SOURCE: Jaclyn

March 05, 2009 17:26 ET

Jaclyn, Inc. Announces Extension of Due Diligence Period for Sale of Office and Warehouse Facility

MAYWOOD, NJ--(Marketwire - March 5, 2009) - Jaclyn, Inc. (OTCQX: JCLY) today announced that it has extended the due diligence period of the proposed purchaser under a previously announced agreement for the sale of the Company's former executive office and warehouse facility, as well as two adjacent lots, located in West New York, New Jersey.

Under the original terms of the agreement, the closing of the sale was scheduled to be held on or before April 20, 2009, and the proposed purchaser had the right until March 4, 2009 in its sole discretion to terminate the agreement for any reason as a result of its due diligence investigation. The March 4, 2009 date has been extended until March 18, 2009. During the extension period, the Company anticipates discussing with the proposed purchaser, among other things, the status of his due diligence investigation and the need for a further extension of the due diligence period.

The Company again noted that since the proposed purchaser has the absolute right to terminate the agreement and not to purchase the West New York property, and the completion of any sale of the property is subject to a number of other conditions and deliveries, there is no assurance that sale of the property will be concluded.

Forward Looking Statements

Note: This press release contains information concerning, among other things, our future plans and objectives that are or may be deemed to be forward-looking statements. However, forward-looking statements are subject to a number of known and unknown risks and uncertainties that may cause our actual results, trends, performance or achievements, or industry trends and results, to differ materially from the future results, trends, performance or achievements expressed or implied by such forward-looking statements. Those risks and uncertainties may include, but are not limited to, general economic and business conditions (including the ongoing financial downturn and disruptions in credit markets); competition; potential changes in customer spending; acceptance of our product offerings and designs; the variability of consumer spending resulting from changes in domestic economic activity; a highly promotional retail environment; 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 current and potential hostilities in the Middle East and in other geographic areas; as well as other geopolitical concerns. You are urged to consider all such factors. In light of the uncertainty inherent in such forward-looking statements, you should not consider their inclusion to be a representation that such forward-looking matters will be achieved. We assume 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