Rick's Cabaret International, Inc. Completes Acquisition of Gentlemen's Club in Charlotte, NC
HOUSTON--(June 14, 2005)--Rick's Cabaret International,
which operates upscale gentlemen's clubs, today completed the acquisition
of a 30,000 square foot three-in-one nightclub complex in Charlotte,
terms of the purchase agreement Rick's Cabaret acquired the venue
formerly known as The Manhattan Club from Top Shelf LLC,
for $1,000,000 through the issuance of 180,000 shares of restricted
common stock and a seven-year, seven-percent promissory note for
$325,000. Rick's Cabaret has been operating the club since February
1st under a management agreement.
The new Rick's Cabaret-Charlotte offers adult entertainment for
men seven days a week in an upscale gentlemen's club cabaret, presents
a male review for women five nights a week in an adjoining self-contained
8,000 square foot club, and operates a traditional nightclub in
the third section of the building (at 5300 Old Pineville Road).
"In just four months we have created the premier adult playground
in Charlotte," said Rick's Cabaret CEO Eric Langan. "We are
here to stay for the long term. We think our three-in-one concept
is perfect for this receptive and rapidly growing customer base,
which has been very receptive to the Rick's formula of friendly
customer service plus extraordinarily beautiful girls for the gentlemen
and good-looking guys for the ladies."
This is the second major acquisition announced this year by Rick's
Cabaret. On January 18th the company purchased the former Paradise
Club in midtown New York City, which will open later this summer
following extensive remodeling.
Rick's Cabaret International, Inc. (www.ricks.com)
operates upscale adult nightclubs serving primarily businessmen
and professionals that offer live adult entertainment and high quality
restaurant and bar operations. The company owns, operates or licenses
eleven adult nightclubs in New York City, New Orleans, Houston,
Minneapolis, Charlotte and other cities under the names "Rick's
Cabaret," "XTC," "Club Onyx" and "Hummers." No sexual contact is
permitted at any of these locations. Rick's Cabaret also owns an
adult Internet membership Web site, www.couplestouch.com,
and a network of nine online auction sites for adult products under
the flagship URL www.naughtybids.com.
Rick's Cabaret common stock is traded on the NASDAQ SmallCap market
under the symbol RICK. For further information contact firstname.lastname@example.org.
This press release may contain forward-looking information within
the meaning of Section 21E of the Securities Exchange Act of 1934
that involves significant risks and uncertainties, and is subject
to the safe harbors created by this section. Important factors that
could cause actual results for Rick's Cabaret to differ materially
from those indicated in this press release include the risks and
uncertainties as to the future operational and financial results
of our Web sites, conditions relevant to real estate transactions,
the future operational performance of our partners, the laws governing
the operation of adult entertainment businesses, competitive and
economic factors, dependence on key personnel and the ability to
manage operations. Rick's Cabaret has no obligation to update or
revise the forward-looking statements to reflect the occurrence
of future events or circumstances. Please refer to the documents
Rick's Cabaret files from time to time with the Securities and Exchange
Commission, in particular the most recent quarterly reports on Form
10-QSB and annual report on Form 10-KSB, which are available at
the company's website, www.ricks.com.
Contact for further information: Allan Priaulx, 212-338-0050, email@example.com