SOURCE: Nu Image MedSpa

July 12, 2005 07:30 ET

Nu Image MedSpa Announces the Signing of an Area Development Agreement for Four Nu Image MedSpas in West Palm Beach, Florida

Winsted Awarded $10,000 Equity Bonus for Its Pivotal Role

NEWPORT BEACH, CA -- (MARKET WIRE) -- July 12, 2005 -- Winsted Holdings, Inc. (OTC BB: WHLI), a Business Development Company (BDC), is pleased to announce that, in addition to the $10,000 in equity payment for its monthly consulting fee, Nu Image MedSpa Inc. of Las Vegas, Nevada, has awarded Winsted a $10,000 equity bonus for the successful signing of an Area Development Agreement with an entrepreneurial couple who will open four new franchise locations in West Palm Beach, Florida. The Company believes this to be the single largest Area Development Agreement to date in the MedSpa industry.

The City of West Palm Beach, with its sunny palm-lined streets, scenic waterfront views, quaint shopping districts, historic neighborhoods, year-round outdoor festivals, elegance and luxurious comfort are the hallmarks of this slice of paradise. The Downtown Retail and Entertainment District is a vibrant area lined with fashionable martini bars, trendy nightclubs, elite boutiques and fine restaurants. The City also offers family fun, with the Palm Beach Zoo at Dreher Park, the South Florida Science Museum or nearby world-class beaches and fishing. SunFest, Florida's largest waterfront music and art festival, takes place in West Palm Beach each May. Enjoy the shining sun or shining storefronts, the subdued elegance of West Palm Beach is sure to captivate everyone now that the City can also boast about adding multiple Nu Image MedSpas to its long list of Touch Of Elegance.

"Dale and Susan Smith are a dynamic entrepreneurial couple who has the business acumen and the capital strength to develop entire markets," stated Winsted CEO Mark Ellis. "Success as a Franchise Owner, and especially Area Developers, has more to do with character traits and innate capabilities than with specific MedSpa experience. As part of our Consulting Agreement with Nu Image, we will be actively involved in the process of Site Location, Site Design & Build out, Business Development, Staffing & Training, Vendor Relationships, Licensing & Compliance Assistance and Custom Marketing Development. This major success also stemmed from my cross cross-country labor announced on June 2, 2005."

"My wife and I were looking for an industry that was in its early stages of development, was experiencing tremendous growth and was in some way tied to the baby boomer segment of the population. The MedSpa industry met all three criteria," stated Dale Smith. "We spent almost a year researching the industry and looking at potential companies offering MedSpa franchise opportunities. Most all of the companies had experience in Laser Hair Removal, and although they claimed to be MedSpas, had no real experience in the other MedSpa services such as Micordermabrasion, Chemical Peels, Intense Pulse Light Rejuvenation, and injectables like Botox, Restylane and Collagen."

Smith further stated, "Nu Image on the other hand, had owned and operated a MedSpa for over a year before deciding to franchise. Nu Image appeared to be the only company that had actually provided services other than Laser Hair to its clients. This was very important to us. Nu Image was also the only company that seemed to have developed their system with the success of its Franchisees as its most important goal. Although the other companies made that claim, when you really studied their systems in detail as we did, you realized that their systems were geared toward making a profit for the Franchisor first and insuring the success of their Franchisees, second."

"Finally we were impressed by the way Nu Image was assembling their family of Franchisees. Although they were looking for financially sound prospects, they were equally interested in the Franchisees as people. Rather than signing up the first person with deep pockets, they are being very selective in developing a true family of Franchisees that share their goals and philosophy," concluded Smith.

About Nu Image MedSpa Inc.

At Nu Image MedSpa, not only are our customers treated with the best that technology has to offer, they also get expert consultations from our skilled medical staff. Our trend-setting spa-like facilities, combined with our friendly staff, are all you need for the best skin care experience ever. Our facilities offer FDA-approved procedures like Botox, Restylane, Laser Hair Removal, IPL-Skin Rejuvenation, Microdermabrasion, Chemical Peels, Collagen and Leg Vein Treatment. We work only with the most advanced laser equipment to achieve your desired results. Our medical staff is one of our most valued assets and they are trained in a culture of warmth, friendliness and customer service. Everything at the MedSpa is designed with your comfort and convenience in mind, even our business hours which are flexible to adjust to your needs. Making you look good and feel good is what we are here for!

The Nu Image MedSpa franchise business development program allows the investor to easily participate in one of the fastest growing and most lucrative sectors of the healthcare industry. Nu Image is committed to continually setting the highest levels of excellence and innovation for our clients. Medical Spas are fast becoming the facility of choice among women and men seeking rejuvenating skin care procedures. For more information about Nu Image MedSpa visit http://www.nuimagemedspas.com.

About Winsted Holdings, Inc.

Winsted Holdings Inc. (OTC BB: WHLI) is a Business Development Company (BDC) located in Newport Beach, California. BDCs are publicly traded, closed-end investment companies regulated by the Investment Company Act of 1940. The Company was founded on the premise that combining both operational talent and financial talent within a single private equity investment firm can significantly enhance the magnitude and consistency of investment returns. Winsted Holdings' team consists of accomplished financial professionals with experience at prestigious financial institutions, seasoned corporate executives from various industry enterprises and successful entrepreneurs with expertise developed in aspects from business development to capital markets and from sales and marketing to technology development. The Company currently has two wholly owned subsidiaries, Spencer Communications Inc. and MedSpa Solutions Inc. Over the coming months, the Company will outline its ever changing portfolio holdings and its plans for the long-term MedSpa expansion.

Statements made in this press release regarding the Company's or management's intention, beliefs, expectations, or predictions for the future are forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. These risks, assumptions and uncertainties include: the ability to compete effectively in a rapidly evolving and price competitive marketplace; possible reductions in demand for our products and services due to competition or changes in industry conditions; changes in the nature of MedSpa and telecommunications regulations in the United States and other countries; changes in business strategy; the successful integration of newly acquired businesses; the impact of technological change; and other risks referenced from time to time in the Company's filings with the Securities and Exchange Commission.

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