MERITAGE WITHDRAWS OUTLOOK AND POSTPONES ANNUAL MEETING

GRAND RAPIDS, Mich., March 31, 2020 (GLOBE NEWSWIRE) -- Meritage Hospitality Group, Inc. (OTCQX: MHGU), one of the nation’s premier restaurant operators, today announced the suspension of financial target guidance as well as the postponement of its annual meeting until evidence that the COVID-19 pandemic has subsided and states have lifted the quarantines and shelter-in-place mandates.

In view of the rapidly changing developments regarding COVID-19, and with the health of our shareholders and employees in mind, we are postponing the annual meeting. The Company’s original meeting date was scheduled for May 19, 2020. Once the Board of Director’s approves a new annual meeting date, the Company will announce the new date.

“We are navigating uncharted waters with COVID-19. The Company has taken numerous new measures to protect public health and safeguard our Wendy’s® employees in our restaurants. We continue to operate our Wendy’s restaurants with drive-thru only service and have indefinitely closed our six casual dining restaurants until the individual state mandates are lifted,” stated CEO Robert E. Schermer, Jr.

The introduction of the Wendy’s breakfast featuring the new Breakfast Baconator®, Honey Butter Chicken Biscuit and Frosty®-ccino delivered exceptional consumer response and record sales for the Company prior to the pandemic and system wide temporary closure of restaurant dining rooms.

“We are deeply grateful to all of our business partners affected by this pandemic, including our employees, shareholders, franchisor, lenders, landlords, food distributors and service providers, all working together through this national crisis,” added Schermer.  

Meritage continues to distinguish itself as a leader and innovator in the quick service restaurant segment, striving for best in class results through a performance based culture committed to operational excellence, strategic acquisitions and real estate development.

Meritage Hospitality Group is one of the nation’s premier restaurant operators, with 337 restaurants in operation located in Arkansas, Connecticut, Florida, Georgia, Indiana, Massachusetts, Michigan, Missouri, Mississippi, North Carolina, South Carolina, Ohio, Oklahoma, Tennessee, Texas and Virginia. Meritage is headquartered in Grand Rapids, Michigan, operating a workforce of approximately 11,000 employees. The Company has approximately 9.0 million total weighted average fully-diluted common shares outstanding. The Company’s current and publicly available filings can be viewed at www.otcmarkets.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.

CONTACT: Robert E. Schermer, Jr., CEO
Meritage Hospitality Group, Inc.
(616) 776-2600