Rick's Cabaret International, Inc. Completes Acquisition Of Topless Nightclub In Los Angeles County
LOS ANGELES, June 3, 2013 /PRNewswire/ -- Rick's Cabaret International, Inc. (NASDAQ: RICK) has completed the acquisition of a new topless nightclub in Los Angeles County that it will open this summer as Vivid Cabaret. The 12,000 square foot club is located in Los Angeles County at 1957 Del Amo Blvd, Rancho Dominguez, CA, just north of Long Beach and convenient to the 405, 110, Gardena and Long Beach freeways.
"This club gives us a truly coast to coast presence and will bring the total number of clubs operated by our subsidiaries to 38, with four more due to open by October," said Eric Langan, President and CEO of Rick's Cabaret. "We also are very excited to be licensing the Vivid brand name, which is the most powerful in the adult entertainment sector." A second Vivid Cabaret in midtown Manhattan is currently under construction and is expected to open in the fall.
Through a subsidiary Rick's Cabaret International, Inc. acquired the outstanding membership interests for the Los Angeles County location for a purchase price of 100,000 restricted shares of its common stock.
About Rick's Cabaret: Subsidiaries of Rick's Cabaret International, Inc. (NASDAQ: RICK) own upscale adult nightclubs serving primarily businessmen and professionals that offer live entertainment, dining and bar operations. Nightclubs called "Rick's Cabaret," "XTC Cabaret," "Club Onyx" and "Tootsie's Cabaret" and other brand names are located in New York City, Miami, Philadelphia, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis, Indianapolis and other cities. Sexual contact is not permitted at any locations. A subsidiary of Rick's Cabaret also owns a media division, ED Publications. Rick's Cabaret common stock is traded on NASDAQ under the symbol RICK. For further information contact email@example.com or visit www.ricksinvestor.com. Twitter: @rickscabaret; Facebook: http://www.facebook.com/rickscabaretintl.
Forward-looking Statements: This press release may contain 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 press release, 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 www.ricksinvestor.com.
SOURCE Rick's Cabaret International, Inc.