Diversified Restaurant Holdings, Inc. Announces Ticker Symbol Change To SAUC
SOUTHFIELD, Mich. - Nov. 5, 2015 // GLOBE NEWSWIRE // - Diversified Restaurant Holdings, Inc. (Nasdaq:BAGR) ("DRH" or the "Company"), the largest franchisee for Buffalo Wild Wings® ("BWW") and creator and operator of Bagger Dave's Burger Tavern® ("Bagger Dave's"), announced today a ticker symbol change for its common stock. Effective upon the opening of trading on November 9, 2015, Diversified Restaurant Holdings' ticker symbol, as quoted on the NASDAQ stock exchange, will change to SAUC from BAGR.
Michael Ansley, President and CEO of Diversified Restaurant Holdings noted, "Our new symbol SAUC better aligns with our strategic direction and pays tribute to BWW's New York-style chicken wings prepared in 21 signature sauces and seasonings. As we announced in today's earnings release, going forward we will be concentrating on expanding our BWW portfolio because the BWW brand offers us a significantly greater opportunity to grow our top-line and profitability while strengthening our balance sheet. We currently operate 62 BWW restaurants across major metropolitan areas such as Detroit, St. Louis, Chicago, and Florida's West Coast with plans to open another 16 locations under our amended area development agreement. We have also halted further development of Bagger Dave's beyond the remaining location currently under construction as we digest the numerous investments and changes made there over the past 18 months. Focusing on BWW provides us the best means to improve our business and grow shareholder value over time from current levels."
About Diversified Restaurant Holdings, Inc.
Diversified Restaurant Holdings, Inc. ("DRH" or the "Company") operates 62 Buffalo Wild Wings Grill & Bar ("BWW") franchised restaurants in key markets in Indiana, Illinois, Michigan, Missouri and Florida. DRH was named the 2014 Franchisee of the Year and Operator of the Year by Buffalo Wild Wings Inc.
The Company also owns and operates Bagger Dave's Burger Tavern, a full-service, family-friendly restaurant and full bar with a casual, comfortable atmosphere specializing in custom-built, proprietary, fresh prime rib recipe burgers, all-natural turkey burgers, hand-cut fries, locally crafted beers on draft, hand-dipped milk shakes, salads, black bean turkey chili, and much more. There are currently 25 company-owned Bagger Dave's restaurants in Michigan and Indiana. For more information, visit www.baggerdaves.com.
The Company routinely posts news and other important information on its website at www.diversifiedrestaurantholdings.com.
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 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.
SOURCE Diversified Restaurant Holdings, Inc.
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