FORT LAUDERDALE, Fla., Oct. 31, 2011 (GLOBE NEWSWIRE) -- Parlux Fragrances, Inc. (Nasdaq:PARL) previously announced that on September 7, 2011, Parlux Fragrances, Inc. ("Parlux" or "the Company") and Perfumania Holdings, Inc. ("Perfumania"), entered into a Mutual Confidentiality Agreement to allow the companies to proceed with discussions and customary due diligence regarding a possible business combination between Parlux and Perfumania. In order to allow the parties to explore a potential transaction in an orderly and efficient manner, Parlux, on the one hand, and Perfumania and its principal shareholder, on the other hand, entered into an agreement (the "Agreement") whereby the parties agreed that, until the earlier of October 28, 2011 or termination of negotiations in writing by either Parlux or Perfumania, (i) Perfumania and its affiliates would pursue a business combination with Parlux exclusively through negotiations with Parlux, (ii) Parlux would not amend its bylaws to include a provision requiring advance notice of shareholder nominations to the board of directors and (iii) Parlux would schedule its annual meeting no sooner than December 9, 2011.
As of October 28, 2011, both Parlux and Perfumania have agreed to extend the Agreement until December 2, 2012. In connection with this extension, Parlux has agreed to hold its annual meeting no sooner than January 13, 2012.
Representatives of Parlux and Perfumania may continue to engage in discussions regarding a potential combination of the two companies. However, they are under no obligation to do so. There can be no assurance that any agreement between Parlux and Perfumania regarding a potential business combination will be reached, or if such an agreement is reached, that such a transaction will be consummated. Parlux does not intend to provide further comment or updates with respect to a possible transaction unless and until an agreement is reached.
ABOUT PARLUX FRAGRANCES, INC.
Parlux Fragrances, Inc. is a manufacturer and international distributor of prestige fragrances and beauty related products. It holds licenses and sublicenses to manufacture and distribute the designer fragrance brands of Paris Hilton, Jessica Simpson, Nicole Miller, Josie Natori, Queen Latifah, Marc Ecko, Rihanna, Kanye West, Vince Camuto and Fred Hayman Beverly Hills.
Certain Information Regarding Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, 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 are discussed 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 update forward-looking statements that may be made herein or otherwise to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.