VCG Holding Corp. Received Proposal From Chairman of the Board For $2.10 Per Share

VCG Holding Corp. VCGH announced today that it received a non-binding proposal (the "Proposal") from Family Dog, LLC ("Purchaser"), an entity affiliated with the Company's Chairman and Chief Executive Officer, Troy Lowrie, and Lowrie Management, LLLP ("Lowrie Management") to acquire all of the outstanding common stock of the Company for $2.10 per share in cash. The Proposal contemplates that the Company would no longer be a public reporting or trading company following the closing of the Acquisition. The Company's Board of Directors has formed a Special Committee consisting solely of directors who are independent under the NASDAQ independence rules to review and evaluate the Proposal, recommend to the Company's Board of Directors whether to approve or decline the Proposal and evaluate the Company's alternatives to the Proposal. The members of the Special Committee are George Sawicki, Carolyn Romero and David Levine. The Proposal is subject to the approval of the Special Committee, the Company's Board of Directors and the Company's shareholders. No assurance can be given that an agreement on terms satisfactory to the Special Committee or the Board of Directors will be entered into or consummated by the Company with respect to the Proposal or any other transaction.