Rick’s Cabaret International, Inc. Agrees to Purchase the Gold Club in Indianapolis
December 14 2010 - 9:00AM
Business Wire
Rick’s Cabaret International, Inc. (NASDAQ: RICK), the
leading group of upscale gentlemen’s clubs, has signed a definitive
agreement to purchase The Gold Club, an adult nightclub in
the Indiana capital.
Total cost of the acquisition, including the real estate, will
be $1,675,000. Assuming transfer of all necessary permits, licenses
and other authorizations and other items subject to due diligence,
the transaction is expected to close on or before December 31,
2010.
“The Gold Club has long been a fixture in the Indianapolis
entertainment scene and we will make it much more so as we complete
renovations and add the famous Rick’s Cabaret style of hospitality
and entertainment excellence,” said Eric Langan, president of the
group that currently operates 21 clubs nationwide. “This purchase
gives us an additional club in the Midwest and we expect that we
will benefit from cluster efficiencies as we add more clubs in this
region in the future.”
The Gold Club is located off Interstate Highway I-65 at 3551
Lafayette Road near Lafayette Square and about three miles from the
world famous Indianapolis Speedway. The club has a VIP Champagne
Room and is a popular location for bachelor and group parties.
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
or visit www.ricksinvestor.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 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.
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