SOURCE: Green Endeavors, Ltd.

Green Endeavors, Ltd.

June 15, 2010 08:30 ET

Landis Salons II Signs 10-Year Lease for Third Salon Location

SALT LAKE CITY, UT--(Marketwire - June 15, 2010) -  Green Endeavors, Ltd. (PINKSHEETS: GRNE), a majority owned subsidiary of Nexia Holdings, Inc. (PINKSHEETS: NXHD), announced that its newly formed subsidiary Landis Salons II, Inc. has signed a definitive lease -- its third Landis Salon location. The third location will be approximately 3,024 sq. ft. The new location will be on the corner of 600 North 300 West in Salt Lake City, Utah.

The initial cost to build out, stock, staff, market, and furnish the new location is estimated at $400,000. Pursuant to the terms of the lease, the landlord is providing tenant improvements which may have a value of up to $200,000. The lease rate, as a portion of gross revenues, is expected to be within certain financial benchmarks set forth by Aveda™. The new location will be an Aveda™ Lifestyle location, which means that we will carry a full line of Aveda™ products and intends to meet certain monthly retail sales goals.

Richard Surber, CEO of GRNE, commented, "In my opinion the lease is a good deal for Landis Salons II. I have set a target opening date for the new location to be 90 days from today. Our Landis team is in the final stages of lining up a low interest loan from the Salt Lake Redevelopment Agency for $100,000, an equipment loan for up to $100,000 and additional equity financing of $250,000. I expect the new location to be well capitalized. The salon opening will be a milestone in GRNE's plans for future growth and the grand opening will be a spectacular event."

The new location was chosen for a host of reasons, including but not limited to the following:

  • An estimated 80,000 cars pass by the location daily.
  • The location is a block from access points to Interstate 15.
  • The salon location will be on a corner with high visibility like Landis' flagship Salon with UV windows that allow potential clients to see directly into the building.
  • Tenant allowance estimated at $100,000 to $200,000 value.
  • Terms of the Lease.
  • Low interest loans available from the Salt Lake Redevelopment Agency.
  • Plentiful and convenient parking.
  • The space is new construction and will be energy efficient.
  • One of the landlords is the owner of Howa Construction, a first class builder that is committed to building out a spectacular salon space and attracting first class tenants.
  • Management believes that there is a pent up need for services in the Marmalade District.
  • Management believes it can readily staff the location with our staffs' efforts and with the support of the Aveda™ Institute in Provo.
  • One of our current lead stylists lives in the neighborhood and plans on moving her client base to the new salon and doing grass roots marketing for the salon.
  • The Marmalade District has one of the highest average incomes per household in Salt Lake City, based upon reported incomes a few blocks east of the location.
  • Management anticipates that the salon will receive support from the surrounding neighborhood and local government.

Mr. Richard Surber, CEO stated, "I expect to issue regular releases on our progress. I encourage professionals in the beauty industry to become part of the Landis team and fill out an application at www.landissalon.com. Our new location will be another premier salon in Salt Lake City. My plan is to hit the ground running with as many as 20 new stylists on opening day."

About Green Endeavors, Ltd.
Green Endeavors, Ltd. (PINKSHEETS: GRNE), headquartered in Salt Lake City, Utah, is a holding company with operations in health & beauty. GRNE's wholly owned subsidiary Landis Salons, Inc., http://www.landissalon.com, is built around the world-class AVEDA product line. For more information, visit http://www.green-endeavors.com.

GRNE strongly encourages the public to read the above information in conjunction with its filings and disclosures filed in 2009 and 2010. GRNE's disclosures can be viewed at www.pinksheets.com; prior years are also available at www.green-endeavors.com.

This press release contains forward looking statements. The opening of the additional location is contingent upon completion of the construction and raising sufficient capital to fund the construction and operation of the prospective location. Management believes that it will be able to raise sufficient capital to operate the new location. However, there are no assurances that such assumptions will prove correct with regard to this additional location. The actual results that GRNE may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Investors should not invest more than they can afford to lose in penny stocks.

Contact Information

  • FOR MORE INFORMATION, CONTACT:
    Richard Surber
    President
    Green Endeavors, Ltd.
    801-575-8073 x 106
    Email Contact