Contact Information: Company Contact: Anthony Christon Chief Financial Officer Jaclyn, Inc. (201) 909-6000
Jaclyn, Inc. Announces Termination of Purchase and Sale Agreement for Former Office and Warehouse Facility
| Source: Jaclyn, Inc.
WEST NEW YORK, NJ--(Marketwire - December 12, 2007) - Jaclyn, Inc. (AMEX : JLN ) today announced
the termination of a purchase and sale agreement it previously entered into
relating to the Company's former executive offices and warehouse facility,
as well as two adjacent lots, located in West New York, New Jersey.
In June 2007, the Company announced it had entered into a purchase and sale
agreement to sell its former executive offices and warehouse facility, as
well as two adjacent lots, located in West New York, New Jersey. The
closing under the purchase and sale agreement was contingent on the
proposed purchaser's receipt of governmental approvals required for the
construction of residential, multi-family housing consisting of 150
residential units, as well as a number of other contingencies and
conditions. On December 12, 2007, the Company received a notice indicating
that the proposed purchaser would not obtain all governmental approvals by
the December 15, 2007 deadline required under the purchase and sale
agreement and, accordingly, was exercising the proposed purchaser's right
to terminate the purchase and sale agreement.
In light of the termination of the purchase and sale agreement, the Company
now intends to evaluate all of its alternatives with regard to its West New
York headquarters, including the general marketing of the property.
Note: This press release may contain forward-looking statements that are
being made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. The Company's actual performance and results
may vary as a result of a number of risks, uncertainties and other factors,
both foreseen and unforeseen, including general economic and business
conditions, competition in the accessories and apparel markets, continuing
favorable sales patterns, pricing and consumer buying trends.
Jaclyn, Inc. is a designer, manufacturer and marketer of apparel, women's
sleepwear, infant's and children's apparel, handbags, premiums and related
accessories. Our web site is at www.jaclyninc.com.