EX-99.1
3
ex99_1.htm
EXHIBIT 99.1
ex99_1.htm
Exhibit
99.1
FOR
IMMEDIATE RELEASE
RICK'S
CABARET INTERNATIONAL, INC. NOW OWNS 100 PERCENT OF AUSTIN GENTLEMEN'S
CLUB
HOUSTON - (April 1, 2008) - Rick's Cabaret
International, Inc. (NASDAQ/GM:RICK), the premier operator
of upscale gentlemen's clubs, has acquired the remaining 49
percent of the 22,000-square-foot gentlemen's club in Austin, Texas
that it has operated since November 2006 and now owns 100 percent of
it.
To
acquire full ownership the company paid approximately $700,000 in cash and debt
forgiveness plus 35,000 shares of restricted common stock to be valued at $20
per share, subject to a lock up agreement after a one year holding
period.
Eric Langan
, President and CEO
of Rick's Cabaret, said, "Purchasing the additional 49% and gaining 100% control
of the club allows us to fully recognize our management's efforts in building
this location and creates value for our shareholders".
With the
close of this transaction, combined with the close of the Philadelphia
acquisition announced on March 31, 2008, the company believes that it will
exceed previously announced fiscal 2008 guidance of $55 million in revenue and
earnings of $1.10 per share. However, due to the start up nature of
the Philadelphia club, the company expects to update guidance during its May
2008 earnings conference call.
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, New Orleans, Charlotte,
Houston, Minneapolis and other cities under the names "Rick's Cabaret", "XTC,"
"Club Onyx" and "Tootsie's Cabaret". Sexual contact is not permitted at any of
these locations. Rick's Cabaret also owns the adult Internet membership Web
site, couplestouch.com, and 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 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 visit www.ricks.com
<http://www.ricks.com/>.
Contact: Allan Priaulx,
212-338-0050, ir@ricks.com

EX - 99 . 1 3 ex99 _ 1 . htm EXHIBIT 99 . 1 ex99 _ 1 . htm Exhibit 99 . 1 FOR IMMEDIATE RELEASE RICK 'S CABARET INTERNATIONAL , INC . NOW OWNS 100 PERCENT OF AUSTIN GENTLEMEN 'S CLUB HOUSTON - ( April 1 , 2008 ) - Rick 's Cabaret International , Inc . ( NASDAQ / GM : RICK ) , the premier operator of upscale gentlemen 's clubs , has acquired the remaining 49 percent of the 22,000 - square - foot gentlemen 's club in Austin , Texas that it has operated since November 2006 and now owns 100 percent of it . To acquire full ownership the company paid approximately $ 700,000 in cash and debt forgiveness plus 35,000 shares of restricted common stock to be valued at $ 20 per share , subject to a lock up agreement after a one year holding period . Eric Langan , President and CEO of Rick 's Cabaret , said , " Purchasing the additional 49 % and gaining 100 % control of the club allows us to fully recognize our management 's efforts in building this location and creates value for our shareholders " . With the close of this transaction , combined with the close of the Philadelphia acquisition announced on March 31 , 2008 , the company believes that it will exceed previously announced fiscal 2008 guidance of $ 55 million in revenue and earnings of $ 1.10 per share . However , due to the start up nature of the Philadelphia club , the company expects to update guidance during its May 2008 earnings conference call . 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 , New Orleans , Charlotte , Houston , Minneapolis and other cities under the names " Rick 's Cabaret " , " XTC , " " Club Onyx " and " Tootsie ' s Cabaret " . Sexual contact is not permitted at any of these locations . Rick 's Cabaret also owns the adult Internet membership Web site , couplestouch.com , and 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 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 visit www.ricks.com < http://www.ricks.com/ > . Contact : Allan Priaulx , 212 - 338 - 0050 , ir@ricks.com