This excerpt taken from the RICK 8-K filed Jan 29, 2008.
Eaglesgames are played, and near the site of a proposed new gambling casino. We expect that very soon Rick’s Cabaret Philadelphia will be the No. 1 adult entertainment and dining establishment in the area.”
Rick’s Cabaret will pay $3.5 million in cash for the 51 percent interest in the real propertyandwill issue 195,000 shares of the company’s stockvalued at $23 per share.The shares will be subject to certain lock-up/leak-out provisions that limit their resale. The transaction is anticipated to close within seven days of approval by the Pennsylvania Liquor Control Board, which the company anticipates will happen in the current fiscal quarter.
Mr. Langan said that upon finalization of the transaction the company plans to incorporate an upscale steakhouse and sports bar and convert the venue to the Rick’s Cabaret model that has been successful in markets including New York City, Houston, Minneapolis and other cities.