Rick's Cabaret International, Inc. Believes Its Growth Through Acquisition Strategy For 2008 Will Add More Than $40 Million In Revenues

HOUSTON-(January 16, 2008)-Rick's Cabaret International, Inc. [NASDAQ-GM:RICK], operator of upscale gentlemen's clubs, said today it believes its ongoing growth-through-acquisition strategy in 2008 will add in excess of $40 million in new revenues.

Eric Langan, President and CEO of Rick's Cabaret, said the company intends to complete several acquisitions before the end of the company's fiscal year on September 30, 2008, but because of non-disclosure clauses it cannot discuss details of any of the transactions until they are consummated.

"Assuming completion of acquisitions that are now covered by letters of intent or are in review by our legal counsel, we believe we will begin fiscal 2009 with a revenue run rate of approximately $100 million and our earnings will be approximately $2.00 per share," Mr. Langan said. "We also believe we will make further acquisitions in 2009 that will be accretive."

He said the new outlook assumes the company will have approximately 10 million shares outstanding by the end of 2008. He emphasized that these projections are subject to change depending upon several factors, including the number of new shares actually issued, the share price at the time transactions are finalized, and the mix of debt and equity financing to fund the acquisitions.

The planned acquisitions are subject to the completion of due diligence, execution of definitive documents, securing appropriate financing, plus the transfer of all necessary permits and other authorizations.

Rick's Cabaret currently owns and operates 15 adult nightclubs in Texas, Minnesota, New York, North Carolina and Florida.

Forward-Looking Statements:
This document contains forward-looking statements that involve a number of risks and uncertainties that could cause the company's actual results to differ materially from those indicated in this document, including:  the risks and uncertainties associated with operating and managing an adult business; the business climates in New York City and elsewhere; the success or lack thereof in launching and building the company's businesses in New York City and elsewhere; the Company's ability to identify and secure suitable locations for new nightclubs on acceptable terms, open the anticipated number of new nightclubs on time and within budget; achieve anticipated rates of same-store sales; hire and train additional nightclub personnel and integrate new nightclubs into its operations; unexpected increases in costs of sales or employee, pre-opening or other expenses; the economic conditions in the new markets into which the Company expands and possible uncertainties in the customer base in these areas; fluctuations in quarterly operating results; the impact of any negative publicity or public attitudes; competitive pressure from other national and regional nightclub chains; risks and uncertainties related to the operational and financial results of our Web sites, conditions relevant to real estate transactions, and numerous other factors such as laws governing the operation of adult entertainment businesses, competition and dependence on key personnel. Rick's has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances. For further information go to www.ricks.com.

Contact for further information: Allan Priaulx, 212-338-0050, [email protected]