DALLAS, Oct. 3, 2013 /PRNewswire/ -- A subsidiary of
Rick's Cabaret International, Inc., (NasdaqGM:RICK), a
leading hospitality company with restaurants and gentlemen's clubs
nationwide, purchased 49 percent of a corporation that operates the
Dallas club "PT's
Platinum."
(Logo:
http://photos.prnewswire.com/prnh/20110418/MM85342LOGO)
Total cost of the transaction was $500,000, with $130,000 allocated to the acquisition of 49
percent of the shares of Manana Entertainment, Inc., which
operates the club on behalf of VCG Holding Corp., and
$370,000 to purchase the building and
personal property.
Under the agreement Rick's Cabaret president and CEO
Eric Langan will become a
vice president and board member of Manana Entertainment.
"We are very pleased to have reached this agreement with VCGH
and look forward to working together to make this club an even
stronger competitor in the growing Dallas-Fort Worth entertainment landscape,"
Mr. Langan said. "We already own and operate 11 restaurants and
clubs in the DFW market and we will be able to leverage our strong
buying power and other efficiencies on behalf of PT's Platinum.
The club is located at 2151 Manana Drive in Dallas, just west of Stemmons Freeway.
About Rick's Cabaret: Rick's Cabaret International, Inc.
(NASDAQ: RICK) is home to restaurants and upscale adult nightclubs
serving primarily businessmen and professionals that offer live
entertainment, dining and bar operations. Nightclubs in
New York City, Los Angeles, Miami, Philadelphia, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis, Indianapolis and other cities operate as
"Rick's Cabaret," "XTC," "Club Onyx," "Vivid Cabaret," "Tootsie's
Cabaret," "Ricky Bobby Sports Saloon," "Bombshells" and other brand
names. Sexual contact is not permitted at any locations. Rick's
Cabaret also operates a media division, ED Publications. 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. 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.