Jaclyn, Inc. Announces Grant of Option for the Sale of Office and Warehouse Facility
07 Septembre 2005 - 5:10PM
PR Newswire (US)
WEST NEW YORK, N.J., Sept. 7 /PRNewswire-FirstCall/ -- Jaclyn, Inc.
(AMEX:JLN) today announced that it has granted to a third party an
option relating to the sale of the Company's executive offices and
warehouse facility, as well as two adjacent lots, located in West
New York, New Jersey. As previously announced, Jaclyn currently
uses approximately one-half of the 140,000 square foot West New
York facility (the remainder having been leased to third parties),
and has been looking at opportunities to move to a space more
suitable for its present and future needs. The proposed purchase
price is $10,000,000, the substantial portion of which is payable
at closing. The option contract provides the optionee an initial
90-day diligence period, during which time the optionee has the
absolute right not to proceed with the proposed transaction, as
well as up to an additional 11 months to obtain approval from all
applicable governmental authorities for the use of the property as
residential housing. Under certain circumstances, the Company also
has the right to decide not to proceed with the proposed
transaction. The proposed transaction is also subject to a number
of contingencies and conditions, including the governmental
approvals mentioned above, the optionee's receipt of a mortgage
commitment, the completion of environmental testing and compliance,
and other contingencies and conditions. The option contract also
permits Jaclyn and its tenants to remain in the West New York
facility for up to five months after any closing. As Jaclyn also
previously announced, it anticipates that if the proposed
transaction is consummated, it would move to another site in the
vicinity of its present location. Jaclyn noted that it has entered
into an option contract only, and there is no assurance that a sale
of the property will be concluded. Note: This press release may
contain forward-looking statements that are being made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. The Company's actual performance and results
may vary as a result of a number of risks, uncertainties and other
factors, both foreseen and unforeseen, including general economic
and business conditions, competition in the accessories and apparel
markets, continuing favorable sales patterns, pricing and consumer
buying trends. Jaclyn, Inc. is a designer, manufacturer and
marketer of apparel, women's sleepwear, infant's and children's
apparel, handbags, premiums and related accessories. Our web site
is at http://www.jaclyninc.com/ ._ DATASOURCE: Jaclyn, Inc.
CONTACT: Anthony Christon, Chief Financial Officer of Jaclyn, Inc.,
+1-201-868-9400 Web site: http://www.jaclyninc.com/
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