EXHIBIT 99.1
RICK'S CABARET INTERNATIONAL SIGNS CONTRACT TO PURCHASE LAND NEAR HOBBY AIRPORT
IN HOUSTON
HOUSTON - (March 27, 2006) - RICK'S CABARET INTERNATIONAL, INC. (NASDAQ: RICK)
said today its RCI Holdings, Inc. subsidiary has contracted to purchase the real
estate at 9009 Airport Boulevard in Houston where it currently operates HUMMERS
SPORTS BAR and XTC CABARET.
"This is a superb piece of property and by owning it we will be able to further
develop our club activities at a site that is convenient to WILLIAM P. HOBBY
AIRPORT (HOU) and the commercial centers of South Houston," said Eric Langan,
President and CEO of Rick's Cabaret.
The property is 99,085 square feet and has been leased by Rick's Cabaret to
house the Hummers Sports Bar and an XTC Cabaret adult club.
When the transaction closes following the completion of surveys and inspections,
the company will pay the present owner $1.3 million in a combination of cash and
stock. Further details on the sale are available in a Form 8-K filed with the
SEC and posted on the company's website (www.ricks.com).
ABOUT RICK'S CABARET:
Rick's Cabaret International, Inc. (NASDAQ: RICK, www.ricks.com) operates
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upscale adult nightclubs serving primarily businessmen and professionals that
offer live adult entertainment, restaurant and bar operations. The company owns,
operates or licenses adult nightclubs in New York City, New Orleans, Houston,
Minneapolis and other cities under the names "Rick's Cabaret," "XTC," "Club
Onyx" and "Hummers." No sexual contact is permitted at any of these locations.
Rick's Cabaret also owns the adult Internet membership Web site,
www.couplestouch.com, and a network of nine online auction sites for adult
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products under the flagship URL www.naughtybids.com. Rick's Cabaret common stock
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is traded on the NASDAQ SmallCap market under the symbol RICK. For further
information contact ir@ricks.com.
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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 New York City and elsewhere, the success or lack thereof in
launching and building the company's businesses in New York City and elsewhere,
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 go to www.ricks.com.
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CONTACT FOR FURTHER INFORMATION: ALLAN PRIAULX, 212-338-0050, IR@RICKS.COM
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