                                (Unaudited)                                 
                                                                            
                           For the three months       For the nine months   
                            ended September 30,       ended September 30,   
                             2012         2011         2012         2011    
                         -----------  -----------  ------------  ---------- 
Revenue:                                                                    
                                                                            
  Restaurant sales, net  $ 1,710,632  $         -  $  4,794,250  $        - 
  Management fee income                                                     
   - non-affiliates           25,000       25,000        75,000     466,667 
  Management fee income                                                     
   - affiliates               31,880      (30,726)       38,578       1,750 
                         -----------  -----------  ------------  ---------- 
      Total revenue        1,767,512       (5,726)    4,907,828     468,417 
Expenses:                                                                   
  Restaurant cost of                                                        
   sales                     714,551            -     2,005,714           - 
  Restaurant operating                                                      
   expenses                  943,618            -     2,636,240           - 
  Restaurant pre-opening                                                    
   expenses                  125,947            -       190,167           - 
  General and                                                               
   administrative                                                           
   expense                   666,300      277,934     1,833,933     762,159 
  Depreciation and                                                          
   amortization               97,883        2,512       265,068       7,573 
                         -----------  -----------  ------------  ---------- 
    Total expenses         2,548,299      280,446     6,931,122     769,732 
                         -----------  -----------  ------------  ---------- 
Loss from operations        (780,787)    (286,172)   (2,023,294)   (301,315)
Other income (expense)                                                      
  Equity in earnings                                                        
   (losses) of                                                              
   investments                33,412      (20,820)      (10,474)     (9,256)
  Realized gains from                                                       
   sales of investments            -            -             -      19,991 
  Miscellaneous income         1,680            -         1,680       5,016 
  Other than temporary                                                      
   decline in available-                                                    
   for-sale securities             -     (147,973)            -    (147,973)
  Interest expense           (39,583)     (41,190)     (432,795)    (63,876)
                         -----------  -----------  ------------  ---------- 
    Total other expense       (4,491)    (209,983)     (441,589)   (196,098)
                         -----------  -----------  ------------  ---------- 
Net loss before income                                                      
 taxes                      (785,278)    (496,155)   (2,464,883)   (497,413)
    Provision for income                                                    
     taxes                     7,997            -         7,997           - 
                         -----------  -----------  ------------  ---------- 
Net loss before non-                                                        
 controlling interest       (793,275)    (496,155)   (2,472,880)   (497,413)
    Non-controlling                                                         
     interest                 53,509          399       185,711       1,376 
                         -----------  -----------  ------------  ---------- 
Net loss                    (739,766)    (495,756)   (2,287,169)   (496,037)
Other comprehensive                                                         
 income (loss):                                                             
  Unrealized loss on                                                        
   available-for-sale                                                       
   securities (none                                                         
   applies to non-                                                          
   controlling interest)     (26,404)    (172,031)     (264,044)   (224,240)
  Foreign translation                                                       
   income                     46,511            -        45,464           - 
                         -----------  -----------  ------------  ---------- 
    Other comprehensive                                                     
     loss                $  (719,659) $  (667,787) $ (2,505,749) $ (720,277)
                         ===========  ===========  ============  ========== 
                                                                            
Net earnings (loss) per                                                     
 share, basic and                   )            )             )           )
 diluted                 $     (0.20  $     (0.40  $      (1.06  $    (0.43 
                         ===========  ===========  ============  ========== 
Weighted average shares                                                     
 outstanding               3,698,896    1,238,880     2,153,148   1,166,111 
                         ===========  ===========  ============  ========== 

                                                                            
                                                                            
                Chanticleer Holdings, Inc. and Subsidiaries                 
                   Condensed Consolidated Balance Sheets                    
                                                                            
                                            September 30,     December 31,  
                                                 2012             2011      
                                           ---------------  --------------- 
                   ASSETS                    (Unaudited)                    
Current assets:                                                             
  Cash and cash equivalents                $     1,694,721  $       165,129 
  Accounts receivable                              119,582          108,714 
  Other receivable                                 118,827           42,109 
  Inventories                                      180,362          105,073 
  Due from related parties                         149,708           76,591 
  Prepaid expenses                                 300,552          144,347 
                                           ---------------  --------------- 
      TOTAL CURRENT ASSETS                       2,563,752          641,963 
Property and equipment, net                      2,422,558        1,505,059 
Intangible assets, net                             933,192          721,571 
Investments at fair value                           54,309          318,353 
Other investments                                2,148,397        1,582,148 
Deposits and other assets                          130,244           29,605 
                                           ---------------  --------------- 
    TOTAL ASSETS                           $     8,252,452  $     4,798,699 
                                           ===============  =============== 
                                                                            
    LIABILITIES AND STOCKHOLDERS' EQUITY                                    
Current liabilities:                                                        
  Current maturities of long-term debt,                                     
   notes and convertible notes payable     $       238,026  $     2,796,855 
  Accounts payable and accrued expenses            821,916          478,005 
  Other current liabilities                        360,125          330,607 
  Current maturities of capital leases                                      
   payable                                          36,467           41,590 
  Deferred rent                                      8,030           43,225 
  Due to related parties                            13,733           30,204 
                                           ---------------  --------------- 
    TOTAL CURRENT LIABILITIES                    1,478,297        3,720,486 
Long-term debt, less current maturities                  -          236,109 
Capital leases payable, less current                                        
 maturities                                         67,545           85,853 
Deferred rent                                       89,672            7,162 
Other liabilities                                  201,490          263,321 
                                           ---------------  --------------- 
      TOTAL LIABILITIES                          1,837,004        4,312,931 
                                           ---------------  --------------- 
Commitments and contingencies (Note 13)                                     
                                                                            
Stockholders' equity:                                                       
  Common stock: $0.0001 par value;                                          
   authorized 200,000,000 shares; issued                                    
   3,698,896 and 1,506,061 shares; and                                      
   outstanding 3,698,896 and 1,249,446                                      
   shares at September 30, 2012 and                                         
   December 31, 2011, respectively                     370              151 
  Additional paid in capital                    14,849,855        6,459,656 
  Other comprehensive (loss) income               (167,930)          50,650 
  Non-controlling interest                         112,454          593,863 
  Accumulated deficit                           (8,379,301)      (6,092,132)
  Less treasury stock, 256,615 shares at                                    
   December 31, 2011                                     -         (526,420)
                                           ---------------  --------------- 
    Total stockholders' equity                   6,415,448          485,768 
                                           ---------------  --------------- 
      TOTAL LIABILITIES AND STOCKHOLDERS'                                   
       EQUITY                              $     8,252,452  $     4,798,699 
                                           ===============  =============== 
                                                                            
                                                                            

About Chanticleer Holdings, Inc.
Chanticleer Holdings is focused on expanding the Hooters® casual dining restaurant brand in international emerging markets. Chanticleer currently owns in whole or part of the exclusive franchise rights to develop and operate Hooters restaurants in South Africa, Hungary and parts of Brazil, and has joint ventured with the current Hooters franchisee in Australia, while evaluating several additional international opportunities. The Company currently owns and operates in whole or part of six Hooters restaurants in its international franchise territories: Durban, Johannesburg, Cape Town and Emperor's Palace in South Africa; Campbelltown in Australia; and Budapest in Hungary.

In 2011, Chanticleer and a group of noteworthy private equity investors, which included H.I.G. Capital, KarpReilly, LLC and Kelly Hall, president of Texas Wings Inc., the largest Hooters franchisee in the United States, acquired Hooters of America (HOA), a privately held company. Today, HOA is an operator and the franchisor of over 430 Hooters® restaurants in 28 countries. Chanticleer maintains a minority ownership stake in HOA and its CEO, Mike Pruitt, is also a member of HOA's Board of Directors. For further information, please visit www.chanticleerholdings.com or www.hooters.com and follow us on Twitter at @ChantHoldings or @Hooters.

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. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described in the companies' filings 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.