Lucid Entertainment buys The London Hippodrome

Famous Central London Nightclub and Show Venue now part of Lucid's growing estate of premium entertainment properties

Lucid Entertainment Inc. ("LEI") announced today that it has acquired the privately held UK company which holds the lease on the landmark Leicester Square property in central London known worldwide as The Hippodrome. The Hippodrome occupies an entire city block at the East side of Leicester Square, home to some of London's most famous entertainment venues. Now operating as "Cirque @ the Hippodrome", Lucid's iconic London club features circus acts and trapeze artists soaring over the 2,000 capacity audience and was voted "London's Best Nightclub" in the 2004 BEDA awards.

The Hippodrome first opened in 1900 and has prospered through war, depression and changing tastes to remain London's premier nightclub location. The Hippodrome first operated as one of Europe's classic indoor circuses in the early 20th century and the original elephant run can still be seen, where elephants ran two abreast to amuse the Victorian English gentry. The famous elevating stage has seen performances over the years from the world's best renowned artists, including Irving Berlin, Sammy Davis Jnr., Ray Charles, Johnny Mathis and Diana Ross. More recently, The Hippodrome hosted the concert tour wrap party for 50 Cent and G Unit and has multiple celebrity events planned in the future.

Cirque @ the Hippodrome now operates under LEI's management, and Lucid is planning to expand the operating model to a seven day per week operation and to more than double operating revenues during the next year. LEI acquired the Hippodrome leaseholder company and its operating subsidiary for nominal cash consideration plus the assumption of approximately pnds stlg 850,000 of liabilities. 2,000,000 common shares of LEI will be allocated for the transaction, priced at $1.20 per share, to be held in escrow pending the fulfillment by the vendors and LEI of certain performance related conditions. Final completion of the transaction is subject to regulatory approval.

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Date Listed: 2005-01-26

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