Remodel Auction(TM) Retains Chanticleer Holdings, Inc. as Business Advisor
Published September 29th, 2009
Remodel Auction, Inc., announced that the Company has entered into a Business Development agreement with Charlotte-based Chanticleer Holdings, Inc. . Chanticleer, through its Avenel Ventures subsidiary will assist Remodel Auction by introducing the company to strategic business relationships including existing Chanticleer clients and also by advising the company on future financing and potential acquisitions. Chanticleer and Remodel Auction will work together to further expand the online remodeling marketplace beyond North Carolina into additional states. Clinton F. Walker, Founder and CEO of Remodel Auction states, “It is a real honor for me personally and a positive milestone for Remodel Auction to have the opportunity to enter into this agreement with Mike Pruitt and Chanticleer Holdings as I have followed his professional investment banking work for many years and have already seen the benefits.”
Chanticleer retained a 3.0% equity stake in Remodel Auction in exchange for assisting the company to execute its business plan and obtain favorable funding. Michael Pruitt, chief executive officer of Chanticleer, said, “Our agreement with Remodel Auction is a good fit for our advisory services subsidiary as we seek out companies with positive upside growth potential where we can provide value. Remodel Auction has developed impressive technology with experienced management that has laid a strong foundation for growth,” stated Pruitt.
About Chanticleer Holdings, Inc.
Chanticleer Holdings, Inc. is a publicly traded holding company that is headquartered in Charlotte, NC. It operates two wholly-owned operating subsidiaries: Chanticleer Advisors, an investment manager; and Avenel Ventures, a consulting firm. Additionally, the company owns several minority investments in private companies, including an interest in a convertible note into Hooters of America, Inc. Chanticleer Holdings, Inc. was formed in 2005 as a business development company. In 2008, its shareholders elected to convert to an operating holding company. For further information, please visit www.chanticleerholdings.com.
