FORT LAUDERDALE, Fla., June 16 /PRNewswire-FirstCall/ --
Parlux Fragrances, Inc. (Nasdaq: PARL) announced today that its Board of
Directors received on Friday, June 13, 2003, a letter from Quality King
Distributors, Inc. withdrawing its proposal to acquire all of the outstanding
shares of common stock of Parlux at $4.00 per share in cash. The all-cash
offer, which was made originally to the Board of Directors of Parlux on May
19, 2003 by Quality King and Ilia Lekach, the current Chairman of the Board of
Directors of Parlux, was conditioned upon Quality King receiving the approval
of the transaction by its lenders, among other things. Quality King informed
the Board that it has been unable to obtain such approval from its lenders.
The Board is grateful to the members of the Special Committee of
Independent Directors for their services relating to this matter. The Special
Committee will remain in existence for the time being, should any additional
matters arise from time to time that require its attention.
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, or ext. 117
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