MONTCLAIR, N.J., March 16, 2004 (PRIMEZONE) -- Rascals International Inc. (OTCBB:RSCA) announced that a Rascals comedy club, an upscale nightspot called the Red Cheetah and a tropical-themed bar called the Funky Parrot (all part of the Banana Joe's family) is being added to the entertainment mix at the Fourth Street Live! complex, the $70 million makeover of the old Louisville Galleria in Louisville, Kentucky.
The Rascals Comedy Club will occupy 4,500 square feet on the second floor of the west side of the project along Fourth Street between Liberty Street and Muhammad Ali Boulevard. It will seat about 300 people and offers national comedic talent to the Louisville market. The first businesses at the complex are expected to open by June. Other major tenants will include Hard Rock Cafe, Borders Books and Music, TGI Friday's, Premier Fitness, Red Star Tavern and McFadden's Bar.
"The addition of Rascals Comedy Club to 4th Street Live! brings national live entertainment to the area and will be a tremendous draw for the district," said Reed S. Cordish, Vice President of The Cordish Company, a Baltimore-based development company, which is one of the country's largest and most respected developers of retail entertainment projects in the United States.
4th Street Live! will feature a dramatic glass ceiling, which will span 4th Street, offering an outdoor canopy for events and promotions. It also will include outdoor seating for the restaurants and a performance stage for live entertainment. A multi-floor outdoor center bar area will be the gathering place for the project and will contain a multi-level television tower showing sporting events, news, and music videos. The center bar area will look out onto the center of 4th Street and will be situated across from a stadium-quality giant LED screen.
4th Street Live! will reopen the street to vehicular traffic on a regular basis, creating Louisville's largest entertainment space. The combination of entertainment, retail and nightlife -- with imaginative and innovative design -- will create a unique and vibrant destination.
Construction is proceeding on schedule with an initial opening slated in the spring.
"We believe Louisville is a great expansion market for this concept and feel that the 4th Street Live complex is the logical fit for us." stated Ed Rodriguez, Rascals Chairman and CEO.
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.
For further information visit www.rascalscomedyclub.com
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.