SOURCE: Total Luxury Group, Inc.

May 04, 2007 06:00 ET

Total Luxury Group Subsidiary Y Brands '07 Sales Off to Strong Start; Company Signs New Factoring and Finance Agreement

NEW YORK, NY -- (MARKET WIRE) -- May 4, 2007 -- Total Luxury Group, Inc. (OTCBB: TLEI) subsidiary Y Brands, Inc. shipped close to $200,000 in orders for April 2007, which was their first full month of shipping under the TLEI umbrella.

Currently the company is on pace to meet its Spring/Summer sales objectives and is continuing to receive significant orders from new and existing customers for their Back to School, Fall and Holiday deliveries.

In addition, the company's apparel operating division, International Apparel Group, Inc., has entered into a new factoring and financing agreement with Platinum Funding Group, LLC for all of its apparel divisions. The new factor relationship will significantly increase cash flow management and timely payment, as well as help ensure prompt delivery.

"Factoring is very common in the apparel industry, and is a virtual necessity due to the production and sales cycles. For us, it will allow our company to precisely plan and manage our cash flow," explained COO Janon Costley. "We also believe that we have found the right factor and financing partner that is willing to grow with our company. Our new agreement will enable the company to increase sales exponentially without the need to tie up additional capital in order to fulfill all of our current and future production and sales requirements."

"We are very excited to have International Apparel Group, Inc. as a client. We were very impressed with their executive management team. But when we saw the properties that they have accumulated under their corporate umbrella, we knew that they were a perfect match for Platinum Funding. Our focus is to help our clients grow from $1 million to $100 million," explained Einat Stecklov, President, Platinum Funding Solutions.

About Platinum Funding Group, LLC:

Founded in 1992, by Eyal Levy, Chairman and CEO, Platinum Funding Group offers the power of a strong managerial team combined with vast product knowledge and a set of financial resources and tools, in order to provide timely funding, cash flow and flexibility to its clients.

With headquarters in Manhattan, New York, corporate offices in Hackensack, New Jersey, and a network of offices throughout the country, Platinum Funding Group is a partner of choice for your financing solutions. Platinum Funding Group provides wide-ranging resources.

Platinum offers their clients factoring services, letters of credit, account receivable collection, improved receivable turnover and timely reporting. Platinum Funding Group serves small- to medium-sized companies with annual sales of between $1 million and $100 million.

Clients range from startups to large well-established corporations. Platinum Funding Group understands the unique needs of each client, and prides itself on offering solutions tailored exclusively for each company.

About Total Luxury Group, Inc.

Total Luxury Group, Inc., which currently holds a distributorship agreement for MCM, AG, has been seeking additional opportunities within the consumer products industry for acquisition of companies that have a proven management team, and desirable products or services. In July of 2006, Total Luxury Group, Inc. acquired International Apparel Group, Inc., an apparel holding company that through its subsidiary companies manufactures and sells apparel to major retailers and distributors around the world. In addition, the company has entered into a license agreement with Castle Hill for the marks Y-Chrome and Type Y previously shipped under the YMLA, Inc.

Except for historical information contained herein, the matters discussed in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that involve substantial risks and uncertainties. When used in this press release and in any documents incorporated by reference herein, the words "expects," "will" and similar expressions identify certain of such forward-looking statements. Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of management and are subject to a number of risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company's control. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive, and other factors affecting the Company and its operations; and other risk factors. TLEI cautions that the foregoing factors are not exclusive. TLEI assumes no obligation to update the information contained in this press release.

Contact Information

  • Contact:

    International Apparel Group, Inc.
    MIAMI, FL
    Janon Costley
    (305) 892-6744