FORT LAUDERDALE, Fla., Sept. 5 /PRNewswire-FirstCall/ -- Parlux
Fragrances, Inc. (Nasdaq: PARL) announced today its Board of Directors had
received a letter from Glenn Nussdorf advising that, as of August 28, 2006,
he had acquired more than 5% of the Company's outstanding common stock in
the open market. Mr. Glenn Nussdorf and or his brother Stephen Nussdorf
(the "Nussdorfs") propose to acquire additional shares which could exceed
fifteen percent (15%) and asked the Board to grant him Interested
Stockholder Approval as defined in Section 203 of the Delaware General
Corporation Law (DGCL).
The Interested Stockholder Approval was sought by the Nussdorfs, in
order that their respective affiliates and associates would not be
prohibited from engaging in a business combination with the Company as
defined in DGCL Section 203 (c) (3). The Nussdorfs own 37% of E Com
Ventures, Inc., a major customer of the Company ,and together with their
sister Arlene Nussdorf, control Model Reorg, Inc., a fragrance distributor,
retailer and manufacturer.
A special meeting of Parlux's Board of Directors was convened whereby
it was agreed to grant the Nussdorfs Interested Stockholder Approval
provided that the additional shares of common stock are not acquired
directly from any members of Parlux's 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.html/
CONTACT:
Ilia Lekach, Ext. 8116, or Frank A.
Buttacavoli, Ext. 8117, of Parlux Fragrances, Inc.,
+1-954-316-9008
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