Day Spas of America, Inc., Announces Asset Acquisition of Evolve Wellness Studio and Spa
02.03.2006, 17:00
Day Spas of America, Inc., announced today it has acquired the assets of Evolve
Wellness Studio and Spa. Evolve was evicted for non-performance under its lease terms and all furniture and equipment used in Evolve's operations ceased by the building's lien holder.
Day Spas of America, Inc. has rehired Evolve's employees and re-opened the Spa and fitness facility only having lost two days of business. Day Spas of America, Inc. has negotiated a 10 year lease with the building owner. Day Spas of America, Inc. will purchase the Spa's equipment at orderly liquidation values from the landlord.
Evolve is located in Palmetto, Florida. The facility has a total of 19,000 interior square feet and over 7,000 square feet of balconies overlooking the beautiful Manatee River. Evolve has over 330 monthly dues paying fitness and spa members and has generated revenues (unaudited) since February of 2004 in excess of $3.5 million. Day Spas of America president Marsha Whitman said, "We are very fortunate to have been the right company at the right place and time.
The previous owners spent over 2.6 million on interior build out, over 900,000 dollars on furniture, fixtures and equipment. If we were to build this facility and client base from scratch I estimate it would take over six million dollars and three years to accomplish. We were also very fortunate to retain 31 of Evolve's dedicated staff. Day Spas now controls a world class Spa and Fitness facility comparable only to the mega resort spas found in Las Vegas and at the finest Hotels in the world."
Nicole Shrode a former Evolve employee who has joined the Day Spas of America team said, "All of the employees are excited about how fast Day Spas of America worked to get Evolve re-opened. It is comforting to know that we employees are going to be taken care of and given more opportunities to grow the business. Management of Day Spas knows exactly what they are doing and have bent over backward to take care of employees and more importantly our clients. Day Spas has agreed to honor all gift certificates sold by the previous owners and all fitness and spa memberships. The clients I have talked with are ecstatic about the way Day Spas has handled the transition."
Day Spas of America is in the business of providing services including, but not limited to, massage, pedicures, manicures, facials, body wraps, complete hair care, tanning, waxing and permanent make-up. Day Spas of America supplies its customers with services performed by qualified, trained and licensed technicians. The Company also sells "retail" products for hair and skin, and tanning and novelty items such as aromatherapy candles, hand bags and other gifts it believes would appeal to its customers.
Matters discussed in this press release are "forward-looking statements." Statements describing objectives or goals or the Company's future plans are also forward-looking statements and are subject to certain risks and uncertainties, including the financial performance of the Company and market valuations of its stock, which could cause actual results to differ materially from those anticipated.