Rick’s Cabaret International, Inc., the premier operator of
upscale gentlemen’s clubs, has renegotiated the terms of put options
granted in the acquisition of a nightclub in Dallas, Texas. The new
terms are the final pieces in a program under which the company has
extended payment terms related to several of its recent acquisitions.
Under the renegotiated terms of a Lock-Up/Leak-Out agreement the sellers
of The Executive Club will now have the right to put a maximum of
3,000 shares per month to Rick’s Cabaret for 12 months at $25 per share,
rather than the original maximum of 5,000 per month.
The renegotiation of terms for the Dallas club defers $600,000 of
potential put payments into future years.
About Rick’s Cabaret: Rick’s Cabaret International, Inc. (NASDAQ:
RICK) operates upscale adult nightclubs serving primarily businessmen
and professionals that offer live adult entertainment, restaurant and
bar operations. The company owns, operates or licenses adult nightclubs
in New York City, Miami, Philadelphia, New Orleans, Charlotte, Dallas,
Houston, Minneapolis and other cities 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 Web
site, 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: This document contains
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 document, 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 ricks.com.
Rick’s Cabaret International, Inc.
Allan Priaulx, 212-338-0050
ir@ricks.com
