FT. LAUDERDALE, Fla., May 3, 2007 (PRIME NEWSWIRE) -- Intelligent Motor Car Group Inc. (Pink Sheets.ITLL) today announced that it has acquired Selective Brand Holdings, Inc. in a share exchange and reverse merger, whereby the Company has issued shares of its Common Stock in exchange for one hundred percent of the shares of Select Brand Holdings Inc. Pursuant to the terms of the Share Exchange and Merger Agreement the Company shall change its name to Selective Brand Holdings Inc. and the Company's CEO Jon B. Wallis shall be replaced by Robert Capena and Francois Ravidat of Select Brand Holdings Inc. The request for name and symbol change have been made with the State of Delaware and the NASD and are expected to become effective on or about May 4, 2007 at which time new management will take the helm.
Selective Brands Holdings, Inc. was created as a holding company with the purpose of obtaining the exclusive licenses for the rights to distribute fine luxury goods primarily throughout the United States, Canada and the Caribbean.
The objective of the company is to develop and expand the brand awareness of the quality and globally known brands that the company holds under exclusive licensing agreements for ultimate distribution to the $7.7 billion luxury handbag and accessory market.
Selective Brands Holdings currently owns the right to distribute on an exclusive basis throughout the United States, Canada and the Caribbean Lancetti handbags and Lancaster Paris handbags. The company is currently in very close negotiations for the exclusive rights for Missoni handbags and belts, Gianfranco Ferre handbags and the D&G (Dolce & Gabbana) boutique line. In addition there are negotiations currently under way with many more fine global luxury brands to enhance the growing portfolio of Selective Brands Holdings.
Selective Brands Holding Inc. owns and operates two wholly owned subsidiaries European Exclusive Brands Inc, and World Wide Trading LLC. The two wholly owned subsidiaries have two separate and distinct purposes. European Exclusive Brands Inc acts as the distribution arm of the parent Selective Brands Holding Inc. insuring that the upscale luxury brands that the parent owns are marketed and distributed to the correct upper end retail channels ultimately finding their way to the consumer. World Wide Trading acts as an import and distribution company for the company's travel license and additionally for fine luxury goods procured throughout the world utilizing the company's vast contacts within the fashion industry. The brands that are procured are leaders in the fashion industry with high profile, that are ultimately delivered to mass merchandisers such as ,Sam's Club, BJ,s Wholesale, Amazon.com and Bluefly.Com
Safe Harbor Statement
This press release contains 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 (the "Exchange Act"), and as such, may involve risks and uncertainties. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations, are generally identifiable by the use of words such as "believe," "expect," "intend," "anticipate, " "estimate," "project," or similar expressions. These forward-looking statements relate to, among other things, expectations of the business environment in which the Company operates, projections of future performance, potential future performance, perceived opportunities in the market, and statements regarding the Company's mission and vision. The Company's actual results, performance, and achievements may differ materially from the results, performance, and achievements expressed or implied in such forward-looking statements.