June 14, 1999 01:06pm
Rick's To Continue to be Listed on NASDAQ SmallCap Market
Source: BUSINESS WIRE
by: Company Press Release
HOUSTON--(BUSINESS WIRE)--June 14, 1999--Rick's Cabaret International Inc. (Nasdaq:RICK - news), the Houston based adult entertainment chain, announced today that it has received notice from NASDAQ that the NASDAQ Listing Qualifications Panel has determined to continue the listing of Rick's securities on the NASDAQ SmallCap Market. As previously reported by the Company, on April 1, 1999, NASDAQ conducted a hearing regarding the Company's compliance with NASDAQ's share price listing requirement. The NASDAQ Panel found that the Company has regained compliance with the $1.00 per share minimum bid price requirement and has demonstrated its ability to sustain long term compliance with all requirements for continued listing. The NASDAQ Listing Review Counsel may, on its own motion, review any panel decision within 45 calendar days after issuance of the Panel's decision. The Company has not been notified that this matter will be called for review.
Please visit the Company's web site at http://www.rickscabaret.com.
Rick's Cabaret International Inc. opened it's first Rick's Cabaret in Houston in 1983, and went public with its IPO in 1995, making it the world's first publicly traded topless entertainment business. The Company currently operates under the name ``Rick's'' in three locations nationwide, and its 93%-owned subsidiary, Taurus Entertainment Companies Inc. (OTC BB:TAUR) operates a cabaret in Austin, Texas, under the name XTC Cabaret.
This press release contains forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated include risks and uncertainties related to laws governing the operation of adult entertainment establishments, the timing of the opening of other clubs, the availability of acceptable financing to fund corporate expansion efforts, competitive factors, dependence on key personnel, and the Company's ability to manage operations. The Company has no obligations to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.
Contact: Rick's Cabaret International Inc., Houston
Eric Langan, 281/820-1181