July 10, 2002 11:16am
Scores Announces Sale of Worldwide Connect
Source: Scores Holding Company Inc.
by: Company Press Release
(NEW YORK, NY) -- Scores Holding Company Inc., f/k/a the Internet Advisory Corp. (IACP) announced today that it has closed the sale of its Ft. Lauderdale data center assets to Worldwide Connect, Inc., ("WWC"). In exchange for the IACP data center assets IACP will receive the sum of $200,000 payable in 24 monthly installments from WWC. IACP is currently negotiating to have the lease respecting the data center premises assigned directly to WWC. To the extent it is unable to do so, IACP will remain liable to pay rent for the remaining term of the lease, which expires on February 28, 2003.
"With the sale of the data center assets to Worldwide Connect, which signals our departure from the Internet business the "Scores" brand represents the core of our future business" said Richard Goldring, Chairman and CEO of IACP. "Recognition and awareness of the Scores name and the quality it represents in adult entertainment will be the foundation of our business going forward at our new club under construction on the west side of Manhattan".
Over the past 10 years Scores Showroom, an adult entertainment nightclub located at 333 East 60th Street, in New York City, presently operating under the direction and the day to day management of persons comprising the IACP management team, has grown to be a premier brand in the adult industry. Scores Showroom was recognized in 2000 as "The Best Adult Nightclub in the United States" by industry magazine Exotic Dancer and cited as "The Premier Adult Club in Manhattan" by Time Magazine in 2001. Scores Showroom, has received a significant amount of publicity over the years. Television segments about Scores Showroom have appeared on television talk shows and additional exposure has been achieved on cable television's the E Channel through the nationally syndicated Howard Stern Show. Penthouse and Playboy magazine have both written several articles and created pictorials around the Scores Showroom entertainers. The success of Scores Showroom has brought the name Scores into the limelight. This exposure is expected to give IACP's adult entertainment nightclub Scores New York, which is presently scheduled to commence operation on the west side of New York City during the 4th quarter of 2002 instant name recognition. IACP has the right to use the Scores name by way of a license agreement between Go West Entertainment, Inc., a wholly-owned subsidiary of IACP and Heir Holding Company, Inc., an affiliated entity that is the owner of the Scores trademarks.
Safe Harbor Statement:
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and may contain forward-looking statements, with words such as "anticipate," "believe," "expect," "future," "may," "Will," "should," "plan," "projected," "intend," and similar expressions to identify forward-looking statements. These statements are based on the Company's beliefs and the assumptions it made using information currently available to it. Because these statements reflect the Company's current views concerning future events, these statements involve risks, uncertainties and assumptions. The actual results could differ materially from the results discussed in the forward-looking statements. In any event, undue reliance should not be placed on any forward-looking statements, which apply only as of the date of this press release. Accordingly, reference should be made to the Company's periodic filings with the Securities and Exchange Commission.
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