VCG Holding Corp. Announces Stock Repurchase Program

  
    
  
  
    
      VCG Holding Corp. (AMEX:PTT), a leading consolidator and operator of 
      adult nightclubs, announced today it has received authorization from its 
      board of directors to repurchase up to 1.6 million shares, or 
      approximately 10 percent of its outstanding common stock. Share 
      repurchases under this program may be made through open market and 
      privately negotiated transactions at the company’s 
      discretion, subject to market conditions and other factors.
    
    
      “This move underscores the board’s 
      confidence in the underlying value of VCG Holdings,” 
      said Chairman and CEO Troy Lowrie. “We believe 
      our stock is highly undervalued. At these prices, repurchasing our own 
      stock represents a highly attractive financial alternative. Our clubs 
      have very high free cash flow, enabling us to fund this purchase from 
      operating earnings. With relatively low debt levels, we will also 
      continue to aggressively pursue our acquisition strategy.”
    
    
      About VCG Holding Corp.
    
    
      VCG Holding Corp. is an owner, operator and consolidator of adult 
      nightclubs throughout the United States. The Company currently owns 
      fourteen adult nightclubs and one upscale dance lounge. The night clubs 
      are located in Indianapolis, St. Louis, Denver, Colorado Springs, 
      Raleigh, Minneapolis, 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 2006, 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 to reflect changed 
      assumptions, the occurrence of unanticipated events or changes to future 
      operating results over time.