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Bagger Dave’s to Pursue Strategic Alternatives

WEST FARGO, N.D.--(BUSINESS WIRE)-- BT Brands, Inc. (Nasdaq: BTBD and BTBDW), and its 39.6 percent owned affiliate, Bagger Dave’s Burger Tavern, Inc. (OTCMarkets: BDVB), today announced plans to review strategic alternatives for the Bagger Dave’s public corporation and the six Bagger Dave’s operating restaurant locations. As part of this review, it is anticipated that a proposal will be made to Bagger Dave’s shareholders to change the name of Bagger Dave’s to align the name appropriately with a new business strategy. We anticipate proposing to shareholders a reverse split of Bagger Dave’s outstanding shares, and plan to retain a PCAOB-registered audit firm to review the Bagger Dave’s financial statements audited for inclusion in a potential equity offering registration statement, which would coincide with an uplisting of the shares to NASDAQ Markets or another exchange.

Bagger Dave’s opened its first location In Berkley, Michigan, in 2008 and grew to over 25 units in three states; there are currently six Bagger Dave’s restaurants, including four in Michigan and single units in Ft. Wayne, Indiana, and Centerville, Ohio. Commenting on Bagger Dave’s, CEO Gary Copperud noted, “All six stores are in excellent locations representing an original investment of more than $5 million. The stores range from 4,000 to 6,000 square feet, carry full liquor licenses, and are in excellent physical condition. We have had several restaurant professionals look at the locations over the last year, and all agree the units provide an outstanding footprint for a conversion opportunity. The Bagger Dave’s locations will continue normal operations as Bagger Daves, with the process of conversion to another concept expected to begin sometime later this year. We look forward to identifying a dynamic growth opportunity, providing potential career growth for all current employees of Bagger Dave’s. We see the opportunity for Bagger Dave’s shareholders, including BT Brands, to earn significant returns from a successful conversion.

BT Brands and Bagger Dave’s have retained Eastwalk Consultants, LLC, as an advisor in transitioning Bagger Dave’s to a growing listed corporation.

About BT Brands Inc.: BT Brands, Inc. (BTBD and BTBDW) owns and operates a fast-food restaurant chain called Burger Time with locations in North and South Dakota and Minnesota and Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts, the Village Bier Garten in Cocoa, Florida, and Keegan’s Seafood Grille near Clearwater, Florida. BT Brands is seeking acquisitions within the restaurant industry.

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Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the disruption to our business from public health emergencies, the impact on our results of operations, and our financial condition; the uncertain nature of the restaurant industry; our ability to integrate acquired restaurants, delays in developing and opening new restaurants because of weather, local permitting or other reasons, increased competition, cost increases or shortages in raw food products, staffing shortages and the effect of inflation on key supplies and inputs.

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Category: Financial Category

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KENNETH BRIMMER 612-229-8811

Source: BT Brands, Inc.