Salon City 8-K Filing Reports Signed Placement Agent Agreement With Capital Growth Resources
February 06 2009 - 11:03AM
Marketwired
Salon City, Inc. (OTCBB: SALN) announces that it has filed a Form
8-K today with the Securities and Exchange Commission. The filing
reports that on February 2, 2009, the Company entered into an
exclusive Placement Agent Agreement with Capital Growth Resources,
Inc. ("CGR") of El Cajon, California, to act as its placement agent
with respect to raising funds for Salon City, Inc.
The Financing consists of a $500,000 bridge loan offered to
accredited investors that will provide the Company with operating
capital. The term of this best efforts financing will be 180 days
with an option to lengthen the term an additional 90 days. It is
expected that a second stage of financing will occur with CGR that
is contingent upon (1) the successful completion of the minimum
raise of $75,000 in stage one and (2) the execution of a subsequent
agreement between and Salon City and CGR (and affiliated entities)
that is expected to raise up to $2 million dollars and will feature
secured financing from accredited institutional investors by and
through purchased memberships in the Salon City LIBAC Fund, LLC.
There is no guarantee that the second stage financing will occur
without the satisfaction of those items noted above.
CGR has a demonstrated record for assisting companies attempting
to raise capital from institutional investors. Steven G. Casciola,
SCI's President and CEO, stated, "The opportunity to become a
viable participant in the institutional investor capital markets
represents a positive move this year. We are excited and expect an
enthusiastic ramp up for production of our new media, technology,
products and licensing of our network of independent salons."
ABOUT SALON CITY, INC.
Salon City, Inc. is an emerging media company, lifestyle brand
and independent marketing network for products, distribution and
services. It publishes its flagship consumer publication, Salon
City magazine, and produces the award-winning web show, Hollywood
CeleBeauty, online media, licensed events and awards shows.
Certain information contained in these materials is
"forward-looking" information, such as projections, estimates, pro
formas, or statements of intentions, expectations or plans. All
forward-looking information is subject to known and unknown risks
and uncertainties, many of which are outside of the control of the
Company. Consequently, actual results may, and probably will,
differ materially from the results contemplated in such
forward-looking information.
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CONTACT: Media Relations 888-522-3263 Email Contact
www.saloncity.com
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