LOS ANGELES, Dec. 1, 1998 (PRIMEZONE) - Jalate, Ltd. (AMEX: JLT) today announced the acquisition of Arc Manufacturing, a producer of denim and twill garments for the junior market and the licensee of Breaker Jeans, a line of denim products offered nationally by major retailers.
Terms of the transaction were not disclosed.
Vinton W. Bacon, President and Chief Executive Officer of Jalate, Ltd., said, "This acquisition represents a perfect adjunct to the Jalate line. It will provide a line of bottoms that complement our line of knit tops and fits well with our junior products."
The company also announced it has reduced its Board of Directors to five members from seven.
The company said that William Soady, Joseph S. Davis and Allan E. Dalshaug have resigned from the board and that William DeArman has been added to the board.
Mr. Bacon said "We thank Messrs. Soady, Davis and Dalshaug for their excellent service to Jalate and look forward to their continued support and counsel to the company outside of the Board of Directors. At the same time, we are pleased to welcome William DeArman to the board. Mr. DeArman has been associated with Jalate since the company went public five years ago. He was a principle on the investment banking team that handled our IPO and has been a supporter of the company ever since."
Jalate, Ltd. designs, develops and markets children's and junior knit sportswear and dresses at moderate prices for the fashion-conscious young woman who desires to continually update her wardrobe. The Company develops basic styles that are fashionable and easy to produce, enabling the company to respond more quickly to fashion trends, reduce delivery time to the retailer and facilitate a consistently high-quality product. Jalate's products are found in major department stores, retail chain stores and specialty stores, including JC Penney, Sears, Dillard's, The Federated Department Stores and The May Companies.