PARL Parlux Fragrances, Inc. (MM)

Parlux Acquires Worldwide Licensing Rights for XOXO Fragrances FORT LAUDERDALE, Fla., Jan. 7 /PRNewswire-FirstCall/ -- Parlux Fragrances, Inc. (NASDAQ:PARL) announced today the acquisition of the exclusive worldwide licensing rights, along with inventories, molds, designs and other assets, relating to the XOXO fragrance brand. Parlux acquired the rights to manufacture and distribute the fragrance lines from Victory International (USA) LLC. The XOXO fragrance is slated to launch during the Valentine's Day timeframe in major U.S. department stores, with an international roll out shortly thereafter. Financial terms of the agreement were not disclosed. Ilia Lekach, Chairman and CEO of Parlux, commented, "I am very excited about this synergistic acquisition, which compliments our recent successful introduction of the Paris Hilton fragrance in the U.S. department store channel. XOXO will increase our presence in department and specialty stores and provide us with important economies of scale." Mr. Lekach added, "I am pleased that we were able to fund this transaction entirely from our own cash reserves without the need to utilize our existing credit facility." 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), GUESS, Paris Hilton, Maria Sharapova, Andy Roddick, 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. DATASOURCE: Parlux Fragrances, Inc. CONTACT: Ilia Lekach, Chairman & CEO of Parlux Fragrances, Inc., +1-954-316-9008, ext. 116 Web site: http://www.parlux.com/ Company News On-Call: http://www.prnewswire.com/comp/674987.html

Copyright