August 16, 2002 10:31am
Heir Bought by Scores
Source: Scores Holding Company Inc.
by: Company Press Release
(NEW YORK, NY) -- Scores Holding Company Inc., announced today that it has acquired Heir Holding Co. Inc., the owner of the intellectual property rights to the Scores(TM) trademark, name and brand. The acquisition was effected on August 13, 2002, through a 3 party merger.
Pursuant to the merger, Heir, now a wholly owned subsidiary of the Company, changed its name to Scores Licensing Corp. Immediately prior to the merger, Heir completed a $1,000,000 financing transaction. In connection with the acquisition of Heir, the Company issued an aggregate of 3,000,000 shares of its restricted common stock to the 3 shareholders of Heir, each of which are affiliates of the Company.
"The Scores name is one of the most recognizable names in adult entertainment. We are excited to maximize the value of the brand through licensing the Scores name to top-tier adult nightclubs that can meet our stringent quality-of-experience criteria and financial parameters," stated Richard Goldring, chairman and CEO of the Company.
"Merchandising also represents great potential for the Company as Scores-branded merchandise has immense appeal to a large demographic segment of the population. We look forward to building upon the Scores legacy and will be actively engaging club owners at the upcoming Adult Club Owners Expo in Las Vegas at the end of August," continued Mr. Goldring. "We welcome club owners and potential merchandisers interested in exploring the benefits of association with the Scores brand to contact us."
The Company intends to license the Scores brand name to adult entertainment venues across the country and to merchandise retail-oriented goods through clubs, retail outlets and other channels. The Company's first adult entertainment nightclub utilizing the Scores name is expected to open in the latter part of the fourth quarter of 2002 on the west side of Manhattan at 533-535 West 28th Street. The Company will own and operate the new Scores club, which will have 10,000 square feet of space, the maximum permitted by law, allocated for adult entertainment purposes.
The Company is well into the permit, planning and building process, and is finalizing construction financing. The Company recently announced that the Manhattan Community Board No. 4 voted to recommend to the New York State Liquor Authority the approval of a full, on-premises liquor license for the new club.
Safe Harbor Statement:
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and may contain forward-looking statements, with words such as "anticipate," "believe," "expect," "future," "may," "Will," "should," "plan," "projected," "intend," and similar expressions to identify forward-looking statements. These statements are based on the Company's beliefs and the assumptions it made using information currently available to it. Because these statements reflect the Company's current views concerning future events, these statements involve risks, uncertainties and assumptions. The actual results could differ materially from the results discussed in the forward-looking statements. In any event, undue reliance should not be placed on any forward-looking statements, which apply only as of the date of this press release. Accordingly, reference should be made to the Company's periodic filings with the Securities and Exchange Commission.