DALLAS, Oct. 3, 2013 /PRNewswire/ -- A subsidiary of Rick's Cabaret International, Inc., (NasdaqGM:RICK), a leading hospitality company with restaurants and gentlemen's clubs nationwide, purchased 49 percent of a corporation that operates the Dallas club "PT's Platinum."
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Total cost of the transaction was $500,000, with $130,000 allocated to the acquisition of 49 percent of the shares of Manana Entertainment, Inc., which operates the club on behalf of VCG Holding Corp., and $370,000 to purchase the building and personal property.
Under the agreement Rick's Cabaret president and CEO Eric Langan will become a vice president and board member of Manana Entertainment.
"We are very pleased to have reached this agreement with VCGH and look forward to working together to make this club an even stronger competitor in the growing Dallas-Fort Worth entertainment landscape," Mr. Langan said. "We already own and operate 11 restaurants and clubs in the DFW market and we will be able to leverage our strong buying power and other efficiencies on behalf of PT's Platinum.
The club is located at 2151 Manana Drive in Dallas, just west of Stemmons Freeway.
About Rick's Cabaret: Rick's Cabaret International, Inc. (NASDAQ: RICK) is home to restaurants and upscale adult nightclubs serving primarily businessmen and professionals that offer live entertainment, dining and bar operations. Nightclubs in New York City, Los Angeles, Miami, Philadelphia, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis, Indianapolis and other cities operate as "Rick's Cabaret," "XTC," "Club Onyx," "Vivid Cabaret," "Tootsie's Cabaret," "Ricky Bobby Sports Saloon," "Bombshells" and other brand names. Sexual contact is not permitted at any locations. Rick's Cabaret also operates a media division, ED Publications. Rick's Cabaret common stock is traded on NASDAQ under the symbol RICK. For further information contact ir@ricks.com or visit www.ricksinvestor.com. Twitter: @rickscabaret; Facebook: http://www.facebook.com/rickscabaretintl.
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 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 www.ricksinvestor.com.
SOURCE Rick's Cabaret International, Inc.