SOURCE: Jaclyn

August 07, 2008 10:03 ET

Jaclyn, Inc. Announces Termination of Agreement Relating to Office and Warehouse Facility

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.

Contact Information

  • Company Contact:
    Anthony Christon
    Chief Financial Officer
    Jaclyn, Inc.
    (201) 909-6000