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December 31, 2012
16:17 EDTHOTRChanticleer Holdings completes independent investigation
Chanticleer Holdings, 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 the completion of the independent investigation by the company's Audit Committee. As previously disclosed, during this investigation, it was discovered that the former South African subsidiaries' CFO, Mark Hezlett, misappropriated approximately $128,000 of cash for the period between October 2011 and September. Mr. Hezlett has agreed to return all of the funds to the Company. Approximately $41,000 has been recovered and paid to the Company and payment plans are in place for the remainder. The Company expects to recover most of the funds by 2013 year-end. The company is continuing to work with NASDAQ to provide the 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.
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