Rick's Cabaret Acquires Gentlemen's Club In San Antonio; Will Reopen In August as a Club Onyx
(July 11, 2006)- Rick's Cabaret International, Inc.
which operates upscale gentlemen's clubs, purchased its eleventh
establishment, an adult entertainment facility in San Antonio, Texas
(4102 Naco Perrin Street) that will reopen in August under the upscale
Club Onyx brand and will cater to African-American gentlemen.
"This purchase expands our presence in the fast-growing San
Antonio market and marks the first extension of our highly successful
Club Onyx brand that we launched two years ago in Houston,"
said Eric Langan, CEO of Rick's Cabaret International. "The
Houston Club Onyx (at 3113 Bering Drive) has become a very popular
nightspot with a customer base comprised principally of African-American
businessmen and professionals as well as athletes and musicians.
We believe this concept will work well in other markets and the
San Antonio location is an ideal place to begin this extension."
Following remodeling, the new Club Onyx will open at the 4,000 square
foot site of the former Club Exotica in San Antonio, which Rick's
Cabaret acquired from Texas S&I, Inc. The company issued no
equity in connection with this transaction.
The San Antonio purchase is the second acquisition by Rick's Cabaret
in 2006, following the purchase in May of Dreamers, a club in South
Houston, Texas, that is now operating under the company's XTC Cabaret
brand name (at 802 Houston Blvd (Hwy 3). In 2005, the company purchased
clubs in Charlotte, NC and New York City that now operate under
the Rick's Cabaret brand. The company already operates an XTC Cabaret
adult nightclub in San Antonio (2023 Sable Lane).
About Rick's Cabaret
Rick's Cabaret International, Inc. (NASDAQ: RICK, www.ricks.com
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, www.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]
or visit www.ricks.com
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
Contact for further information: Allan Priaulx, 212-338-0050,