WEST ORANGE, N.J., Nov. 17, 2003 (PRIMEZONE) -- Rascals International Inc. (OTCBB:RSCA) announced today that it has signed a licensing agreement with Rascals On The Hudson, LLC which provides for the opening of a new Rascals Comedy Club in Jersey City, New Jersey. The new 300 seat club is scheduled to open in the first quarter of 2004 and will be located minutes from the Hudson tunnel and the New York Port Authority ferry terminal. As part of the agreement, Rascals will receive an initial licensing fee plus monthly royalties for the term of the ten-year agreement.
Ed Rodriguez Chairman, CEO of Rascals stated, "We are very excited about the whole spectrum of opportunities presented by our relationship with the Rascals On The Hudson Partnership. It give us the opportunity to expand the Rascals Comedy club name and concept into a new base of customers in one of the primary geographic markets we want to continue serving. While our position in the east coast market continues to increase, we are also seeing expansion opportunities coming to us form other markets around the country as a direct result of our recently announced mergers and acquisition program. Our whole management team, and outside consultants, are doing an excellent job of executing the Company's business plan."
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 are the only publicly traded comedy club operator in the U.S.
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.