July 12, 2012
Rick's Cabaret International, Inc
. (NASDAQ:RICK) has entered into a joint venture with adult night club operator
for a new topless nightclub in
Los Angeles County
. Each party will own 50 percent of the 12,000 square foot club, which is currently under construction.
"We are very excited about the opportunity to work with
, who is one of the top adult club operators," said
, President and CEO of Rick's Cabaret, which has 24 adult clubs around the country. "This venture lets us enter the
market with one of its most experienced players and it is consistent with our previously announced plan to partner with multi-club operators."
Mr. Westlund, who currently operates 19 clubs under the brands
The Fantasy Showclubs
and The Pony, said, "It is an exciting opportunity to raise the bar for gentlemen's club entertainment in
. I am looking forward to joining with
, the undisputed leader in our industry, and his team of top people like
. They have unequaled operating skills and we have great growth potential ahead of us."
The joint venture will sign a long-term lease for the property where the club is located, with an option to purchase it at a later date. Further details regarding the opening and the location of the club will be provided shortly before the anticipated opening in September or October.
About Rick's Cabaret:
Rick's Cabaret International, Inc. (NASDAQ: RICK) is home to upscale adult nightclubs serving primarily businessmen and professionals that offer live entertainment, dining and bar operations. Nightclubs in
New York City
and other cities as "Rick's Cabaret," "XTC," "Club Onyx" and "Tootsie's Cabaret" and other brand names. Sexual contact is not permitted at any 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
This press release may contain 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 press release, 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. 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
SOURCE Rick's Cabaret International, Inc.