FORT LAUDERDALE, Fla., Jan. 11 /PRNewswire-FirstCall/ -- Parlux
Fragrances, Inc.'s ("Parlux") (Nasdaq: PARL) Board of Directors today sent
the following letter to Glenn H. Nussdorf:
January 11, 2007
Glenn H. Nussdorf
2060 Ninth Avenue
Ronkonkoma, NY 11779
Dear Mr. Nussdorf:
According to your SEC filings, for almost three months you have been
"exploring the possibility of making an acquisition proposal for
Parlux" and you and your representatives have "had preliminary
discussions with potential financing sources to obtain the funds
necessary for such a transaction." Yet to date, no acquisition
proposal has been forthcoming. We want to take this opportunity to
invite you to submit a bona fide acquisition proposal to the Board of
Directors of Parlux. Although Parlux is not currently for sale, we are
focused on enhancing value for all of our stockholders. Consistent with
our fiduciary duties to Parlux shareholders, your acquisition proposal
would be given full and fair consideration by the Board.
We believe that the interests of all Parlux stockholders are best
served if your proposal is considered by Parlux's duly-elected
independent Board of Directors. Notwithstanding your statements to the
contrary, we find it unreasonable to believe that your hand-picked
nominees, all but one of whom are business associates of you or your
affiliates, will exercise any real independent oversight over an
acquisition proposal submitted by you.
We find it disingenuous, after three months of "exploring the
possibility of making an acquisition proposal," to ask stockholders to
give you control of the company as you continue your evaluation
process. If you are truly interested in acquiring the company, as
stated above, you are welcome to submit a bona fide proposal. However,
should you continue your efforts to take control of Parlux without
compensating stockholders for their investment in the company, we will
vigorously oppose your efforts.
On behalf of the Board of Directors,
/s/ Ilia Lekach
Ilia Lekach
Chairman and Chief Executive Officer
Parlux Fragrances, Inc.
About Parlux Fragrances, Inc.
Parlux Fragrances, Inc. is a manufacturer and international distributor
of prestige products. It holds licenses for Paris Hilton fragrances,
watches, cosmetics, sunglasses, handbags and other small leather
accessories in addition to licenses to manufacture and distribute the
designer fragrance brands of GUESS?, XOXO, Ocean Pacific (OP), Maria
Sharapova, Andy Roddick, babyGund and Fred Hayman Beverly Hills.
Additional Information
This information is being furnished on behalf of Parlux by its Board of
Directors. Parlux will be sending definitive consent revocation
solicitation materials to shareholders of record on the record date. The
information contained in those materials is important to the interests of
shareholders, including information required to be presented about the
participants in the consent revocation solicitation. You may obtain a copy
of the preliminary consent revocation materials on form PRE14A, when filed
with the SEC, and the definitive consent revocation materials, when filed,
free of charge at the SEC's website at http://www.sec.gov. Parlux will also
provide you with a copy of these materials without charge by directing your
request to Parlux Fragrances, Inc. Attention: Corporate Secretary.
Parlux and its directors are participants in a solicitation of proxies
for Parlux's consent revocation solicitation. Information regarding these
participants and their interests is contained in a filing under Rule 14a-12
filed by Parlux with the Securities and Exchange Commission on January 8,
2007.
Certain Information Regarding Forward-Looking Statements
Parlux may periodically release forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, regarding,
among other things, our plans, strategies and prospects, both business and
financial. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual results, performance
or achievements of Parlux or its industry to be materially different from
any future results, performance or achievements expressed or implied by
such forward-looking statements. These risks and uncertainties include,
among others, future trends in sales and Parlux's ability to introduce new
products in a cost-effective manner, general economic conditions and
continued compliance with the covenants in our credit facility. Readers are
cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date thereof. Parlux undertakes no obligation to
publicly release the result of any revisions to these forward-looking
statements that may be made to reflect events or circumstances after the
date hereof or to reflect the occurrence of unanticipated events.
SOURCE Parlux Fragrances, Inc.
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Related links:
http://www.parlux.com/
CONTACT:
Dan Katcher, or Steve Frankel, both of Joele
Frank, Wilkinson Brimmer Katcher, +1-212-355-4449
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