Followers | 218 |
Posts | 9811 |
Boards Moderated | 1 |
Alias Born | 10/20/2008 |
Thursday, June 02, 2011 9:25:52 AM
Ricks Cabaret International, Inc. (MM) (NASDAQ:RICK)
Intraday Stock Chart
Today : Thursday 2 June 2011
Subsidiaries of Rick's Cabaret International, Inc., (NASDAQ: RICK), the nation's leading group of upscale gentlemen's clubs, has signed an asset purchase agreement that will give it controlling ownership of an adult nightclub just east of downtown Omaha. A subsidiary of Rick's Cabaret also has agreed to purchase the building where the club is located.
(Logo: http://photos.prnewswire.com/prnh/20110418/MM85342LOGO)
Under terms of the agreed transaction Rick's Cabaret will pay $425,000 in cash to the current owners of Sarie's Lounge at 2449 N. 13th Street in Carter Lake. The current owners of Sarie's Lounge will hold a 40 percent interest in a new subsidiary formed to operate the club. Rick's Cabaret will receive a 10 percent royalty on gross revenues for the use of the Rick's Cabaret name by the new subsidiary and Rick's Cabaret will also be entitled to 60 percent of profits while the minority shareholders will earn the remaining 40 percent.
Under terms of a separate purchase agreement Rick's Cabaret subsidiary RCI Holdings, Inc. has agreed to pay $1,275,000 for the building that houses the current Sarie's Lounge. RCI Holdings will lease the property back to the new owners.
Rick's Cabaret has also agreed to loan the enterprise up to $500,000 to be used for remodeling, capital improvements, advertising, promotion, marketing and other operating expenses, if necessary.
"This acquisition extends our footprint in the Midwest, with a terrific location near the heart of Omaha," said Rick's Cabaret president and CEO Eric Langan. "After renovations have been completed we will rebrand the club as a Rick's Cabaret, bringing our traditionally fine, first-class entertainment experience to this vibrant market."
Closing of the transactions is expected before the end of June, subject to conditions consistent with acquisitions of this type, plus closing on the associated real property purchase.
About Rick's Cabaret: Rick's Cabaret International, Inc. (NASDAQ: RICK) comprises 23 upscale adult nightclubs serving primarily businessmen and professionals that offer live entertainment, dining and bar operations. Nightclubs in New York City, Miami, Philadelphia, Charlotte, Dallas, Houston, Minneapolis and other cities operate under the names "Rick's Cabaret," "XTC," "Club Onyx" and "Tootsie's Cabaret". Sexual contact is not permitted at these locations. Rick's Cabaret also operates a media division, ED Publications, and owns the adult Internet membership Website couplestouch.com as well as a network of online adult auction sites under the flagship URL naughtybids.com. 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.
Forward-looking Statements: This document contains 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 document, 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. Additional factors that could cause the Company's results to differ materially from those described in the forward-looking statements are described in forms filed with the SEC from time to time and available at www.ricksinvestor.com or on the SEC's internet website at www.sec.gov. 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.
Recent RICK News
- /C O R R E C T I O N -- RCI Hospitality Holdings, Inc./ • PR Newswire (US) • 05/29/2024 05:30:00 PM
- RCI Announces 34th Consecutive Quarterly Cash Dividend • PR Newswire (US) • 05/29/2024 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/24/2024 08:05:15 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:02:51 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/17/2024 06:01:23 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/15/2024 12:03:30 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/09/2024 08:11:04 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/09/2024 08:05:48 PM
- U.S. Index Futures Dip, Bank of England Holds Interest Rates at 5.25% • IH Market News • 05/09/2024 11:47:20 AM
- RCI to Host 2Q24 Conference Call on X Spaces & Meet Management in NYC on Thursday, May 9 • PR Newswire (US) • 05/06/2024 01:00:00 PM
- RCI Reports 2Q24 Sales, Development Updates & Share Buybacks; Holding X Spaces Call at 4:30 PM ET Today • PR Newswire (US) • 04/09/2024 08:05:00 PM
- U.S. Futures Show Mixed Movement, Crude Oil Prices Inch Up • IH Market News • 04/09/2024 10:42:21 AM
- RCI to Report 2Q24 Club & Restaurant Sales and Hold X Spaces Call on April 9, 2024 • PR Newswire (US) • 04/04/2024 01:00:00 PM
- Bitcoin Transactions Increasing at RCI's Tootsie's & Scarlett's Adult Clubs in Miami • PR Newswire (US) • 02/29/2024 02:00:00 PM
- RCI Announces 33rd Consecutive Quarterly Cash Dividend • PR Newswire (US) • 02/28/2024 02:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/26/2024 11:50:30 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 10:26:51 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 02/08/2024 09:10:29 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/08/2024 09:08:57 PM
- RCI to Host 1Q24 Conference Call on X Spaces on Thursday, Feb. 8 • PR Newswire (US) • 02/06/2024 04:30:00 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 01/26/2024 10:25:22 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/09/2024 05:57:55 PM
- RCI Reports 1Q24 Club & Restaurant Sales • PR Newswire (US) • 01/09/2024 02:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/14/2023 09:09:12 PM
- RCI to Host 4Q23 Call on X (formerly Twitter) Spaces & Meet Management in NYC on Thursday, Dec. 14 • PR Newswire (US) • 12/13/2023 02:00:00 PM
ECGI Holdings Announces LOI to Acquire Pacific Saddlery to Capitalize on $12.72 Billion Market Potential • ECGI • Jun 13, 2024 9:50 AM
Fifty 1 Labs, Inc. Announces Major Strategic Advancements and Shareholder Updates • CAFI • Jun 13, 2024 8:45 AM
Snakes & Lattes Opens Pop-Up Location at The Wellington Market in Toronto: A New Destination for Fun and Games - Thanks 'The Well', PepsiCo, Indie Pale House & All Sponsors & Partners for Their Commitment & Assistance Throughout The Process • FUNN • Jun 13, 2024 8:18 AM
HealthLynked Introduces Innovative Online Medical Record Request Form Using DocuSign • HLYK • Jun 12, 2024 8:00 AM
Ubiquitech Software Corp (OTC:UBQU) Posts $624,585 Quarterly Revenue - Largest Quarter Since 2018 • UBQU • Jun 11, 2024 10:13 AM
Element79 Gold Corp Files for OTCQB Uplisting, Provides Financial Update • ELEM • Jun 11, 2024 9:25 AM