Contact Information: Company Contact: Talon International, Inc. Rayna Long Tel (818) 444-4128 Investor Relations: Scott Liolios or Scott Kitcher Liolios Group, Inc. Tel (949) 574-3860
Talon International Receives $1.5 Million of Marketable Securities in Debt Settlement
| Source: Talon International, Inc.
LOS ANGELES, CA--(Marketwire - January 14, 2008) - Talon International, Inc. (OTCBB : TALN ), a
leading global supplier of zippers, apparel fasteners, trim and interlining
products, has received marketable securities valued at approximately $1.5
million in settlement of an outstanding note receivable due from Azteca
Production International, Inc., a former distributor of Talon products.
The note receivable, originating in 2006 from prior unpaid accounts, had
been in default for several months. In the quarter ended September 30,
2007, Talon recorded a reserve for impairment of the note receivable to
operations for an amount equal to the outstanding balance, which totaled
$2,127,653. The impairment reserve will be adjusted in the Company's fourth
quarter 2007 operations to reflect the fair value of the securities
received in this settlement. The settlement is subject to various terms and
conditions that limit the open market sales, but allow private placement of
the securities at the Company's discretion. Under its credit facility with
Bluefin Capital, LLC, Talon is obligated to apply proceeds from the sale of
these securities in excess of $600,000 to the payment of its outstanding
term loan.
About Talon International, Inc.
Talon International, Inc. is a global supplier of apparel fasteners, trim
and interlining products to manufacturers of fashion apparel, specialty
retailers, mass merchandisers, brand licensees and major retailers. Talon
manufactures and distributes zippers and other fasteners under its Talon®
brand, known as the original American zipper invented in 1893. Talon also
designs, manufactures, engineers, and distributes apparel trim products and
specialty waist-bands under its trademark names, Talon, Tag-It and TekFit,
to more than 60 apparel brands and manufacturers including Levi Strauss &
Co., Juicy Couture, Ralph Lauren, Victoria's Secret, Target Stores,
Wal-Mart, and Express. The company has offices and facilities in the United
States, Hong Kong, China, India and the Dominican Republic and is expanding
into Eastern Europe, Indonesia and Vietnam. For more information, go to
www.talonzipper.com.
Forward-Looking Statements
This news release contains forward-looking statements made in reliance upon
the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements are not guarantees of future
performance and are inherently subject to uncertainties and other factors
which could cause actual results to differ materially from the
forward-looking statement. These statements are based upon, among other
things, assumptions made by, and information currently available to,
management. The company undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.