SOUTHFIELD, Mich., Nov. 29, 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 the largest franchisee for Buffalo Wild Wings® ("BWW"), announced today it has signed a long-term lease for a new Bagger Dave's in Downtown Detroit, which is scheduled to open in 2013.
"We are always looking for opportunities to expand our brand and introduce our great-tasting food and unique guest experience to new markets," stated T. Michael Ansley, President and CEO. "There has been so much energy and positivity recently surrounding the revitalization and rebuilding of Downtown Detroit, and moving forward with this site demonstrates our continued commitment to the community and our belief in the City's revitalization efforts. Importantly, the restaurant is going to be in an incredible location, with close proximity to Ford Field, Comerica Park and Joe Louis Arena."
According to a recent New York Times article, in the last ten years Downtown Detroit has experienced a 59 percent increase in the number of college-educated residents under the age of 35, creating a culture of trendy bars and restaurants. Also driving the revitalization efforts is Detroit's "15 by 15" initiative, a program focused on getting 15,000 young talented households to Downtown by 2015. The new Bagger Dave's site will be located adjacent to DRH's Downtown Detroit BWW, which is currently under construction and will be one of the largest Buffalo Wild Wing's® in the nation when it opens in December of this year.
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 the largest Buffalo Wild Wings® ("BWW") franchisee. Between the two concepts, the Company currently operates 41 restaurants in Michigan, Florida, Illinois, and Indiana, with an additional Bagger Dave's and two additional BWW restaurants scheduled to open in 2012. Including these locations, and one franchised Bagger Dave's in Missouri, the Company expects to have 45 restaurants by year's end. 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, hand-dipped milkshakes, and a selection of craft beer and wine. 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 ten corporate-owned locations in the state of Michigan and one franchised location in Missouri. The Company has an executed area development agreement to franchise five additional 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 31 BWW restaurants: 14 in Michigan, nine in Florida, four in Illinois and four in Indiana. The Company has opened 17 new BWW restaurants in fulfillment of its 32-store Area Development Agreement ("ADA") with franchisor Buffalo Wild Wings, Inc. (Nasdaq:BWLD). The remaining 15 restaurants under the ADA agreement, along with an additional franchise agreement in Indiana, suggest that the Company will operate 47 BWW's 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
SOURCE Diversified Restaurant Holdings, Inc.