Parlux Fragrances, Inc. (NASDAQ: PARL) announced today an agreement with Gripping Eyewear, Inc. ("GEI"), assigning the world wide exclusive licensing rights with Paris Hilton Entertainment, Inc. for the production and distribution of Paris Hilton Sunglasses. Terms of the assignment were not disclosed.
"We are pleased that Paris Hilton sunglasses will now be available to the consumer from this innovative and creative company. The glamour and appeal of the Paris Hilton brand will be easily translated into this important accessory line," said Neil J. Katz, Chairman and CEO of Parlux.
Jimmy Jongebloed, President and CEO of GEI, commented, "Eyewear is a natural extension of Paris' already successful collections, including fragrances and footwear. The world wide Paris Hilton brand exudes beauty and elegance, which we intend to capture in her sunglass line." Mr. Jongebloed continued, "We own several patents involving magnetic technology in eyewear, eyewear accessories and displays, as well as other patented accessories which will be designed by, and especially for, Paris Hilton. GEI is pleased to accompany Paris in her eyewear debut and in deriving great potential in the luxury fashion sector. We anticipate launching Paris' sunwear collection in major department stores this summer."
About Parlux
Parlux Fragrances, Inc. is a manufacturer and international distributor of prestige products. It holds licenses for Paris Hilton, Jessica Simpson, GUESS?, Nicole Miller, Natori, Queen Latifah, XOXO, Ocean Pacific (OP), Andy Roddick, babyGund, and Fred Hayman Beverly Hills designer fragrances, as well as Paris Hilton watches, cosmetics, sunglasses, handbags and other small leather accessories.
About GEI
GEI owns several patents involving magnetic technology in eyewear, eyewear accessories and displays, as well as other patented accessories. Proprietary features allow GEI to offer the worldwide consumer unique benefits in eyewear with the style and elegance of Paris Hilton.
Certain Information Regarding Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies and prospects, both business and financial. 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 successfully introduce, acquire, or launch new brands, licenses, or products in a cost-effective manner, general economic conditions and continued compliance with the covenants in its credit facility. Additional risk factors are set forth in the Company's periodic reports filed with the Securities and Exchange Commission. 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.
