EXHIBIT 99.1
FOR IMMEDIATE RELEASE
PARLUX’ SALE OF PERRY ELLIS FRAGRANCE RIGHTS
NOT APPROVED BY LICENSOR
FORT LAUDERDALE, FLORIDA, October 11, 2006. Parlux Fragrances, Inc. (NASDAQ:PARL) announced today that on October 9, 2006, it was informed by Perry Ellis International (“PEI”) of PEI’s decision not to consent to the sale of the Perry Ellis fragrance rights to Victory International (USA) LLC (“Victory”). On August 16, 2006, the Company had entered into a letter of intent, subject to certain approvals, to sell its Perry Ellis fragrance rights to Victory for a total of up to $140 million: $120 million over a five-year period for the fragrance rights and up to $20 million for inventory.
Parlux Fragrances, Inc. is a manufacturer and international distributor of prestige products. It holds licenses for Paris Hilton fragrances, watches, cosmetics, sunglasses, handbags and other small leather accessories in addition to licenses to manufacture and distribute the designer fragrance brands of Perry Ellis, GUESS?, XOXO, Ocean Pacific (OP), Maria Sharapova, Andy Roddick, babyGund and Fred Hayman Beverly Hills.
Parlux may periodically release forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Parlux or its industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, among others, future trends in sales and Parlux’s ability to introduce new products in a cost-effective manner. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Parlux undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the dat e hereof or to reflect the occurrence of unanticipated events.
FOR:
Parlux Fragrances, Inc., (954) 316-9008
CONTACT:
Ilia Lekach, Ext. 8116
PR NEWSWIRE:
COMPANY NEWS ON-CALL: (800) 758-5804 Parlux code 674987
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