Eutro to Acquire Equity Interests in IVY NightClub and Cabaret in New York City
Business Wire - December 02, 1998 15:32
JUPITER, Fla.--(BUSINESS WIRE)--Dec. 2, 1998--Eutro (OTC BB:EUTO) management announced Wednesday that after extended analysis of various investment alternatives it has decided to invest in the leisure time industry.
Its first venture is an equity interest in IVY.
IVY, the hottest new nightclub in Manhattan was selected by PlayBoy Magazine for their 45th Anniversary celebration, featuring celebrities, writers and playmates. The guests will include Jaime Bergman -- 45th Anniversary playmate, and celebrities Downtown Julie Brown, Donald Trump and Katarina Witt, to name a few. The gala is Wednesday, Dec. 2, 1998 and will be covered via live television broadcast on Entertainment Tonight and Xtra, and covered by New York Magazine and New York Times.
IVY NigthClub and Cabaret of New York is 9,000 square feet of sultry upscale dance club and haute cuisine dining on the upper West Side. Its capacity is 450 people, with a main bar and dance floor, VIP lounge, champagne room and cigar room. The cuisine is created and supplied by Caviarteria, the nations largest and oldest purveyor of fine Caspian caviar and other singular delicacies.
The club opened on Nov. 16, 1998, and has averaged approximately $100,000 per week in revenues. With additional special parties like PlayBoy's, anticipated projected annual revenues will exceed $6 million.
Management's reason for their decision is the high disposable income of many individuals, high consumer confidence, which permits spending of this income, and the success of the baby boomer generation.
Eutro reached an agreement with Club Etre LLC dba IVY NightClub and Cabaret located at 2130 Broadway, New York, N.Y. 10023 to acquire up to 25% of the club for Eutro shares.
This continues the effort of Eutro to acquire assets and revenues to qualify for NASDAQ listing. This has been Eutro's goal for well over a year.
CONTACT: Eutro Group Holding Inc., Jupiter
Investor Relations Department
561/575-3520
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