Chanticleer Holdings Announces New Stock Symbol and Completion of Reverse Stock Split

Business Wire,  July 16, 2008  

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CHARLOTTE, N.C. -- Chanticleer Holdings, Inc. (OTC BB: CCLR) ("Chanticleer", the "Company"), announced today the Company will begin trading tomorrow under a new stock symbol, "CCLR". In addition, the Company completed a 1-for-10 reverse stock split of the Company's common stock, which will be effective at the start of trading tomorrow.

"Today's announcements, which have been previously disclosed, combined with the pending acquisitions of Texas Wings and Hooters, Inc., two of the most successful Hooters franchise partners, will transform Chanticleer from a closed-end investment company to an operations-focused restaurant company well positioned for future growth," said Mike Pruitt, CEO of Chanticleer Holdings, Inc.

About Chanticleer

Chanticleer is currently a closed-end investment company that invests in value-based opportunities that are typically either privately held or considered small or micro cap publicly traded companies. Chanticleer is currently treated as a business development company (BDC) under the Investment Company Act of 1940 ("1940 Act"), however has notified the SEC and its shareholders of its intention to convert back to an operating company from a BDC, with such election expected to become effective on or around July 15, 2008. For more information about Chanticleer Holdings, please visit http://www.chanticleerholdings.com.

Forward Looking Statements

This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statement of historical fact (including statements containing the words "believes," "plans," "anticipate," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events.

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