HOUSTON - (January 17, 2012) -(NASDAQ:RICK), through its
wholly owned subsidiary, RCI Holdings, Inc., has purchased
two real estate parcels in Dallas and Ft. Worth.
The company paid a total of $5.5 million for the two
parcels, paying $2 million in cash and the remaining $3.5
million financed by the seller through a 10 year note at an
interest rate of eight percent.
The first property is at 12325 Calloway Cemetery Road in
Fort Worth and includes the building where the company's
adult nightclub is located. The second property is at 2151
Manana Drive in Dallas and is home to a separately owned
gentlemen's club, Jaguar's Gold Club, which will become a
rental tenant of Rick's Cabaret.
"This is a great investment for us in a vibrant market that
has the end result of lowering our monthly cash outlay,
since we no longer will be paying rent for Cabaret East and
we will be collecting rent on the property currently
occupied by Jaguars," said Eric Langan, President and CEO
of Rick's Cabaret. "The acquisitions expand our holdings in
a great region and will give us a very nice return on
investment from day one."
Subsidiaries of Rick's Cabaret currently own and operate
eight properties in the Dallas/Ft. Worth Metroplex. The
company has 23 adult nightclubs nationwide.
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.
Forward-looking Statements: Certain statements contained in
this release regarding Rick's Cabaret future operating
results or performance or business plans or prospects and
any other statements not constituting historical fact are
"forward-looking statements" subject to the safe
harbor created by the Private Securities Litigation Reform
Act of 1995. Where possible, the words "believe,"
"expect," "anticipate,"
"intent," "would," "will,"
"planned," "estimated,"
"potential," "goal,"
"outlook," and similar expressions, as they
relate to the company or its management have been used to
identify such forward-looking statements. All
forward-looking statements reflect only current beliefs and
assumptions with respect to future business plans,
prospects, decisions and results, and are based on
information currently available to the company.
Accordingly, the statements are subject to significant
risks, uncertainties and contingencies, which could cause
the company's actual operating results, performance or
business plans or prospects to differ materially from those
expressed in, or implied by, these statements. Such risks,
uncertainties and contingencies include, but are not
limited to, risks and uncertainties associated with (i)
operating and managing an adult business, (ii) the business
climates in cities where the company operates, (iii) the
success or lack thereof in launching and building the
company's businesses, (iv) the operational and financial
results of the company's adult nightclubs, (v)
conditions relevant to real estate transactions, (vi) the
loss of key personnel, and (vii) laws governing the
operation of adult entertainment businesses. Additional
factors that could cause the company's results to differ
materially from those described in the forward-looking
statements are described in forms filed with the SEC from
time to time and available at . Unless required by law,
Rick's Cabaret does not undertake any obligation to
update publicly any forward-looking statements, whether as
a result of new information, future events, or
otherwise.
Contact:Allan Priaulx, 212-338-0050, allan@ricks.com
