Rick's Cabaret International, Inc. to complete acquisition of new gentlemen's club near Dallas-Ft. Worth Airport that will open by January 15, 2011
– (December 14, 2010) – Rick’s Cabaret International, Inc. (NASDAQ: RICK), the nation’s premier chain of upscale gentlemen’s clubs, said today it will complete the acquisition of a new gentlemen’s club on the freeway near the busy Dallas-Ft. Worth International Airport before December 31, 2010.
“Special use permits have been issued that enable us to operate an adult nightclub at this unique location near the world’s seventh busiest airport,” said Eric Langan, President and CEO of Rick’s Cabaret. “We are awaiting issuance of a mixed beverage permit by the Texas Alcoholic Beverage Commission. We plan to open the location on January 15th in time for Super Bowl. All construction is complete and the place looks great.”
The company had anticipated closing the transaction by September 30; however construction and permitting delays postponed the closing. The certificate to operate a sexually oriented business has now been issued. “We anticipate closing the transaction before December 31, 2010 and the closing is not contingent upon issuance of TABC permits” Mr. Langan said.
The new 10,000-square foot club is on the Airport Freeway (Highway 183) and was built and furnished to Rick’s Cabaret specifications. Rick’s currently operates six clubs in the Dallas-Ft. Worth Metroplex and 21 clubs nationwide.
In terms of passenger traffic, the Airports Council International says DFW is the seventh busiest airport in the world, with more than 5.7 million passengers passing through it in 2008.
About Rick's Cabaret:
Rick's Cabaret International, Inc. (NASDAQ: RICK) is home to upscale adult nightclubs serving primarily businessmen and professionals that offer live entertainment, dining and bar operations. Nightclubs in New York City, Miami, Philadelphia, New Orleans, Charlotte, Dallas, Houston, Minneapolis and other cities operate 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 operates a media division, ED Publications, and owns the adult internet membership website www.couplestouch.com as well as a network of online adult auction sites under the flagship URL www.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 cities where it operates, the success or lack thereof in launching and building the company's businesses, 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.
Contact: Allan Priaulx, 212-338-0050, [email protected]