FORT LAUDERDALE, Fla., July 23 /PRNewswire/ --
Parlux Fragrances, Inc. (Nasdaq: PARL) announced today it successfully
completed an agreement with GMAC Commercial Credit LLC ("GMACCC") for a
$20 million senior secured revolving credit facility.
The GMACCC collateral based credit facility will be used to repay
borrowing arrangements under the Company's current facility, strengthen the
Company's ability to meet seasonal requirements, and repurchase stock.
Ilia Lekach, Chairman and CEO, said, "GMACCC is an outstanding financial
organization and we are pleased by their confidence. This agreement increases
our existing credit facilities at a lower cost and substantially improves
funding to facilitate growth and to increase our stock buyback program." Mr.
Lekach added, "I have had a very positive experience working with GMACCC in
connection with other transactions. I believe GMACCC's involvement with
Parlux will be most beneficial. I look forward to working closely with them
to improve the value of our shareholders' investment."
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, Fred Hayman Beverly Hills, Ocean
Pacific (OP), and JOCKEY. The Company also owns, manufactures and distributes
its own fragrance brand, Animale Parfums.
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 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:
Ilia Lekach of Parlux Fragrances, Inc.,
+1-954-316-9008, ext. 116
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