Parlux Fragrances (NASDAQ: PARL) $35M (MarketCap) Completes Agreement for $20 Million Credit Facili

Parlux Fragrances (NASDAQ: PARL) $35M (MarketCap) Completes Agreement for $20 Million Credit Facili

Parlux Fragrances, Inc. (NASDAQ: PARL) is a manufacturer and international distributor of prestige fragrances and related products. It is ranked among the Top 100 cosmetic and fragrance companies in the world and its brands have global awareness and market penetration. Parlux holds licenses for Paris Hilton, Jessica Simpson, Nicole Miller, Josie Natori, Queen Latifah, Marc Ecko, Rihanna, Kanye West, XOXO, babyGund, and Fred Hayman Beverly Hills designer fragrances, as well as Paris Hilton watches, cosmetics, sunglasses, handbags and other small leather accessories.

Today, the company announced its successful completion of an agreement with GE Capital Corporate Finance for a two-year $20 million senior secured revolving credit facility. The asset based credit facility will be used for general working capital requirements, including new licenses, and to strengthen the company's ability to meet seasonal requirements. Parlux is currently trading at $1.79, up $0.06 or 3.47%.

Frederick E. Purches, Chairman and CEO, said, "GE Capital is an outstanding financial organization, and we are pleased by their confidence. Although we currently have in excess of $10 million in cash and no bank debt, the availability of this facility provides additional support to fund our planned growth." Mr. Purches added, "I believe GE Capital's involvement with Parlux will be most beneficial and look forward to working closely with them."

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