LOS ANGELES, Aug. 8, 2006 (PRIMEZONE) -- Grand Havana Enterprises, Inc. ("Company") (Pink Sheets:PUFF) today announced that it entered into an agreement whereby the company granted a license to a third-party entity to establish and operate a Grand Havana Room in Moscow, Russia. The agreement provides for an initial license fee to be paid to the company as well as ongoing royalty payments based on sales. Although the initial license fee has been paid and is not refundable, the license will be cancelled if the Moscow club is not open for business within one year. Although there can be no guarantee, the licensee has indicated that it expects the Moscow club to be open by the end of this calendar year. The agreement also provides for certain reciprocal rights between the Moscow club and the New York and Beverly Hills clubs.
About Grand Havana Enterprises, Inc.
Grand Havana Enterprises, Inc. owns and operates private membership cigar clubs under the name "Grand Havana Room" and one retail cigar store under the name "Grand Havana House of Cigars." Grand Havana currently owns and operates two Grand Havana Rooms which are located in Beverly Hills, California and New York, New York, and one Grand Havana House of Cigars retail store located in Beverly Hills, California. Grand Havana's primary business is operating its existing cigar clubs and retail store.
This press release contains 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. Such statements include information regarding the company's expectations, goals or intentions about the future, including, but not limited to, statements regarding revenues and operating results. Actual results may differ materially from those described in or implied by any forward-looking statement. In particular, there can be no assurance that actual revenues and operating results shall continue to be in line with current expectations. Other important factors are set forth in Securities and Exchange Commission filings. All forward-looking statements speak only as of the date made, and the company undertakes no obligation to update these forward-looking statements.
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