Rascals International (fka RASC)

[bostonredsox]

Rascals International Retires Debt of Over $500,000

Tuesday January 29, 12:45 pm Eastern Time
Press Release
SOURCE: Rascals International, Inc.

WEST ORANGE, N.J., Jan. 29 /PRNewswire-FirstCall/ -- Rascals International, Inc. (OTC Bulletin Board: RASC - news), a leading comedy club and Internet comedy site (http://www.rascalscomedyclub.com), today announced that the CEO of the Company, Ed Rodriguez, has forgiven Rascals of past debts totaling approximately $570,000. These debts were primarily unpaid rent due to a real estate company partly owned by Mr. Rodriguez.

Ed Rodriguez, stated, ``In return for continued participation in the Company's two New Jersey club mortgages, we were able to elicit a significant credit that reduced our rental debt by $570,000. This sum enhances our balance sheet and will directly contribute to growing our profits during 2002.''

Rodriguez continued, ``This debt reduction also allows us to ease our cash requirements, enabling us to meet our goal to open clubs in ten U.S. cities by year-end.''

Full details can be found in the Company's Form 8K.

Rascals International operates comedy clubs in Ocean Township and West Orange both in New Jersey, clubs in the Crowne Plaza Hotel Downtown Phoenix, Arizona, and the Sheraton Springfield at Monarch Place, Springfield, MA and is scheduled to open shortly in the Philadelphia suburb of West Chester, PA. The Company also has a video library of nearly 400 hours of top name comedians. The Company is headquartered in West Orange, New Jersey. For more information, visit its corporate website, www.Rascalscomedyclub.com.

Contact Information: At the Company, contact Ed Rodriguez, CEO, 973-243-8000 or [e-mail]. For Investor Relations, contact Mario ``Ike'' Iacoviello, OTC Financial Network, 888-765-5355 or 760-931-9211 or [e-mail]. See also www.otcfn.com/rasc.

Except for the statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

SOURCE: Rascals International, Inc.