MONTCLAIR, N.J., Feb. 11, 2004 (PRIMEZONE) -- Rascals International Inc. (OTCBB:RSCA) announced today that it has begun construction of its first mega-entertainment complex, which will feature the Rascals Comedy Club, Banana Joe's nightclub, and the Cactus Lounge. This 30,000-square-foot club, being built in Jackson, Mississippi, will generate approximately $3.5 million of annual revenue with a 15 percent pretax net profit.
This is the first of three mega-entertainment complexes scheduled for construction by Rascals during the next twelve months. Additionally, the Company's recently announced transaction to acquire 100% ownership of a nationally known chain of popular nightclubs is proceeding on schedule and is expected to close prior to the end of the first calendar quarter of 2004.
"These highly profitable entertainment complexes will provide our customers with a diverse and unique entertainment experience in one convenient location," stated Ed Rodriguez, Rascals Chairman and CEO. "By combining these entertainment venues under one roof, we will also reduce our operating overhead at each location and expand upon the value proposition being offered to our customers."
Rodriguez continued, "Providing a fully integrated, multi-venue entertainment experience in a single location is unparalleled in our industry. By successfully implementing this strategy, Rascals will significantly enhance revenues and potential earnings for fiscal 2004, while creating enhanced value for our shareholders, business partners and customers."
About Rascals International, Inc.:
Rascals International, Inc. is one of the premier comedy clubs in the United States, drawing upon its respected national recognition and rich history of providing the highest quality comedic entertainment in the industry. Currently, the company prides itself on its ability to employ successful entertainers at its growing chain of venues, both in its stand-alone and hotel-based operations.
The information in this Press Release includes certain "forward-looking" statements within the meaning of the Safe Harbor provisions of Federal Securities Laws. Investors are cautioned that such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including the future financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will provide to be correct. Factors that could cause results to differ include, but are not limited to successful performances of internal plans, the impact of competitors, and general economic risks and uncertainties.