Vcg (AMEX:PTT)
Historical Stock Chart
From Oct 2019 to Oct 2024
VCG Holding Corp. (VCG) (AMEX: PTT), a nationwide owner/operator of
adult nightclubs, announced today that it has entered into an agreement
to purchase the assets of a major adult nightclub in the southeastern
area of the United States.
VCG announced today that it has entered into an agreement to purchase
the assets of a major adult nightclub in the Southeastern United States
for cash and a nominal amount of VCG common stock. The name and location
of the fully licensed venue and its seller are being kept confidential
as part of the agreement until closing the transaction, which is
expected to take place by April 30, 2007.
The purchase is contingent upon transfer of all applicable permits and
licenses and other contingencies customary with this type of transaction.
“This acquisition is not only highly
accretive, but also adds another premier club to our upscale portfolio
of clubs. The proceeds of the recent private placement will fund this
acquisition, the previously announced Scheiks Gentlemen’s
Club in Minneapolis, and one more major acquisition by the end 2007,”
stated Troy Lowrie, CEO and Chairman of VCG. Management believes the
announced acquisitions will enable the company to meet or exceed the
January 10, 2007 press release of Earnings Guidance for 2007, 2008, and
2009.
About VCG Holding Corp.
VCG Holding Corp. is an owner, operator and consolidator of adult
nightclubs throughout the United States. The Company currently owns
twelve adult nightclubs and one upscale dance lounge. The night clubs
are located in Indianapolis, St. Louis, Denver, Colorado Springs, and
Louisville.
Forward-looking statements
Statements contained in this press release concerning future results,
performance or expectations are forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These
statements include statements regarding the intent, belief or current
expectations of the Company and members of its management team, as well
as assumptions on which such statements are based. All forward-looking
statements in this press release are based upon information available to
the Company on the date of this press release. Forward-looking
statements involve a number of risks and uncertainties, and other
factors, that could cause actual results, performance or developments to
differ materially from those expressed or implied by those
forward-looking statements including the following: failure of facts to
conform to necessary management estimates and assumptions; the Company’s
ability to identify and secure suitable locations for new nightclubs on
acceptable terms, open the anticipated number of new nightclubs on time
and within budget, achieve anticipated rates of same-store sales, hire
and train additional nightclub personnel and integrate new nightclubs
into its operations; the continued implementation of the Company’s
business discipline over a large nightclub base; unexpected increases in
cost of sales or employee, pre-opening or other expenses; the economic
conditions in the new markets into which the Company expands and
possible uncertainties in the customer base in these areas; fluctuations
in quarterly operating results; seasonality; changes in customer
spending patterns; the impact of any negative publicity or public
attitudes; competitive pressures from other national and regional
nightclub chains; business conditions, such as inflation or a recession,
or other negative effect on nightclub patterns, or some other negative
effect on the economy, in general, including (without limitation) growth
in the nightclub industry and the general economy; changes in monetary
and fiscal policies, laws and regulations; war, insurrection and/or
terrorist attacks on United States soil; and other risks identified from
time to time in the Company’s SEC reports,
including the Annual Report on Form 10-KSB for 2005, Quarterly Reports
on Form 10-QSB and Current Reports on Form 8-K, registration statements,
press releases and other communications. The Company undertakes no
obligation to update or revise forward-looking statements to reflect
changed assumptions, the occurrence of unanticipated events or changes
to future operating results over time.
Contact: