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RCI Entertainment (Fort Worth), Inc., a subsidiary of Rick’s
Cabaret International, Inc. (NASDAQ: RICK), the premier publicly
traded group of upscale gentlemen’s clubs, has acquired Jaguar’s Gold
Club in Fort Worth, Texas, from VCG Holding Corp. (NASDAQ:
VCGH).
Jaguar’s Gold Club is located south of DFW International Airport at
12325 Calloway Cemetery Road.
“The Jaguar’s Gold Club acquisition is another key addition to the
cluster of clubs we have assembled in the vibrant Dallas-Fort Worth
market,” said Eric Langan, President and CEO of Rick’s
Cabaret. “It will add to our purchasing power, marketing advantages,
deployment of regional management and other synergies in this market and
it is another signal that we are continuing to acquire clubs that will
be accretive to our earnings.”
RCI (Fort Worth) paid $1 million in cash and also transferred to VCG
Holding 467,497 shares of VCGH common stock that Rick’s Cabaret had
purchased on the open market over the past year. Along with a long-term
lease, RCI also acquired an option to buy the property on which the club
is located at a price to be determined.
The purchase will bring to seven the number of clubs owned by
subsidiaries of Rick’s Cabaret in the Dallas-Fort Worth market,
including a turnkey acquisition of a club near the DFW International
Airport that is scheduled to be completed later this year.
Subsidiaries of Rick’s Cabaret now own 21 adult clubs nationwide,
including the flagship Rick’s Cabaret in New York City and Tootsie’s
Cabaret in Miami Gardens, Florida.
Mr. Langan said the Jaguar’s Gold Club transaction has no connection to
negotiations Rick’s Cabaret held earlier this year to acquire all of the
outstanding stock of VCG Holding Corp.
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 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 visit www.ricksinvestor.com or
contact
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.
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 ricks.com.
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