Rascals International (fka RASC)

[bostonredsox]

Rascals International Announces Stock Buy-Back

Monday January 7, 2:39 pm Eastern Time
Press Release
SOURCE: Rascals International, Inc.

WEST ORANGE, N.J.--(BUSINESS WIRE)--January 7, 2002--Rascals International, Inc. (OTCBB: RASC - news) announced today that its board had authorized the purchase of up to two million shares of the Corporation's common stock.

This represents almost 10% of the issued and outstanding shares.

Ed Rodriguez, Rascals's Chairman and CEO had this to say about the decision,`` It is impossible for me to understand why our shares are so devalued considering what the company has accomplished in the last year, and with our exciting and profitable prospects for the future, starting in 2002. Our plans will benefit everyone involved in Rascals, especially existing shareholders whose patience I applaud, while my frustration continues to grow.''

``Rascals has positioned itself to take full advantage of various opportunities, primarily the opening of new clubs. The first two of these, in Phoenix Arizona, and Springfield, Massachusetts have already opened and are well ahead of break-even schedule. 2002 will be a dramatic year for us, and we can't wait to demonstrate the results of our careful preparation and forward looking Business Plan.''

The first Rascals club opened in 1988, the second in 1991, and the latest two clubs premiered in 2001.

Visit our Website: www.rascals.net

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This press release contains certain forward-looking statements regarding Rascals International Inc. its business and financial prospects. These statements represent Management's present intentions and its present belief regarding the company's future. These statements are not, however, predictions of the future, nor are they assurances that any of our intentions will be fulfilled. There are numerous risks and uncertainties that could cause our actual results to differ dramatically from the results suggested in this press release. Among the more significant risks are the fact that Rascal International's growth will be limited unless it obtains additional capital, and may not be able to attract the skilled managers it will need in order to expand its operations efficiently. In addition, changing circumstances may cause Management to determine that a change in plans will be in the best interests of Rascals International Inc. For this reason, readers should not place undue reliance of any of our forward-looking statements. Readers should also take note that Rascals International Inc. will not necessarily make any public announcement of changes affecting these forward-looking statements, which should be considered accurate on this date only. Readers should refer to the documents filed by Rascals International Inc with the Securities and Exchange Commission for a better understanding of our company.



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Contact:

Rascals International, Inc., West Orange
Ed Rodriguez, 973/243-8000
[e-mail]