Rick's Cabaret International, Inc. Completes Purchase Of Philadelphia Adult Nightclub And Sets Grand Opening For April 24-26
HOUSTON - (March 31, 2008) - Rick's Cabaret International,
, premier operator of upscale gentlemen's clubs, said today it intends to finalize the purchase of Crazy Horse Too
Cabaret at 2908 South Columbus Blvd. on or before March 28, 2008.
The company said the Pennsylvania Liquor Control Board
has approved the transfer of the liquor license for the nightclub and it is awaiting completion of final permitting requirements.
Rick's Cabaret is acquiring 100 percent of The End Zone, Inc.
, current owner of the upscale 25,000 square foot nightclub, and is funding the purchase with cash on hand. The club will be converted to the Rick's Cabaret format that has been successful in markets including New York City, Houston, Minneapolis and other cities. A remodeling project is nearly complete that includes an upscale steakhouse and sports bar in the club, which is located just south of Center City Philadelphia, near the major sports complex where Philadelphia Phillies
games are played and across from the site of a proposed new gambling casino.
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 naughtybids.com.
Rick's 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; 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.
for further information: Allan Priaulx, 212-338-0050, [email protected]