|
|
 |
 |
|
|
News Releases
| Palm Beach Tan To Spin-off Successful Mystic Tan Division |
|
|
DALLAS / MAY 19, 2005: Farmers Branch, Texas-based Palm Beach Tan, Inc. today announced plans to spin-off its highly successful Mystic Tan division as an independent operating company by the end of 2005.
Palm Beach Tan’s Mystic Tan division manufactures and distributes the leading UV-free, spray-on tanning booths for the US and international tanning salon industry. Mystic Tan has seen explosive growth over the last few years and is the dominant leader in the UV-free industry. The spin-off of Mystic Tan is intended to provide Mystic Tan with the flexibility to continue its aggressive growth. As an independent company, it will have a separate Board of Directors, management team and shareholder base. The company plans to widen its product mix with both additional OEM and private labeled products.
Privately held Palm Beach Tan, Inc. currently operates 82 franchise and company-owned tanning salons in 16 major US markets and has been consistently recognized as one of the fastest growing companies in the US by numerous business publications. Palm Beach Tan plans to continue its aggressive expansion plans for its retail and franchise operations that will be supported by a planned private placement scheduled for early 2006. As part of its planned restructuring and the separation of Palm Beach and Mystic Tan, the company also announced that Palm Beach Tan’s CEO, Bill Spae, is no longer with the company. Ron Miller, formerly with Addison-based private equity investment firm Red Oak Capital, has been appointed interim CEO.
For more information please contact:
Ron Miller
Palm Beach Tan, Inc.
(972) 406-2422
Ron.Miller@PalmBeachTan.com
|
|
| |
|
|
 |
|
|
|
|
