NEW YORK, June 24, 2010 (GLOBE NEWSWIRE) -- Total Apparel Group, Inc. ("TAG" or the "Company") (Pink Sheets:TLAG), a master distributor and licensee of market-leading international trademarks in the branded apparel, footwear and accessories sectors, today cautioned investors against potentially false claims made by MIT Associates, Inc ("MIT").
On June 22, 2010, MIT announced the following: "MIT Associates, Inc., the provider of tax minimization, asset management and securities servicing, announced their intent to acquire all outstanding shares of common stock of Total Apparel Group, Inc., issued in the last few years to overseas investors as part of their annual years end tax minimization program. The stock will be acquired via Like Kind Exchange."
In response TAG CEO Janon Costley cautions investors, "To our knowledge this release is not factual and has not been authorized by Total Apparel Group. TAG is not associated or affiliated with MIT, and we would advise all TAG shareholders to avoid any dealings with this group as we feel that it is an attempt to compromise our shareholders."
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About Total Apparel Group, Inc.
Total Apparel Group, Inc. (Pink Sheets:TLAG) (www.tapginc.com) aims to become the leading product licensing, brand management and retail development partner for pre-eminent sports, entertainment and lifestyle brands in the U.S. TAG recently leapt to global prominence with its selection as the official U.S. Master Distributor of FIFATM and FIFA World CupTM Licensed Product. For the first time in its 104-year history, FIFATM -- governing body of soccer, the world's most popular sport -- is launching an official collection of merchandise. And FIFATM had appointed TAG as its official ambassador to the U.S. in the year leading up to the predictably lucrative 2010 World Cup.
FORWARD-LOOKING STATEMENTS
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