NEW YORK, Jan. 26, 2012 /PRNewswire/ -- Excel Corp.
("EXCC") -- Excel Corp. today announced that it has acquired,
through its wholly-owned subsidiary, XLFashions, Inc. ("XL"), a
$3.4mm principal amount senior
secured Note and related rights of eFashion Solutions, LLC
("eFashion") from its senior secured lender. The Note was acquired
as a step to a potential future transaction with eFashion.
In January 2012, Excel entered
into a Term Sheet with E Fashion detailing the terms of a potential
transaction between eFashion and Excel. Ruby Azrak, CEO of Excel Corp. and XL, is a
fashion and licensing industry veteran that has assembled a group
of successful fashion industry entrepreneurs. Mr. Azrak expects his
team to bring guidance and financial and management experience to
eFashion in the event a transaction is consummated.
Any transaction with eFashion is contingent upon the completion
of a number of conditions, including the execution of a definitive
binding agreement with eFashion, reorganization of eFashion debt
and equity and the completion and delivery by E Fashion of audited
financial statements for fiscal 2010 and 2011.
About eFashion Solutions
eFashion Solutions, LLC was founded in 2000 to provide
e-commerce and Flash sales capabilities as a service to branded
fashion designers & manufacturers. The company has invested in
building a technical & logistical infrastructure coupled with
workflow process and merchandising intelligence systems focused to
scaling the e-commerce operations of third party web stores and
creating a unique marketing platform for driving incremental sales
to client's websites.
About Excel Corp.
Excel is a licensing company focused on bringing national and
international brands to the retail marketplace. The Company
develops and acquires brands and enters into strategic licenses and
distribution agreements with partners who have the ability to
develop, design, manufacture and distribute licensed
products.
Note: This news release contains "forward-looking statements"
within the meaning of the federal securities laws and is intended
to qualify for the Safe Harbor from liability established by the
Private Securities Litigation Reform Act of 1995, including
statements regarding the Company's current and intended operations
and restructuring plans. These plans and statements are based on
management's estimates and assumptions with respect to future
events and are believed to be reasonable, though are inherently
uncertain and difficult to predict. Actual results could differ
materially from those projected as a result of certain factors. The
Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise.
SOURCE Excel Corp.