Parlux Stockholder Requests Approval To Increase Ownership Interest
Tuesday September 5, 10:44 am ET
FORT LAUDERDALE, Fla., Sept. 5 /PRNewswire-FirstCall/ -- Parlux Fragrances, Inc. (Nasdaq: PARL - News) 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.
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Source: Parlux Fragrances, Inc.
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