Las Vegas, NV, Aug. 16, 2022 (GLOBE NEWSWIRE) -- All American Gold Corp. (OTC: AAGC) is very pleased to announce that the Company has signed a Letter of Intent to purchase a chain of Hair Salons located in the greater Phoenix, Arizona area.
After extensive negotiations, on August 11th, 2022, Hollywood Star Cuts entered into a Letter of Intent (LOI) to purchase an existing chain of Hair Salons located in the rapidly growing Phoenix, Arizona market.
The LOI enables Hollywood Star Cuts, their legal representatives and their enlisted accounting firm the ability to properly examine the Acquisition Target’s financials as well as all property leases and equipment leases.
The LOI states that Hollywood Star Cuts has sixty (60) days to complete the Due Diligence process to confirm the Acquisition’s financials and liabilities involved. Once the financials and liabilities have been confirmed, Hollywood Star Cuts and the Acquisition Target will establish a final acquisition price as well as a projected closing date.
The Acquisition Target currently operates twelve (12) locations in Phoenix, Scottsdale, Tempe, Goodyear, Mesa, Glendale and Surprise Arizona. The LOI states the intent to purchase eight (8) of the current locations, converting those into Hollywood Star Cuts Corporate locations, with the remaining four (4) locations becoming Hollywood Star Cuts Franchise locations. The franchise locations will be operated by the current salon operators.
The initial review of the target salon’s financials indicate that the Acquisition Target salons generated just over $900,000.00 in 2021 with a net profit of roughly $125,000.00.
Hollywood Star Cuts believes that after re-designing the salons to match the Hollywood and Southern California Beach theme of the existing Hollywood Star Cuts salons, along with adding the highly lucrative tanning booths to the locations, sales will increase by 20-25% and profits will increase by 25-30%.
Hollywood Star Cuts is a chain of full-service Hair Salons that is rapidly growing across the United States by aggressively opening Corporate owned locations as well as entering into multi-million-dollar Franchise agreements in lucrative markets. Hollywood Star Cuts markets to the entire family with an array of outstanding services in a fun and dynamic Hollywood and Movie-Star-themed environment. Entering a Hollywood Star Cuts makes you the “Star of the Show”.
Hollywood Star Cuts has received the Company’s initial shipment of tanning booths. The booths have been installed at 2 locations with 2 more in progress.
The initial response has been outstanding. Existing salon customers enjoy the expanded Movie-Star experience. The tanning booths have attracted many new customers to our locations, adding to an already expanding customer base.
The addition of tanning booths in a separate, soothing room, provides a major point of differentiation for Hollywood Star Cuts, setting the Company apart from all other competitors. This will propel Hollywood Star Cuts to become the leader and innovator in the industry.
Hollywood Star Cuts continues to receive unsolicited inquiries pertaining to franchise opportunities in nearly every region of the United States and beyond.
Managing growth through franchising will be key to a lucrative future for Hollywood Star Cuts and AAGC. To manage the massive acceleration of Hollywood Star Cut’s franchise growth, AAGC and Hollywood Star Cuts has enlisted the services of a professional franchise management organization. This East Coast-based organization currently operates Fast-Food, Massage, Personal Training and Eye-Lash franchises. They have been tasked with searching for a Chief Operating Officer (COO) who has experience and is an expert in the expansion of franchises. Hollywood Star Cuts has created a 90-day timespan to identify the appropriate person to lead the Franchise portion of Hollywood Star Cuts through the Company’s massive growth.
All American Gold Corp will be conducting a Shareholder Conference Call on Thursday, September 8th at 7:00 PM Eastern Time. This call will be open to the public. Among topics to be discussed will include Year-end financials, expansion plans, audit update, as well as other company business. The dial-in number will be (267) 807-9601. The access code will be 526-855-601. Management invites all interested parties to participate in the call. There will be a question-and-answer period after the presentation. Updates and reminders will be posted on Twitter.
Hollywood Star cuts is dedicated to offering the very best in service and experience and is committed to becoming a leader in the multi-billion-dollar Hair-Care industry. Hollywood Star Cuts would like to thank all of their loyal customers, their loyal staff members and all who support the Company.
All American Gold Corp. invites the public to follow us on Twitter @HStarcuts as most updates and communication will be conducted there.
The public is also invited to follow us on Facebook and online at www.hollywoodstarcuts.com.
Forward-Looking Statement Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. The company disclaims any obligation to update information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.