SOURCE: Waste Recovery, Inc.

December 04, 2007 08:30 ET

Waste Recovery, Inc. Announces Results of New Appraisal

LAS VEGAS, NV--(Marketwire - December 4, 2007) - WASTE RECOVERY, INC. (PINKSHEETS: WRII) today announced the appraisal for Minxx Gentlemen's Club came in at $14,570,000.00.

The company was pleased to announce that the most recent appraisal for The Minxx Gentlemen's Club came in significantly higher than had been expected. The business and the property appraised at $14,570,00.00 up from the last appraisal of $8,900,000.00 in 2006. The value of the business and property was helped considerably by the recent sale of of competing clubs like The Crazy Horse 2 which recently was sold for $31,000,000.00. The strength in the market for Adult Themed Night Clubs in Las Vegas bodes extremely favorably for the company and their recently announced debt restructuring. The company will now be able to restructure the existing notes held as mortgages on the property located at 4636 Wynn Road in Las Vegas Nevada into one note at extremely favorable rates. Additionally, the refinancing will dramatically lower the interest payments thus freeing up a significant amount of working capital for the company. The company hopes to free up $2,000,000.00 to $4,000,000.00 for operations marketing and expansion.

DR Entertainment is in the business of owning and operating upscale bars, nightclubs, Gentlemen's Clubs, and gaming taverns. DR Entertainment Group, LLC is here to create a new niche in the twenty first century bar, night club, and adult entertainment industry. The niche will be created through blending contemporary lounges, tavern gaming, and adult cabaret dancing with luxurious ultra lounge environments using cutting edge technology.

The company currently owns and operates Minxx Gentlemen's Club which has been voted the number one adult club in Las Vegas for 2007. The Minxx Gentlemen's Club represents the first step to executing on this business model. The company constructed this facility from the ground up and owns the real-estate associated with the project. This $12,000,000.00 asset serves as the flag ship and conceptual model for the locations to come. Located just off the Las Vegas Strip, Minxx has created a playful, friendly, exciting and opulent atmosphere that is appealing to men and women alike. With its high concept design and 13,000 square feet of entertainment space, Minxx has raised the bar for cabaret entertainment. DE Entertainment intends to apply the same design and operational concepts to elevating the traditional experiences associated with Sports Bars and Local Gaming Taverns to a more exciting and comfortable level.

About Waste Recovery, Inc.

Waste Recovery, Inc. is a development stage corporation which has now merged with DR Entertainment Group of Las Vegas, NV the owners of MINXX Gentlemen's Club.

For more information available to the public, contact the investor relations dept. at 702-220-9416.

About DR Entertainment Group

DR Entertainment Group is the parent company of the world famous MINXX Gentlemen's Club in Las Vegas, NV. This is a 10,500 square foot adult entertainment club including building and real estate assets estimated at approximately $12,000,000.00 USD.

Forward-Looking Statements

This news release contains forward-looking statements made by WASTE RECOVERY, INC. in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All such statements included in this press release, other than statements of historical fact, are forward-looking statements. Although Management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from those indicated by these statements. The following risk factors, among others, could cause actual results to differ materially from those described in any forward-looking statements. These risks and uncertainties include, but are not limited to, economic conditions, changes in the law or regulations, demand for products and services of the company, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements. Forward-looking statements are typically identified by the words: believe, expect, anticipate, intend, estimate, and similar expressions or which by their nature refer to future events.

Contact Information

  • Company Contact:
    Robert Susnar