FORT LAUDERDALE, Fla., June 14 /PRNewswire-FirstCall/ -- Parlux
Fragrances, Inc. (Nasdaq: PARL) announced today that its Board of Directors
had received an unsolicited letter from its Chairman and CEO, Mr. Ilia
Lekach, representing PF Acquisition of Florida LLC, pertaining to the
possible acquisition of all of the outstanding common stock of the Company
at a proposed price of $29.00 per share in cash, representing a premium of
55% over the closing price of the common stock of the Company on June 13,
2006.
The offer is subject to financial and other contingencies.
Frank A. Buttacavoli, COO and CFO, commented, "The offer has been
referred to the Special Committee of Independent Directors of the Parlux
Board of Directors."
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 Perry Ellis, GUESS?, XOXO, Ocean Pacific (OP),
Maria Sharapova, Andy Roddick, babyGund, and Fred Hayman Beverly Hills.
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
http://www.prnewswire.com/comp/674987.htm /
CONTACT:
Frank A. Buttacavoli, Executive Vice
President, COO and CFO, Parlux Fragrances, Inc., +1-954-316-9008,
ext. 8117
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