Kinnelon, NJ, April 1, 2014 (GLOBE NEWSWIRE) -- Premiere Opportunities Group, Inc www.premiereopportunities.com(OTCQB: PPBL) is pleased to announce that it has signed a Letter of Intent to purchase 100% of Avani Holdings LLC.
Avani Holdings is the parent company and 100% owner of the Avani Clothing line http://www.avaniclothing.com which is a "Made in USA" active wear brand sold nationally in department store, sports specialty stores, specialty stores, gyms, studios and online. Avani Activewear's earth-friendly collections and sustainable business practices reflect its mission "to leave the earth a little more beautiful than we have found it" by offering organic and sustainable garments to its customer
Chris H Giordano Premiere's President and Chairman stated " We are very excited to have the opportunity to purchase the Avani brand and work with its principal owner Mr. Thomas H. Witthuhn. We have been exploring with Mr. Witthuhn the possibilities of the Avani brand fitting in with our overseas sales model and have come to the conclusion that not only is there a substantial market for the Avani line here in the USA but a tremendous market for the Avani product in South East Asia as well.
Avani is based in the Active Wear category which is a sector of the apparel market that is experiencing tremendous growth as evidenced by companies such as Lululemon http://shop.lululemon.com prAna http://www.prana.comand Title Nine http://www.titlenine.com.
We are extremely upbeat in working with Tom Witthuhn. Firstly, Mr. Witthuhn brings over thirty years of senior management and sales experience to our team. He has held senior positions in substantial public companies such as Fruit of the Loom, Jockey International and most recently before purchasing Avani Clothing as CEO at Delta Galil USA
In his first year at Delta Galil he delivered a solid, sustainable and positive future earnings trend by reducing Operating Costs from 19.5% to 14.5% helping increase sales and reduce inventory turning a company losing almost 9% on sales into a company which produced earnings before income taxes of over $10,000,000.
Chris Giordano further stated "I am pleased to say that upon the closing of the Avani Holdings acquisition Mr. Tom Witthuhn will be taking my spot as CEO and I will remain as President and as a member of the Board of Directors. As I had mentioned to some in the past, we are attempting to build the equivalent of a potential stakes winning horse here at Premiere. The one ingredient we were missing was a world class jockey for that horse. I feel very strongly that in Mr. Thomas Witthuhn we have found that jockey. Tom brings to Premiere Opportunities Group, Inc a tremendous level of CEO level management experience as well as a substantial background in sales and stable of global contacts that will help us develop a very agressive and profitable business worldwide.
Assuming a smooth and expeditious closing with Avani we look forward to establishing with Mr. Witthuhn our multi brand strategy of bringing both our proprietary brands as well as existing world class brands into Southeast Asia and Mainland China and developing a strong foothold for the Avani brand both here in the US and overseas."
Chris Giordano 973-291-8900 Mitchell Schulz