FORT LAUDERDALE, Fla., Dec. 6 /PRNewswire-FirstCall/ -- Parlux
Fragrances, Inc. (Nasdaq: PARL) announced today the completion of a
transaction in which Perry Ellis International (Nasdaq: PERY) has
reacquired from Parlux the license for its Perry Ellis fragrance brand, as
well as inventory, molds and other intangible assets related thereto, in an
all-cash transaction of approximately $63 million, subject to final
inventory valuations.
Ilia Lekach, Chairman and Chief Executive Officer, said, "Perry Ellis
is a fine brand that has served us well for many years. The licensor's
future plans envisioned a more restrictive control over creative
development. Its cash offer to take back the brand allows us to strengthen
our balance sheet and have additional resources to expand our other
brands."
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 GUESS?, XOXO, Ocean Pacific (OP), Maria
Sharapova, Andy Roddick, babyGund and Fred Hayman Beverly Hills.
Parlux 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 Parlux 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 Parlux'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. Parlux 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 for Parlux Fragrances, Inc.,
+1-954-316-9008 Ext. 8116
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