AUSTIN (November 4, 2009)--Wealthy Houston businessman Farouk Shami says he will use $10 million of his own money to bankroll his Democratic primary bid for governor.

The hair care executive said he plans a formal campaign announcement on Nov. 19.

Shami, the founder and chairman of Farouk Systems Inc., also says he would waive the governor's $150,000 annual salary and accept just $1 to serve in the office.

The Austin American-Statesman reports that the 66-year-old political novice said Tuesday that he is "100 percent sure" that he will be the next governor of Texas.

Gov. Rick Perry and U.S. Sen. Kay Bailey Hutchison are expected to face off in the Republican primary in March.

Others seeking the Democratic nomination include former U.S. ambassador Tom Schieffer, humorist Kinky Friedman and rancher Hank Gilbert.

Therapist Mark Thompson recently said he has dropped his bid for governor.