New England-based Cheveux, LLC Acquires Fantastic Sams.

Ownership change gives franchise hair salon company control of its own future.

PEABODY, MA (Tuesday, August 12, 2003) - August 12, 2003 - The owners of Cheveux, LLC have finalized the purchase of Fantastic Sams, the world's leading full service franchise hair salon company. Cheveux, which already holds the regional franchising rights to Fantastic Sams Hair Salons throughout much of New England, bought the company's corporate assets from Opal Concepts after Opal filed for Chapter 11 Bankruptcy in July 2002.

Jack Keilt, a founder of Cheveux and the new President and CEO of Fantastic Sams, states, "We recognize that the strength of the Fantastic Sams brand as well as its enormous potential for growth lies in the commitment that the Regional Owners and their franchisees have to the salons and their customers. The Regional Owners and their franchisees have built a terrific, solid company with a promising future. After almost three years of owning and operating Fantastic Sams on a regional level we've gained an intimate understanding of the business. Now that we can operate the company as a stand alone entity we can provide them with the support and resources they'll need to make their future bright."

"Fantastic Sams is now a well funded company with experienced management and strong sponsorship. We are dedicating substantial resources to hiring additional employees, training at all levels of the operation, developing new product and expanding the number of salons."

In addition to the four principals of Cheveux - Tim Halvorsen, Anne Halvorsen, Jack Keilt and Stephen Freyer - equity funding was provided by Pouschine Cook Capital Management, LLC - a New York-based, middle-market private equity firm that specializes in providing equity to growing, private, middle-market companies.

GE Capital Franchise Finance Corporation provided debt financing. John Hourihan of Edison Advisors in Miami, FL provided investment banking counsel to Cheveux.

About Fantastic Sams®: Founded in 1974 in Memphis, TN, Fantastic Sams is the world's leading value priced, full-service hair care franchise with more than 1300 salons in the U.S., Canada and Asia. The majority of the salons are individually owned and operated by entrepreneurs. For additional information visit www.FantasticSams.com

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