Haircolorxperts Sells Development Rights In 8 States

FORT LAUDERDALE, FLORIDA (Wednesday, August 14, 2002) - Haircolorxperts International LLC (HCX), the nation's first franchisor of salons offering hair-color and custom-blended cosmetic services, today announced it has entered into an arrangement with Haircolorxperts International Development Partners LLC (IDP) granting to IDP the rights to develop salon franchises in eight states: Arizona, Colorado, Iowa, Missouri, Nebraska, Nevada, North Carolina and South Carolina.

IDP's agreements for these eight territories call for the opening of 665 salons over the next eight years. Brian Mahoney, who was previously with Media Arts Entertainment, serves as president of IDP, which is based in metropolitan Charlotte, N.C. Other principals of IDP include Marlin Hershey, a successful entrepreneur and businessman; M.J. Daya, a Marriott franchisee representative for North Carolina and South Carolina; and Terry Greenwood, founder and principal of Hunter Holdings, a venture-capital firm based in North Carolina.

"IDP's executives bring to haircolorxpress a wealth of business knowledge and entrepreneurship that will help us attract additional investors and territory directors," said Larry Feldman, CEO of Haircolorxperts International. "We're growing at a rapid pace with 25 U.S. territories currently sold. With IDP's assistance, we expect to sell the remaining development areas in the country by the second quarter of 2003."

Mahoney added: "We've completed our due diligence and determined that haircolorxpress is a viable concept with a well-thought-out business plan. Our involvement enables us to invest in a revolutionary franchise opportunity with the systems and controls already in place to help prospective franchisees succeed. We expect that this opportunity will provide us, and our local partners, with a substantial annuity over the long term."

Haircolorxperts International LLC is the first national franchisor of salons specializing in hair-color and custom-blended cosmetic services. The company provides hair colorists the opportunity to own and operate their own businesses and deliver to consumers high-quality, affordable services. Haircolorxperts' salons feature Wella brand hair-color products and have been recognized as Salons of Distinction by Salon Today, one of the industry's leading trade publications. Headquartered in Fort Lauderdale, Fla., Haircolorxperts currently has seven salons in Florida and plans to open additional salons in Florida, Maryland, New Jersey, New York, Pennsylvania, Virginia and Washington, D.C., by the end of 2002.

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