Contact Information: Company Contact: Anthony Christon Chief Financial Officer Jaclyn, Inc. (201) 909-6000
Jaclyn, Inc. Announces Termination of Agreement Relating to Office and Warehouse Facility
| Source: Jaclyn
MAYWOOD, NJ--(Marketwire - August 7, 2008) - Jaclyn, Inc. (OTCQX: JCLY) today announced that
VG Properties 15, LLC has terminated the agreement that it and the Company
had entered into in June 2008 relating to possible sale of the Company's
former executive office and warehouse facility, as well as two adjacent
lots, located in West New York, New Jersey.
As the Company announced in June, the agreement provided VG Properties with
a 60-day period within which to conduct its due diligence with regard to
the West New York property and to determine whether to proceed toward the
purchase of the property. As the Company noted in that announcement, at
any time during the 60-day diligence period, VG Properties had the absolute
right to terminate the agreement for any reason, and VG Properties has
exercised that right. In accordance with the parties' agreement, the good
faith deposit previously furnished to the Company will be returned to VG
Properties.
Forward Looking Statements
Note: This press release may contain forward-looking statements that are
being made pursuant to the Private Securities Litigation Reform Act of
1995, which provides a "safe harbor" for forward-looking statements to
encourage companies to provide prospective information so long as those
statements are accompanied by meaningful cautionary statements identifying
important factors that could cause actual results to differ materially from
those discussed in the statement. Our forward-looking statements are
subject to a number of known and unknown risks and uncertainties that could
cause actual results, performance or achievements to differ materially from
those described or implied in the forward-looking statements, including,
but not limited to, general economic and business conditions; competition
in the accessories and apparel markets, potential changes in customer
spending; acceptance of our product offerings and designs; the variability
of consumer spending resulting from changes in domestic economic activity;
any significant variations between actual amounts and the amounts estimated
for those matters identified as our critical accounting estimates, as well
as other significant accounting estimates made in the preparation of our
financial statements; and the impact of hostilities in the Middle East and
in other geographic areas, as well as other geopolitical concerns.
Accordingly, actual results may differ materially from such forward-looking
statements. Our forward-looking statements are based on our current
expectations, assumptions, estimates and projections about the Company and
involve significant risks and uncertainties. The Company assumes no
obligation for updating any such forward-looking statements to reflect
actual results, changes in assumptions or changes in other factors
affecting such forward-looking statements.
Jaclyn, Inc. is a designer, manufacturer and marketer of apparel, women's
sleepwear, infants' and children's apparel, handbags, premiums and related
accessories. Our web site is at www.jaclyninc.com.