Hollywood Star Cuts Entering the Phoenix Market in a Big Way!

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 11^th, 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”.