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09.04.2014 16:15
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ID Perfumes, Inc. Releases Corporate Update
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PR Newswire
HALLANDALE, Fla., April 9, 2014
HALLANDALE, Fla., April 9, 2014 /PRNewswire/ -- ID Perfumes, Inc.'s (OTC Pink: IDPE) management released the following corporate update:
RECENT DEVELOPMENTS
ID Perfumes ("IDPE") has been very active over the last several months positioning the Company to capitalize on several trends taking place within the fragrance industry. More specifically, management sees 3 opportunities for growth 1) consolidation of a fragmented industry through acquisitions; 2) the development and launch of new celebrity and fashion-based perfumes; and 3) a stronger presence and diversified product mix available through an e-commerce site for consumers, acquisitions of online fragrance retailers and other acquisitions within the perfume industry.
In regards to the acquisition phase of the growth plan, the Company has executed a Letter of Intent to acquire a worldwide wholesale fragrance distributer that, in 2013, generated in excess of $80,000,000 USD in revenue. The Company anticipates the entering of a Definitive Agreement within the next 30-60 days.
GOING FORWARD
Through the development and implementation of IDPE's business model, management determined that a change in the Company's capital structure would be beneficial to the opportunities currently available. Therefore, the Board of Directors and the holders of a majority of the Company's issued and outstanding shares of common stock approved a 40:1 forward split of the Company's common stock. Holders of the Company's common stock will receive 40 shares of common stock for every one share of common stock held by the Shareholder on the effective date of the forward split. In connection with the forward split, the Company will amend its Certificate of Incorporation to increase the number of authorized shares of common stock to 400 million.
Prior to the effective date of the forward split, the Company will be required to file and secure approval for the above actions from the SEC, FINRA and the state of Nevada.
"We believe this action will create more liquidity for our shareholders and that the Company will have better opportunities presented as a result of these actions," stated Mr. Ilia Lekach, Chief Executive Officer, director of the Company, and founder and former CEO of Perfumania and former CEO of Parlux Fragrances. Lekach went on to say, "We are excited with the opportunities available to execute the business model we have developed, which we will be rolling out over the next several weeks."
The Company will announce the effective date of the forward split when regulatory approval has been secured.
Additionally, the Company announced that it has retained the advisory firm Mirador Consulting, LLC. ("Mirador"). Mirador will perform advisory and introductory services regarding the execution of the Company's business model. IDPE's roll-up strategy will require several key resources that Mirador will be instrumental in bringing to the Company. Mirador is an advisory merchant banking-style firm that works with both privately and publicly-held companies.
Mr. Lekach continued, "We are thrilled to be working with Mirador and are certain they are the ones to help execute our vision, which should not just benefit our company and our shareholders, but the industry at large."
Disclaimer: Forward Looking Statements
This release contains statements relating to future results which are forward-looking statements. These statements are not historical facts and are not guaranteed, but instead represent only the good faith belief of IDPE's management as of the date of this release. Future events are by their nature inherently uncertain and outside of IDPE's control. It is possible that IDPE's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Forward-looking statements in this release are made pursuant to the safe harbor provisions of securities laws in force as of the date of this release. IDPE does do not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.
Contact:
Mirador Consulting LLC
561-989-3600
Or
Ilia Lekach
ID Perfumes, Inc.
786-877-5521
SOURCE ID Perfumes, Inc.
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