VCG Holding Corp. Announces Stock Repurchase Program
31 July 2007 - 11:07PM
Business Wire
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.
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