MONTCLAIR, N.J., July 7, 2005 (PRIMEZONE) -- Headliners Entertainment Group, Inc. (OTCBB:HLEG) announced today that its Board of Directors had voted to authorize its Chairman and CEO Eduardo Rodriguez to begin a buyback of up to 2,000,000 shares of the company's common stock.
Headliners recently purchased a group of seven dance clubs, each in a different state, to add to its twenty-year old chain of Rascals comedy clubs. This addition dramatically increased annual revenue, positive cash flows and a measurable profit. Other expansion opportunities are being investigated, including the acquisition of existing venues and the opening of new club locations.
Mr. Rodriguez commented on the buyback: "With a per share price of about 28 cents, it makes our market cap about $4,000,000. This is less than 25% of our annual revenue. If that doesn't make the stock an absolute bargain, nothing does. Headliners may be the most under priced stock on the bulletin board and we intend to take advantage of this for the company and its remaining loyal shareholders".
About Headliners Entertainment Group Inc.:
Headliners owns and operates Rascals Comedy Club, 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 company also owns 6 dance clubs to add to its revenue.
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.