VCG Holding Corp. Finalizes Purchase of Appaloosa Club - Colorado Springs
04 October 2006 - 1:43AM
Business Wire
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.
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