VCGH Vcg Holding Corp. (MM)

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