GRAND RAPIDS, Mich., May 16, 2023 (GLOBE NEWSWIRE) — Meritage Hospitality Group Inc. MHGU, the nation’s leading franchise operator, announced during its annual meeting today that the company’s stockholders have approved the election of eight directors: Chris A. Armbruster, John W. Inwright, Duane F. Kluting, Joseph L. Maggini Sr. , Dirk J. Pruis, Gary A. Rose, Robert E. Schermer, Jr., and Peter D. Wierenga. Each Director’s term of office is one year, ending at the 2024 Annual Meeting. The CEO’s report, prepared following the formal meeting, is available on the Company’s website and on OTCQX: MHGU.

Special dividend for ordinary shares

Subsequent to the AGM, the Company’s Board of Directors approved a quarterly dividend of $0.03 per share. The dividend is payable on July 1, 2023 to shareholders of record on June 15, 2023.

“Our sales and operating profit prospects remain strong for the second half of the year as inflationary pressures on food and labor ease. We are focused on integrating the 25 Wendy’s restaurants we acquired last week in North Carolina and Virginia, as well as building new Wendy’s and Taco John’s restaurants,” said Robert E. Schermer, Jr., CEO of Meritage.

Outlook for the full year 2023: Stronger operational second half

The Company has committed significant capital resources to the Wendy’s and Taco John’s brands and has committed to joint development agreements for 100 new locations by 2025.

Outlook 2023: Strong earnings growth ahead:

• sale +10% to +20%
• Income from the operative business. +90% to +100%
• net result +35% to +45%
• EBITDA +20% to +30%

The company focuses on delivering quality, convenience and affordability while leveraging its best-in-class operating platform.

about the company

Meritage Hospitality Group is the nation’s leading franchise operator, currently operating 385 restaurants in Arkansas, Connecticut, Florida, Georgia, Indiana, Massachusetts, Michigan, Missouri, Mississippi, North Carolina, South Carolina, Ohio,…