FORT LAUDERDALE, Fla., May 22 /PRNewswire-FirstCall/ --
Parlux Fragrances, Inc. (Nasdaq: PARL) announced today that on May 20, 2003,
it received a proposal from Quality King Distributors, Inc., and Ilia Lekach,
Chairman and CEO of Parlux, to acquire all of the outstanding common shares of
the Company, pursuant to a tender offer at a price of $4.00 per share in cash.
Mr. Lekach is currently the beneficial owner of 31% of the common stock of
Parlux.
At a special Board of Directors meeting held today, an Independent
Committee of the Board, composed solely of independent directors was appointed
to evaluate, negotiate and ultimately vote to approve or disapprove the
transaction in accordance with the requirements of Section 203 of the Delaware
General Corporation Law. It is anticipated that the Independent Committee
will engage legal counsel and seek investment banking advice, to assist in
this matter as soon as practicable.
While this matter is under consideration, the Company intends to continue
operations in the ordinary course, and file its Annual Report on Form 10-K for
the fiscal year ended March 31, 2003 and meet any other SEC reporting
requirements on a timely basis.
Parlux Fragrances, Inc. is a manufacturer and international distributor of
prestige fragrances and holds the licenses to manufacture and distribute the
designer fragrance brands of Perry Ellis, Ocean Pacific (OP), Fred Hayman
Beverly Hills, and JOCKEY.
The Company may periodically release forward-looking statements pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual results, performance or
achievements of the Company 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 the Company's ability to introduce new
products in a cost-effective manner. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date
thereof. The Company 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
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/674987.html
CONTACT:
Frank A. Buttacavoli, Parlux Fragrances,
Inc., +1-954-316-9008, ext. 117
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