Vcg (AMEX:PTT)
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VCG Holding Corp. (VCG) (AMEX:PTT) announced that on October 2, 2006, it
closed a previously announced acquisition of assets of Consolidated
Restaurants Limited, LLC., a Colorado Limited Liability Company, d/b/a
Appaloosa Club. The closing occurred upon the transfer of the liquor
license and the payment of the purchase price in the amount of
US$1,400,000, paid in cash and notes. Troy Lowrie, VCG's Chief Executive
Officer, commented: "The Appaloosa Club will be a nice addition to our
Colorado market and believes that the Colorado Springs area gives an
economically stable market to operate. This acquisition continues our
plan of purchasing desirable locations.” The
purchase includes a 20-year lease on the building with an option to
purchase the land and building. VCG CO Springs, Inc. (a wholly owned
subsidiary of VCG) will operate the adult entertainment nightclub known
as PT’s Appaloosa, located in Colorado
Springs, Colorado, and is licensed by El Paso County for live adult
entertainment. VCG does not plan to revise its earnings guidance for
2006 but will review its 2007 guidance in late November related to the
effect of the acquisition.
About VCG Holding Corp.
VCG Holding Corp. is an owner, operator and consolidator of adult
nightclubs throughout the United States. The Company currently owns
seven adult nightclubs, one upscale dance lounge and operates six other
adult nightclubs under management agreements. The owned and managed
clubs are located in Indianapolis, St. Louis, Denver, Phoenix, 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.
VCG Holding Corp. (VCG) (AMEX:PTT) announced that on October 2,
2006, it closed a previously announced acquisition of assets of
Consolidated Restaurants Limited, LLC., a Colorado Limited Liability
Company, d/b/a Appaloosa Club. The closing occurred upon the transfer
of the liquor license and the payment of the purchase price in the
amount of US$1,400,000, paid in cash and notes. Troy Lowrie, VCG's
Chief Executive Officer, commented: "The Appaloosa Club will be a nice
addition to our Colorado market and believes that the Colorado Springs
area gives an economically stable market to operate. This acquisition
continues our plan of purchasing desirable locations." The purchase
includes a 20-year lease on the building with an option to purchase
the land and building. VCG CO Springs, Inc. (a wholly owned subsidiary
of VCG) will operate the adult entertainment nightclub known as PT's
Appaloosa, located in Colorado Springs, Colorado, and is licensed by
El Paso County for live adult entertainment. VCG does not plan to
revise its earnings guidance for 2006 but will review its 2007
guidance in late November related to the effect of the acquisition.
About VCG Holding Corp.
VCG Holding Corp. is an owner, operator and consolidator of adult
nightclubs throughout the United States. The Company currently owns
seven adult nightclubs, one upscale dance lounge and operates six
other adult nightclubs under management agreements. The owned and
managed clubs are located in Indianapolis, St. Louis, Denver, Phoenix,
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.