RICK'S CABARET INTERNATIONAL, INC. WELCOMES INCLUSION IN RUSSELL 2000® LIST

HOUSTON – June 30, 2008 – Rick’s Cabaret International, Inc. (NASDAQ: RICK), the nation’s premier group of upscale gentlemen’s clubs,  today welcomed its addition to the Russell 2000® list of leading publicly traded stocks as of June 27, 2008.

 

“We are delighted to be included in this prestigious list of outstanding companies,” said Eric Langan, President and CEO of the company. “This is another step in our journey to add to shareholder value as we continue to execute our business plan and our acquisition program.”

 

The Russell 2000 is a stock-market index measuring the performance of 2000 small-capitalization stocks, weighted by the market capitalization of the component stocks. The Russell 2000 is published by the Frank Russell Company..  

 

Mr. Langan noted that the investment community has estimated that index funds based on the Russell 2000 will need to own approximately 400,000 shares of Rick’s Cabaret stock in order to assure proportional representation.

 

In other Rick’s Cabaret news, Mr. Langan said the company’s nightclubs had record revenues in May and they continue their strong growth, with double digit increases in same location same period sales so far in fiscal 2008.

 

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, operates or licenses adult nightclubs in New York City, Miami, Philadelphia, New Orleans, Charlotte, Dallas, Houston, Minneapolis and other cities under the names "Rick's Cabaret," "XTC," “Club Onyx” and “Tootsie’s Cabaret”. Sexual contact is not permitted at 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]. 

 

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, 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 visit www.ricks.com <http://www.ricks.com/>.

 

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