Contact Information: Company Contact: Anthony Christon Chief Financial Officer Jaclyn, Inc. (201) 868-9400
Jaclyn, Inc. Announces Termination of Option Contract for the Sale of Office and Warehouse Facility
| Source: Jaclyn, Inc.
WEST NEW YORK, NJ -- (MARKET WIRE) -- April 16, 2007 -- Jaclyn, Inc. (AMEX : JLN ) today announced
the termination of the option contract it previously entered into relating
to the sale of the Company's executive offices and warehouse facility, as
well as two adjacent lots, located in West New York, New Jersey.
As previously announced, the option contract was subject to a number of
contingencies and conditions, including receipt by the optionee of
governmental approvals for the use of Jaclyn's West New York, New Jersey
properties as residential housing. Jaclyn previously granted to the
optionee extensions of time to obtain the approvals. However, the optionee
has not received, and advised Jaclyn that he does not expect to receive,
the necessary approvals. Accordingly, at the optionee's request, the
parties have agreed to a termination of the contract. The option contract
was set to expire by its terms on May 2, 2007.
Under the option contract, the Company is entitled to retain approximately
$268,000 in payments made by the optionee during the term of the option
contract, including interest. This amount will be reflected in the
Company's financial results for the fourth quarter of the current fiscal
year.
In light of the termination of the option contract, 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.