When the economic climate turns a bit negative, there is considerable attention given to gold as a commodity, and consequently, it leads to more attention given to the stocks of gold companies. There were some gold companies that had come into focus on Tuesday, and one of those was All American Gold Corp. (OTC:AAGC). Yesterday, the company announced an update with regards to its on-going share buyback initiative and also about some of the other milestones that it had hit.
The company revealed that Hollywood Star Cuts had turned profitable in September last year after development and growth following its establishment in 2021. In the news release, All American Gold Corp. noted that in November 2023 it had launched a program in which 20% of the monthly corporate profits would be used for the purchase of its own common shares.
The program had initially been on a trial basis. Yesterday, All American Gold Corp. announced that the initiative had proven to be a success and that the practice would continue indefinitely. The company further noted that such a program would help it limit the share structure without having an effect on any growth plans. The ultimate aim of the program is for All American Gold Corp. to limit the outstanding shares without having to resort to a reverse stock split or take up toxic debt.
Hollywood Star Cuts, a comprehensive family hair and beauty salon with multiple locations, clocked growth of 400% in its operations in 2023. The company revealed that it expected the growth trajectory to be the same in 2024. At this point, Hollywood Star Cuts operates at a number of corporate-owned locations in the greater Boise area. However, it was also working on the establishment of franchise locations across the United States, with a special focus on areas like Nevada, Florida, and Texas.
