SOURCE: Jaclyn, Inc.

June 30, 2011 15:08 ET

Jaclyn Reports Purchase of Previously Leased Executive Offices

MAYWOOD, NJ--(Marketwire - Jun 30, 2011) - Jaclyn, Inc. (OTCQX: JCLY) today announced that on June 30, 2011, the Company purchased from 197 West Spring Valley Associates, LLC the Maywood, New Jersey executive office building it has been leasing (with an option to purchase) since May 2007. The property was purchased for an aggregate gross purchase price of $3,243,000. A $2,200,000 first priority mortgage financing which had previously been provided by the Company to 197 West Spring Valley Associates, LLC was fully repaid at the closing. This purchase completes an Internal Revenue Code Section 1031 exchange whereby part of the proceeds from the recent sale of the Company's former executive office and warehouse facility and parking lot are eligible for deferred tax treatment under current U.S. Treasury Regulations.

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, premium incentives and related accessories. Website: jaclyninc.com

Contact Information

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