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Rick’s Cabaret Acquires New Club

Austin, TX- Rick’s Cabaret International, Inc., the national chain of adult entertainment nightclubs, has completed the acquisition of a 51 percent interest in a new 22,000-square-foot gentlemen’s club in the fast-growing Highway 290 section of Austin, Texas. The newest Rick’s Cabaret at 8110 Springdale Road will have its grand opening on November 16th.

“This will be one of the most exciting new gentlemen’s clubs in the country,” said Eric Langan, CEO of Rick’s Cabaret. “There has been a lot of interest from first class entertainers who want to perform in this great new club, from prospective employees, and from customers who want to enjoy the famous Rick’s Cabaret experience — beautiful women, unequaled customer service and friendliness, plus a great steakhouse in a luxurious setting.”

Upon the closing today the company’s wholly owned subsidiary RCI Entertainment (Austin), Inc. paid $500,000 in cash for controlling interest in the club and the company issued 125,000 shares of the company’s restricted common stock valued at $8 per share to the current owner of Playmates Gentleman’s Club.

The acquisition is the fourth transaction this year for Rick’s Cabaret, bringing the total number of clubs owned or operated by the company to 13.

Austin, with a current population of 1.4 million, is one of the fastest growing cities in the United States increasing its population by nearly 50 percent in the past decade, according to the Texas Office of Economic Development and Tourism.

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