LOS ANGELES – (July 12, 2012) – Rick’s Cabaret International, Inc. (NASDAQ:RICK) has entered into a joint venture with adult night club operator Jerry Westlund 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 Jerry Westlund, who is one of the top adult club operators,” said Eric Langan, President and CEO of Rick’s Cabaret, which has 24 adult clubs around the country. “This venture lets us enter the California 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 Southern California. I am looking forward to joining with Eric Langan, the undisputed leader in our industry, and his team of top people like Ed Anakar. 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."