August 21, 2008 11:11am
Rick’s: Landlord & Seller Settled
Source: Rick’s Cabaret International, Inc.
by: Company Press Release
(HOUSTON, TX) -- Rick’s Cabaret International, Inc. (NASDAQ: Rick), the premier operator of upscale gentlemen’s clubs, said today that the landlord and seller of Scores Las Vegas have settled their differences over the assignment of the lease for the property.
''The assignment of the lease for the property was a necessary condition for the issuance of operating permits,'' said Eric Langan, President and CEO of Rick’s Cabaret. He said the company is confident that it can complete the transaction, subject to all closing conditions.
The closing is scheduled to occur within five business days of the date of issuance of final permits to operate the club.
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 operates a media division, ED Publications, and owns the adult Internet membership Web site, couplestouch.com as well as 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 ir@ricks.com.
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 and media division, 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, ir@ricks.com or 212-338-0050
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