On Monday, June 12th, 2023, Hollywood Star Cuts, a full-service Hair and Beauty Salon with a fun and exciting Hollywood and Southern California theme, completed the initial phase of Due Diligence (DD) needed to complete the purchase of a multi-state chain of Tanning Salons.
As stated in an earlier Press Release dated May 11, 2023, the Tanning Salons are located in Florida, Georgia and Tennessee. The family-owned Tanning Establishment currently operates 14 locations and generates roughly One Million Three Hundred Thousand Dollars ($1,300,000) in annual revenues.
The independent auditing firm enlisted by All American Gold Corp. has validated the stated revenues and has confirmed to all parties that the financial situation of the Tanning Facilities is strong and can be audited going forward. Hollywood Star Cuts has replaced the Letter of Understanding (LOU) with a letter of Intention (LOI) agreed upon by all parties.
All American Gold Corp. and Hollywood Star Cuts will be utilizing the next two (2) weeks negotiating the current leases with the landlords of the locations individually.
Hollywood Star Cuts intends to convert Ten (10) of the Fourteen (14) Tanning locations into combination Hair Salon/Tanning Facilities. The remaining Four (4) locations cannot be converted into a combination Hair Salon/Tanning Facility because those locations already have a Hair Salon or Family Hair Cutter located withing the same retail plaza. Hollywood Star Cuts will create a Nail Salon/Tanning Facility where appropriate, sell individual locations to a third party or close the specific locations where pertinent. Once leases have been negotiated, all parties will agree upon closing date, final cost of accusation and exact terms of payment and closing.
Hollywood Star Cuts believes the acquisition of the Tanning Facilities would be a perfect fit for the well-established business model and aids in the acceleration of growth necessary to deliver increased value for shareholders, investors, franchisees and employees of Hollywood Star Cuts. Hollywood Star Cuts will be offering the Franchise locations to current shareholders of AAGC first. Hollywood Star Cuts and All American Gold Corp. would like to reward long-term shareholders for understanding the durable vision of making Hollywood Star Cuts a National brand.
All American Gold Corp’s. Fiscal Year ended the last day of May, 2023.
Fiscal Year 2022-2023 was a transformative year for Hollywood Star Cuts and All American Gold Corp. Early in Calander Year 2023, Hollywood Star Cuts and All American Gold Corp. accomplished the invaluable goal of achieving an operating profit for all Hollywood Star Cuts locations. Accomplishing this objective has many positive implications going forward. First and foremost, this allows Hollywood Star Cuts growth through Franchising without utilizing “Toxic” lending practices that cripples too many “Micro-Cap” public companies. All American Gold Corp will be focusing the Company’s finances on Growth and strengthening the Company’s balance sheet for Fiscal Year 2023-2024.
Once the Year End finances are disseminated, All American Gold Corp. will be conducting a Year End Public Conference Call where the public will be encouraged to participate and ask questions of the CEO once the initial conversation is concluded.
As always, Hollywood Star Cuts and All American Gold Corp. would like to thank our fabulous crew members, our brilliant franchisees, our fantastic vendors, our excellent investors and all future investors for their hard work and commitment to the vision that is Hollywood Star Cuts. Without all of them, Hollywood Star Cuts could not succeed.
All American Gold Corp. invites the public to follow us on Twitter at HStarcuts as most updates and communication will be conducted there.
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.