Rick's Cabaret International, Inc. Launches Licensing Program In Latin America For Its Upscale Gentlemen's Clubs
HOUSTON-(May 14, 2007)-Rick's Cabaret International, Inc.
the publicly traded chain of upscale gentlemen's clubs, said today
it has finalized a licensing agreement with Rick's Buenos
, a subsidiary of Latin Entertainment
, to open adult nightclubs in Buenos Aires and other
Latin American cities. It will mark the first presence of the company’s
brand outside the U.S.
It is anticipated that the first internationally licensed Rick's
Cabaret will open in Buenos Aires during the company's fourth quarter
of 2007 in a 20,000-square foot former tango dance palace and superclub
on the posh Avenue Cordoba in the heart of the Argentine capital's
"We have been exploring international activities for several
years and have now found a great partner in Latin Entertainment
SRL," said Eric Langan
, President and CEO
of Rick's Cabaret. "Latin Entertainment is managed by individuals
with outstanding experience in the entertainment and nightclub business.
They have agreed to operate at the same high quality standards that
characterize the Rick's Cabaret brand. The agreement requires no
financial investment on our part and no management resources except
for training and marketing guidance."
, chief executive of Buenos Aires-based
Latin Entertainment SRL, said Rick's Buenos Aires S.A. has renovated
the former tango palace near the corner of Avenue Cordoba and Libertador,
a busy commercial crossroads within walking distance of numerous
upscale hotels catering to high-end business travelers and tourists.
"Our mission is to create the same quality brand awareness
in Latin America that Rick's Cabaret has built in the U.S.,"
Mr. Estrada said. "Our managers will undergo training at Rick's
Cabaret locations in the U.S. and our patrons will enjoy the same
outstanding entertainment experience – beautiful performers,
terrific food, warm hospitality and even private parking."
Mr. Estrada said that after opening the first club in Buenos Aires
his firm plans to establish clubs in Sao Paolo, Santiago, Mexico
City and other metropolitan areas with populations of at least three
million, heavy tourist traffic and thriving financial and business
Mr. Langan said that under terms of the agreement Rick's Cabaret
will receive a royalty typical of licensing deals of this nature.
Rick's Cabaret will also offer marketing and promotional guidance
for the international clubs.
About Latin Entertainment SRLt
Latin Entertainment Srl is a Buenos Aires based corporation with
founders and partners from Mexico, Argentina and California in the
U.S. The company has offices in Buenos Aires and Mexico City. Its
operating subsidiary, Rick's Buenos Aires S.A., is a management
entity that will operate the first Rick's Cabaret in Argentina.
Roberto Estrada, President and COO, has more than 35 years of experience
in the restaurant and entertainment fields.
About Rick's Cabaret
Rick's Cabaret International, Inc. (NASDAQ: RICK) operates upscale
adult nightclubs serving primarily businessmen and professionals
that offer live adult entertainment, restaurant and bar operations.
The company owns and operates or licenses adult nightclubs in New
York City, New Orleans, Charlotte, Houston, Minneapolis and other
cities under the names "Rick's Cabaret," "XTC"
and "Club Onyx." No sexual contact is permitted at any
of these locations. Rick's Cabaret also owns the adult Internet
membership Web site, couplestouch.com
and a network of online adult auction sites under the flagship URL
Cabaret common stock is traded on NASDAQ under the symbol RICK.
For further information contact [email protected]
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,
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.