Rick’s Cabaret International, Inc. Announces Expiration of Letter of Intent with VCG Holding Corp.
April 01 2010 - 6:25AM
Business Wire
Rick’s Cabaret International, Inc. (NASDAQ: RICK)
announced that it was not able to enter into a definitive merger
agreement to acquire all of the outstanding stock of VCG Holding
Corp. (“VCG”) in accordance with its letter of intent with VCG.
As previously announced, on February 16, 2010, Rick’s, VCG, Troy
Lowrie, VCG's Chairman and Chief Executive Officer, and
Lowrie Management, LLLP, entered into a non-binding (except
as to certain provisions, including exclusivity and
confidentiality) letter of intent, which letter of intent expired
on March 31, 2010.
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.
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 contact ir@ricks.com.
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