RICK RCI Hospitality Holdings Inc

Rick�s Cabaret International, Inc. (NASDAQ: RICK), the publicly traded chain of upscale gentlemen�s clubs, said today it has finalized a licensing agreement with Rick�s Buenos Aires S.A., a subsidiary of Latin Entertainment Srl, to open adult nightclubs in Buenos Aires and other Latin American cities. It will mark the first presence of the company�s brand outside the U.S. It is anticipated that the first internationally licensed Rick�s Cabaret will open in Buenos Aires during the company�s fourth quarter of 2007 in a 20,000-square foot former tango dance palace and superclub on the posh Avenue Cordoba in the heart of the Argentine capital�s financial district. �We have been exploring international activities for several years and have now found a great partner in Latin Entertainment SRL,� said Eric Langan, President and CEO of Rick�s Cabaret. �Latin Entertainment is managed by individuals with outstanding experience in the entertainment and nightclub business. They have agreed to operate at the same high quality standards that characterize the Rick�s Cabaret brand. The agreement requires no financial investment on our part and no management resources except for training and marketing guidance.� Roberto Estrada, chief executive of Buenos Aires-based Latin Entertainment SRL, said Rick�s Buenos Aires S.A. has renovated the former tango palace near the corner of Avenue Cordoba and Libertador, a busy commercial crossroads within walking distance of numerous upscale hotels catering to high-end business travelers and tourists. �Our mission is to create the same quality brand awareness in Latin America that Rick�s Cabaret has built in the U.S.,� Mr. Estrada said. �Our managers will undergo training at Rick�s Cabaret locations in the U.S. and our patrons will enjoy the same outstanding entertainment experience � beautiful performers, terrific food, warm hospitality and even private parking.� Mr. Estrada said that after opening the first club in Buenos Aires his firm plans to establish clubs in Sao Paolo, Santiago, Mexico City and other metropolitan areas with populations of at least three million, heavy tourist traffic and thriving financial and business districts. Mr. Langan said that under terms of the agreement Rick�s Cabaret will receive a royalty typical of licensing deals of this nature. Rick�s Cabaret will also offer marketing and promotional guidance for the international clubs. About Latin Entertainment SRL Latin Entertainment Srl is a Buenos Aires based corporation with founders and partners from Mexico, Argentina and California in the U.S. The company has offices in Buenos Aires and Mexico City. Its operating subsidiary, Rick�s Buenos Aires S.A., is a management entity that will operate the first Rick�s Cabaret in Argentina. Roberto Estrada, President and COO, has more than 35 years of experience in the restaurant and entertainment fields. 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 and operates or licenses adult nightclubs in New York City, New Orleans, Charlotte, Houston, Minneapolis and other cities under the names "Rick's Cabaret," "XTC" and �Club Onyx.� No sexual contact is 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 go to www.ricks.com.