PARL Parlux Fragrances, Inc. (MM)

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. DATASOURCE: Parlux Fragrances, Inc. CONTACT: Ilia Lekach for Parlux Fragrances, Inc., +1-954-316-9008 Ext. 8116 Web site: http://www.parlux.com/ Company News On-Call: http://www.prnewswire.com/comp/674987.html

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