WEST ORANGE, N.J., Dec. 2, 2003 (PRIMEZONE) -- Rascals International Inc. (OTCBB:RSCA) announced today that it is entering into a 10 year lease agreement which provides for the construction of a 7,000 square foot, 350 seat comedy club which will be located in the Palisades Center, the country's second largest retail mall in the United States.
The Palisades Center shopping center, located in West Nyack, New York, offers an unprecedented combination of shopping, entertainment, and recreation and is considered by many retailers as "the best of the best, all under one roof." The unprecedented combination of shopping, entertainment, and recreation boasts over 250 specialty shops, 12 restaurants, 25 eateries, NHL-size ice skating rink, a 68-foot ferris wheel, a restored antique carousel, a 21-screen Loew's Theatre, and a state-of-the-art IMAX Theatre.
Rascals plans to open the Palisades Center comedy club in the second quarter of 2004. This multi-level state-of-the-art venue will be a comedy showplace where the audience will get to enjoy performances by established comics as well as the yet "undiscovered" rising stars.
Ed Rodriguez, Rascals Chairman and CEO, stated, "The retailing environment is obviously improving, which is adding to the already huge number of shoppers who visit the Palisades Mall annually. It's a destination for the local consumer and visitors to the area. Our presence in this very visible, high traffic location leads me to believe that this club has the potential of becoming our highest volume club in our system."
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. Rascals is the only publicly traded comedy club operator in the U.S. For further information, contact Ed Rodriguez at 973-243-8080.
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 prove 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.