VCG Holding Corp. Announces it has Terminated Previous Announced Letter of Intent to Acquire Three Upscale Gentleman's Clubs in
January 15 2008 - 8:00AM
Business Wire
VCG Holding Corp. (NASDAQ: VCGH), a growing and leading
consolidator and operator of adult nightclubs, today announced that
it has terminated a previously announced letter of intent to
purchase the assets of three major adult nightclubs in the
Southwestern and Southeastern part of the United States. The
purchase price for these clubs was approximately $13.5 million.
Troy Lowrie, Chairman and CEO of VCG Holding, stated, �After much
due diligence we were not able to overcome some obstacles in our
decision to purchase these three clubs. We are fortunate to have a
growing pipeline of acquisition candidates and there will be others
that fit within our strategy of expansion and profit. Our
previously announced earnings per share guidance in excess of $0.86
for 2008 is realistic and we begin the year very optimistic about
our growth opportunities. �I would like to use this opportunity to
update the public on our Dallas acquisition, which we announced in
2007. The Dallas club is closed in escrow but the license has not
yet been issued. This is due to a claim that the location is within
1,000 feet from a public park. We expect the license to be issued
within the 2008 first quarter. With the expected close of Dallas
our portfolio of clubs stands at 19,� concluded Mr. Lowrie. About
VCG Holding Corp. VCG Holding Corp. is an owner, operator and
consolidator of adult nightclubs throughout the United States. The
Company currently owns 19 adult nightclubs1 and one upscale dance
lounge. The night clubs are located in Indianapolis, IN, St. Louis,
MO, Denver and Colorado Springs, CO, Ft. Worth and Dallas, TX,
Raleigh, NC, Minneapolis, MN, Louisville, KY, Portland, ME, and
Miami, FL. Forward-Looking Statements: Certain statements in this
release are forward-looking statements within the meaning of the
Securities Litigation Reform Act of 1995. Such statements are based
on current expectations, estimates and projections about the
Company�s business based, in part, on assumptions made by
management. These statements are not guarantees of future
performance and involve risks and uncertainties that are difficult
to predict. Therefore, actual outcomes and results may differ
materially from what is expressed or forecasted in such
forward-looking statements due to numerous factors identified from
time to time in the Company�s reports with the Securities and
Exchange Commission, including our Annual Report on Form 10-KSB for
the year ended December 31, 2006. All forward-looking statements
attributable to us or any persons acting on our behalf are
expressly qualified in their entirety by these cautionary
statements. All guidance and forward-looking statements in this
press release are made as of the date hereof and we do not
undertake any obligation to update any forecast or forward-looking
statements, except as may be required by law. 1 Subject to one (1)
nightclub pending license approval
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