Rick’s Cabaret International, Inc. Announces Expiration of Letter of Intent with VCG Holding Corp.
Ricks Cabaret International, Inc. (NASDAQ: RICK) announced that it was not able to enter into a definitive merger agreement to acquire all of the outstanding stock of VCG Holding Corp.in accordance with its letter of intent with VCG.
As previously announced, on February 16, 2010, Rick’s, VCG, Troy Lowrie, VCG's Chairman and Chief Executive Officer, and Lowrie Management, LLLP, entered into a non-binding (except as to certain provisions, including exclusivity and confidentiality) letter of intent, which letter of intent expired on March 31, 2010.
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, Miami, Philadelphia, New Orleans, 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 [email protected].
