Contact Information: Company Contact: Anthony Christon Chief Financial Officer Jaclyn, Inc. (201) 909-6000
Jaclyn, Inc. Announces Extension of Due Diligence Period for Sale of Office and Warehouse Facility
| Source: Jaclyn
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.