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RICK: Rick's takes controlling interest in Austin club
Thursday October 12, 12:10 pm ET


Rick's Cabaret International Inc. intends to purchase a 51-percent interest in a new 22,000 square-foot gentleman's club in Austin. It will be operated as a Rick's Cabaret.
Houston-based Rick's (NASDAQ:RICK - News) will pay $500,000 cash and issue 125,000 shares of restricted common stock valued at $8 per share to the current owner of Austin's Playmates Gentlemen's Club, on the city's north side.

The club is expected to open in late October or early November. The Playmates transaction is the fourth this year for Rick's, bringing its total number of sexually oriented adult nightclubs to 13. The company recently purchased two clubs in San Antonio.

Published October 12, 2006 by the Houston Business Journal


http://biz.yahoo.com/bizj/061012/1359717.html?.v=1