SOUTHFIELD, Mich., June 21, 2012 // GLOBE NEWSWIRE // - Diversified Restaurant Holdings, Inc. (OTCQB: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® ("Bagger Dave's") and a leading franchisee for Buffalo Wild Wings® ("BWW"), announced today it has signed long-term leases for two new Buffalo Wild Wings® locations in Ybor City, FL and Lapeer, MI. 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.
The new Florida BWW site, scheduled to open in the fourth quarter of 2012, will be located on 7th Avenue, the main commercial thoroughfare in Ybor City, and is recognized as one of the "10 Great Streets in America" by the American Planning Association. The neighborhood has been designated as a National Historic Landmark District, with a large portion of the original neighborhood being redeveloped into an entertainment district.
T. Michael Ansley, President and CEO of DRH commented, "With two well-established and successful Buffalo Wild Wings locations already in the Tampa Bay area (Brandon and Riverview), this new Ybor City location will solidify DFRH's presence. Once completed, the Buffalo Wild Wings Ybor City location will become one of the largest restaurants in the historic district having the capacity to serve 235 guests."
The new Michigan BWW site, scheduled to open in 2013, will be located in the Lapeer Marketplace, a large shopping center in close proximity to major retailers and entertainment complexes.
"We've experienced much success in Michigan, and it remains a key market for us to deliver on our future expansion plans. This site is consistent with our location selection criteria as it is in a prime area that has a vibrant community with significant growth opportunity," noted Mr. Ansley.
DRH has 30 restaurants (29 corporate-owned and one franchised), which includes 22 BWW and eight Bagger Dave's locations, with plans to have a total of 35 restaurants operating by year's end. DRH continues to expand its Buffalo Wild Wings® operations in Michigan and Florida with plans to operate a total of 38 BWW restaurants by 2017. Additionally, DRH is aggressively expanding the Bagger Dave's concept through a combination of corporate-owned and franchised locations throughout the Midwest, with plans to open three additional corporate locations in 2012.
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® ("Bagger Dave's") and is a leading Buffalo Wild Wings® ("BWW") franchisee. Between the two concepts, the Company currently has 30 restaurants, with an additional three corporate-owned Bagger Dave's and two BWW restaurants currently under construction. The Company routinely posts news and other important information on its website 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, and hand-dipped milkshakes. Guests can also enjoy a glass of wine hand selected by a Master Sommelier or choose from a wide variety of craft beers from local breweries. Signature items include Sloppy Dave's BBQ®, Train Wreck Burger®, and Bagger Dave's Amazingly Delicious Turkey Black Bean Chili®. 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 seven corporate-owned locations in the state of Michigan and one franchised restaurant in Missouri. DRH has an executed area development agreement to franchise an additional five Bagger Dave's and is approved to franchise 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.
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
Diversified Restaurant Holdings, Inc.