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PRESS RELEASES
MERITAGE REPORTS THIRD QUARTER
2011 RESULTS - "We remain on target with our five-year growth and operating plans. In the Wendy's system we have experienced disappointing restaurant margins in 2011, driven by record high beef costs during the second and third quarters. Our beef costs for the fourth quarter are expected to moderate, although we are planning on extreme volatility for the next several years, until there are long-term structural changes in the U.S. cattle herd," stated Robert E. Schermer, Jr., Chief Executive Officer. "On a positive note, our Wendy's restaurant sales remain strong, driven by acquisitions, remodeling, and new store development. The Company-owned Twisted Rooster casual dining concept, with three locations, continues to perform well." Third Quarter 2011 Highlights
Year-to-Date 2011 Highlights
The Company is extremely encouraged about the long-term outlook for the Wendy's brand with the re-union of its new CEO, Emil Brolick. Emil Brolick (from Grand Haven, Michigan) is the fourth CEO in the past nine years since iconic Founder Dave Thomas passed away. Emil worked at Wendy's with Dave Thomas prior to leaving to become President of rival Taco Bell, and then COO at Taco Bell parent YUM Brands. Emil Brolick is looking to re-establish Wendy's niche as the premium player in QSR. Meritage is one of the nation's premier franchise operators, currently operating 89 quick service and casual dining restaurants. The Company specializes in the development and operation of restaurant and leisure properties, and seeks unique opportunities to capitalize on its substantial development and operating expertise. The Company is headquartered in Grand Rapids and employs a workforce of approximately 2,700. The Company's public filings can be viewed at www.otcqx.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
August 16, 2011 - MERITAGE ANNOUNCES ACQUISITION OF WENDY'S
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