Totowa, NJ, Nov. 15, 2013 (GLOBE NEWSWIRE) -- At the request of several shareholders we would like to update our current state of business affairs and clarify our corporate goals for 2014 and beyond.
The year 2013 has brought many things to bear from tremendous opportunity to the substantial paring down of the liabilities inherited from the old company to the point where in early 2014 we expect Premiere to be free of all the old debt and also to be more profitable than expected.
We have been successful in launching two silos of opportunity this past year. The first is in the apparel supply arena and the second is in the advisory services arena.
In the apparel arena we have substantiated a foot print into both Korea and Mainland China with our Joint Venture brand known as CABE Studio www.cabestudio.com .
With CABE we are supplying a full line of classic but high end American fashion as well as a seasonal grouping of extremely high quality cashmere products for the winter which is being met with solid demand.
We are also in the process of delivering our first orders of the Jones NY line into both Korea and Mainland China this month and it is our anticipation that this stalwart American brand which is synonymous with both style and value will be readily received by the SE Asian shopper.
Our Jane Elissa www.janeelissa.com line is being developed at this time for delivery into a US based group of retail clothing stores before the year is out and we will hopefully be in a position to announce the relationship shortly.
Chris Giordano Premiere's Chairman stated "We are extremely excited by this line of products since Jane Elissa is highly distinctive and set apart from mainstream fashion. We were encouraged to see that in the past Jane had placed 1500 of her NY Skyline denim jackets on QVC at $79.00 and sold all of them inside 5 minutes. This is a tremendous acceptance barometer since QVC is an excellent cross section of varying demographics and buying power. We expect to announce further developments with this brand in both US and overseas markets in the very near future.
We see a very profitable 2014 so far with what is our low risk strategy of entering the apparel markets both here and overseas. We have very little overhead with the exception of production. Our net margins are running in the 25% arena and we are planning the future of this company by not only creating a profitable company but we are going to start discussions with a to be hired CEO in 2014 that has had tremendous success running large public apparel companies.
With this success we feel that we are approaching a juncture where it is going to become necessary to divest our ownership in the Trident Merchant Group, Inc and distribute that ownership to our shareholders in order to separate the apparel division from the advisory division.
Divesting our ownership in Trident will allow shareholders to get the maximum "market value" for their ownership in Premiere by owning common stock in both companies. Henceforth, we will be filing an S-1 in early 2014 on Trident Merchant Group in order to establish a public market for its shares. From that point Trident Merchant Group, Inc will distribute shares in all of its holdings in Direct Led, Inc., Flex Fuel Technologies, Inc., and Hispanica Delights of America, Inc.
We hope this communication clarifies both where we are and where we expect to be in 2014 and beyond. We thank our shareholders for their patience and loyalty throughout the past several years and look forward to the future with tremendous encouragement."