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GRAND RAPIDS, Miss., Aug. 14, 2019 (GLOBE NEWSWIRE) -- Meritage Hospitality Group, Inc. (OTCQX: MHGU), one of the nation’s premier restaurant operators, declared a special quarterly cash dividend of $0.06 per share at the August 13, 2019 Directors meeting. The dividend is payable on September 12, 2019 to shareholders of record on August 29, 2019.
“Our common stock cash dividends declared during the first three quarters of the year represent an increase of 100% over the same period last year, as we continued to reward shareholders with dividend growth commensurate with earnings growth”, stated Meritage CEO, Robert E. Schermer, Jr.
“Throughout the first two quarters of the year, the Company has reported EBITDA growth of 31%, a Development Agreement to build 40 new Wendy’s by the end of 2024 and entered into definitive agreements to acquire 10 Wendy’s restaurants. Acquisitions, renovations and new restaurant openings are all important pieces of our business model, as we expand in designated market areas,” added Schermer.
The Company has a robust real estate pipeline to support the development of 40 new Wendy’s restaurants by the end of 2024 and expects to receive significant economic incentives provided under the Groundbreaking Incentive Program, which includes royalty and national marketing fee relief. Management estimates it will invest approximately $100.0 million in the development of the 40 Wendy’s restaurants through a combination of cash on hand and development credit facilities.
Meritage continues to distinguish itself as a leader and innovator in the quick service restaurant segment, striving for best in class results through a performance culture committed to operational excellence, strategic acquisitions and real estate development.
Meritage Hospitality Group is one of the nation’s premier restaurant operators, with 321 restaurants in operation located in Arkansas, Connecticut, Florida, Georgia, Indiana, Massachusetts, Michigan, Missouri, Mississippi, North Carolina, South Carolina, Ohio, Oklahoma, Tennessee, Texas and Virginia. Meritage is headquartered in Grand Rapids, Michigan, operating with a workforce of approximately 10,000 employees. The Company’s public filings can be viewed at www.otcmarkets.com, under the stock symbol MHGU, or the Company’s website www.meritagehospitality.com.
SAFE HARBOR STATEMENT
Certain information in this news release, particularly information regarding future economic performance and finances, and plans, expectations and objectives of management, constitutes forward-looking statements. Factors set forth in our Safe Harbor Statement, in addition to other possible factors not listed, could affect the Company’s actual results and cause such results to differ materially from those expressed in forward-looking statements. Please review the Company’s Safe Harbor Statement at http://www.meritagehospitality.com.
CONTACT: Robert E. Schermer, Jr., CEO
Meritage Hospitality Group Inc.