Diversified Restaurant Holdings Completes Two Long-Term Leases for New Bagger Dave's(R) and Buffalo Wild Wings(R) Sites
New Bagger Dave's Site in Bloomfield Hills, MI
Planned for 2012 -- Buffalo Wild Wings(R) Florida location in Tampa region; Expands Presence in Dense Traffic Area
SOUTHFIELD, Mich., April 12, 2012 // GLOBE NEWSWIRE // -- Diversified Restaurant Holdings, Inc. (OTCBB:DFRH) ("DRH" or the "Company"), the owner, operator, and franchisor of the unique, full-service, ultra-casual restaurant and bar Bagger Dave's Legendary Burgers Tavern(R) ("Bagger Dave's") and a leading franchisee for Buffalo Wild Wings(R) ("BWW"), announced today it has signed long-term leases for a new Bagger Dave's and a new BWW location in Bloomfield Hills, MI and Largo, FL, respectively. DRH is highly selective regarding restaurant locations and targets opportunities that are within close proximity to high-traffic venues such as movie theaters, mass merchandisers, and large retailers in a well-anchored shopping or lifestyle entertainment center.
Commenting on the new Bagger Dave's location, T. Michael Ansley, President and CEO of DRH, noted, "We have had such a phenomenal response to our Bagger Dave's concept since we launched it in 2008 and will continue to aggressively expand throughout the Midwest. We believe the Bloomfield Plaza Shopping Center is another ideal location, among co-tenants like Ace Hardware, Starbucks, and The Maple Theater, and is very fitting with our expansion strategy."
Mr. Ansley added, "This location marks the third new Bagger Dave's location we plan to open in 2012, and we're excited for the opportunity to introduce the community of Bloomfield Hills to our legendary burgers and unforgettable dining experience."
At the end of 2011, there were six Bagger Dave's operating in the state of Michigan with two additional locations under development and one franchise location planned for Missouri. With this new location, the Company expects to have at least ten Bagger Dave's operating by the end of 2012.
The new Florida BWW site is located in the Largo Mall complex, which is a large shopping center that includes grocery, discount, specialty stores, national brand stores, mass merchandisers, several national chain restaurants, and a movie theater. It is also just 15 minutes from the beaches.
"In Florida, we continue to build our presence as we capitalize on real estate opportunities. This new location is in a well-developed, highly-trafficked market area. We believe we can compete very well with the restaurant chains in the complex while leveraging traffic from the large variety of retail stores including Target, Beall's, Bath & Body Works, and PetSmart as well as Regal 8 Cinemas. As the area's economy continues to strengthen, we are realizing greatly improved customer volume in our Florida stores and we expect this new location to be a strong performer," concluded Mr. Ansley.
Currently, DRH operates 22 BWW restaurants: 14 in Michigan and eight in Florida. The Company expects to build one to two additional BWW restaurants each year in fulfillment of its 32-store Area Development Agreement ("ADA") with franchisor Buffalo Wild Wings, Inc.
About Diversified Restaurant Holdings
Diversified Restaurant Holdings, Inc. ("DRH" or the "Company") is the owner, operator, and franchisor of the unique, full-service, ultra-casual restaurant concept, Bagger Dave's Legendary Burger Tavern(R) ("Bagger Dave's") and is a leading Buffalo Wild Wings(R) ("BWW") franchisee. Between the two concepts, the Company currently operates 28 restaurants in Michigan and Florida. The Company routinely posts news and other important information on its Web site at www.diversifiedrestaurantholdings.com.
Bagger Dave's offers a full-service, family-friendly restaurant and bar with a casual, comfortable atmosphere. The menu features freshly made burgers (never frozen), accompanied by more than 30 toppings from which to choose, fresh-cut fries, hand-dipped milkshakes, and a selection of craft beer and wine. Signature items include Sloppy Dave's BBQ(R), Train Wreck Burger(R), and Bagger Dave's Amazingly Delicious Turkey Black Bean Chili(R). The Bagger Dave's concept emphasizes local flair by showcasing historical photos of the city in which each restaurant resides and features an electric train that runs above the dining room and bar areas. Currently, there are six corporate-owned locations in the state of Michigan and an executed area development agreement to franchise six Bagger Dave's in five states outside of Michigan. DRH is approved to franchise Bagger Dave's in the states of Illinois, Indiana, Kentucky, Michigan, Missouri, Ohio, and Wisconsin. For more information, visit www.baggerdaves.com.
DRH operates 22 BWW restaurants: 14 in Michigan and eight in Florida. The Company continues to build new BWW restaurants in fulfillment of its 32-store Area Development Agreement ("ADA") with franchisor Buffalo Wild Wings, Inc. (Nasdaq:BWLD). This agreement, in addition to the six BWW restaurants opened prior to the ADA, suggests that the Company will operate 38 BWW restaurants in Michigan and Florida by 2017.
Safe Harbor Statement
The information made available in this news release contains forward-looking statements which reflect DRH's current view of future events, results of operations, cash flows, performance, business prospects and opportunities. Wherever used, the words "anticipate," "believe," "expect," "intend," "plan," "project," "will continue," "will likely result," "may," and similar expressions identify forward-looking statements as such term is defined in the Securities Exchange Act of 1934. Any such forward-looking statements are subject to risks and uncertainties and the Company's actual growth, results of operations, financial condition, cash flows, performance, business prospects and opportunities could differ materially from historical results or current expectations. Some of these risks include, without limitation, the impact of economic and industry conditions, competition, food and drug safety issues, store expansion and remodeling, labor relations issues, costs of providing employee benefits, regulatory matters, legal and administrative proceedings, information technology, security, severe weather, natural disasters, accounting matters, other risk factors relating to our business or industry and other risks detailed from time to time in the Securities and Exchange Commission filings of DRH. Forward-looking statements contained herein speak only as of the date made and, thus, DRH undertakes no obligation to update or publicly announce the revision of any of the forward-looking statements contained herein to reflect new information, future events, developments or changed circumstances or for any other reason.
Deborah K. Pawlowski
Kei Advisors LLC
Chief Financial Officer