HOUSTON, Aug. 18, 2021
/PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK)
today announced the signing of definitive agreements to acquire The
Mansion Gentlemen's Club and Steakhouse of Newburgh, NY, and its real estate.
The Mansion (https://www.mansiongentlemensclub.com/) was
completely renovated in 2018, has been in business for nine years,
and is the only gentlemen's club with a liquor license in
Orange County, NY, considered to
be one of the fastest growing counties in the state.
Consideration is $500,000 in cash
and $1.0 million in 4.00%, 7-year
seller financing for the club and $2.0
million for the real estate. Closing is subject to customary
conditions for transactions of this kind, including the transfer of
all necessary permits, licenses, and other authorizations, and is
currently anticipated to occur within approximately 90 days.
About RCI Hospitality Holdings, Inc. (Nasdaq: RICK)
With more than 40 units, RCI Hospitality Holdings, Inc., through
its subsidiaries, is the country's leading company in gentlemen's
clubs and sports bars/restaurants. Clubs in New York City, Chicago, Dallas/Ft.
Worth, Houston,
Miami, Minneapolis, St.
Louis, Charlotte,
Pittsburgh, and other markets
operate under brand names such as Rick's Cabaret, XTC, Club Onyx,
Vivid Cabaret, Jaguars Club, Tootsie's Cabaret, and Scarlett's
Cabaret. Sports bars/restaurants operate under the brand name
Bombshells Restaurant & Bar. Please visit
http://www.rcihospitality.com/
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, but not limited to, the risks and
uncertainties associated with (i) operating and managing an adult
business, (ii) the business climates in cities where it operates,
(iii) the success or lack thereof in launching and building the
company's businesses, (iv) cyber security, (v) conditions relevant
to real estate transactions, (vi) the impact of the COVID-19
pandemic, and (vii) numerous other factors such as laws governing
the operation of adult entertainment businesses, competition and
dependence on key personnel. For more detailed discussion of such
factors and certain risks and uncertainties, see RCI's annual
report on Form 10-K for the year ended September 30, 2020, as well as its other filings
with the U.S. Securities and Exchange Commission. The company has
no obligation to update or revise the forward-looking statements to
reflect the occurrence of future events or circumstances.
Media & Investor Contacts
Gary Fishman and Steven Anreder at 212-532-3232 or
gary.fishman@anreder.com and steven.anreder@anreder.com
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SOURCE RCI Hospitality Holdings, Inc.