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SCOH (OTCBB) Scores Holding Company Agrees to Buy Back Convertible Debt; Construction Begins for West Side of Manhattan Nightclub

MONDAY , DECEMBER 02, 2002 08:30 AM

NEW YORK, Dec 2, 2002 /PRNewswire-FirstCall via COMTEX/ -- Scores Holding Company Inc. (the "Company") (OTC Bulletin Board: SCOH) announced today that it would buy back outstanding convertible and nonconvertible debt in the principal amount of $1,850,000 held by a private equity fund. The convertible debt consists of $850,000 of debentures that are convertible into the Company's common stock with 1% interest on the outstanding balance. The nonconvertible debt consists of a $1,000,000 five-year loan with 6% interest on the outstanding balance. The Company also mutually agreed with a private investor to the termination of a previously announced proposed financing of $2,000,000 in convertible debt.

Richard Goldring, Chairman and CEO of the Company, said, "We believe that our shareholders long term interests will be served by eliminating this convertible debt. The conversion of this debt had the potential of causing substantial dilution in the future to our shareholders. We believe we can obtain financing that will be more beneficial for our needs."

Construction has begun at the Company's new adult nightclub, which will include a gourmet restaurant, to be operated under the "Scores" name at 533-535 West 28th Street, New York, NY. The nightclub is presently scheduled to open during the latter part of March 2003. The Company had previously announced that the nightclub would open in late 2002 but the start of construction was delayed due to the work required by the New York City Department of Buildings to ensure that the plans conformed to the recently enacted New York City zoning laws for adult use. The Company will own and operate the new club, which will have 10,000 square feet of space, the maximum permitted by New York City law, allocated for adult entertainment purposes.

"We are very pleased with the progress we have made to date and excited about the future of Scores Holding Company. We will continue to build strong earnings momentum with the acquisition of the Diamond Dollars(TM) and the anticipated opening of the new Scores on the West Side of Manhattan in early 2003. We have laid the groundwork for the growth and success of Scores Holding. With the commencement of construction, we are well on our way to making the new club a reality," said Mr. Goldring.

Safe Harbor Statement

Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and may contain forward-looking statements, with words such as "anticipate," "believe," "expect," "future," "may," "will," "should," "plan," "projected," "intend," and similar expressions to identify forward-looking statements. These statements are based on the Company's beliefs and the assumptions it made using information currently available to it. Because these statements reflect the Company's current views concerning future events, these statements involve risks, uncertainties and assumptions. The actual results could differ materially from the results discussed in the forward-looking statements. In any event, undue reliance should not be placed on any forward-looking statements, which apply only as of the date of this press release. Accordingly, reference should be made to the Company's periodic filings with the Securities and Exchange Commission.



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SOURCE Scores Holding Company Inc.


CONTACT: Scores Holding Company, Inc., [phone],
[e-mail]
(SCOH)

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