Talon International Rejects Unsolicited Proposal From Comvest Capital LLC
(firmenpresse) - LOS ANGELES, CA -- (Marketwired) -- 04/18/13 -- Talon International, Inc. (OTCQB: TALN), a leading global supplier of zippers, apparel fasteners, trim and interlining products, announced today that its Board of Directors received an unsolicited proposal from Comvest Capital LLC on April 16, 2013 to acquire all outstanding common stock of Talon at a price of $0.03 per share in cash.
Consistent with its fiduciary duties, Talon's Board of Directors has reviewed and carefully considered the unsolicited proposal with the assistance of its professional advisors, and concluded that the proposal of $0.03 per share of common stock is inadequate and not in the best interests of Talon and its common stockholders.
"The price offered by our majority stockholder on its face undervalues the common shares of the Company for a variety of reasons, including, most notably, that the price proposed is more than 50% below the one-month volume weighted average price of Talon's common stock and the current stock price," said Mark Dyne, Talon's Chairman.
Talon also announced that its Board of Directors has authorized the exploration of strategic alternatives that are in the best interests of its stockholders. The Board intends to consider the full range of available options.
There can be no assurance that the exploration of strategic alternatives will result in any transaction. Talon does not intend to disclose developments regarding the exploration of strategic alternatives unless and until a transaction has been approved.
Talon International, Inc. is a major supplier of customer zippers, complete trim solutions and stretch technology products to manufacturers of fashion apparel, specialty retailers, mass merchandisers, brand licensees and major retailers worldwide. Talon develops, manufactures and distributes custom zippers exclusively under its Talon® brand ("The World's Original Zipper Since 1893"); designs, develops, manufactures, and distributes complete apparel trim solutions and products; and provides stretch technology for specialty waistbands all under its trademark and world renowned brands, Talon®, and TekFit® to major apparel brands and retailers. Leading retailers worldwide recognize and use Talon products including Abercrombie and Fitch, Polo Ralph Lauren, Kohl's, J.C. Penney, FatFace, Victoria's Secret, Wal-Mart, Tom Tailor, Phillips-Van Heusen, Juicy Couture, and many others. The company is headquartered in the greater Los Angeles area, and has offices and facilities throughout the United States, United Kingdom, Hong Kong, China, Taiwan, India, Indonesia and Bangladesh.
Except for historical information, this press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words or phrases such as "believe," "expect," "anticipate," "should," and "potential," among others. These forward-looking statements are inherently difficult to predict and involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to the company's views on market growth, changing trends in apparel retailing, new product introductions, the company's ability to execute on its sales strategies, risks and uncertainties relating to the possible transaction, and the risk factors listed from time to time in Talon's SEC reports, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2012. SEC-filed documents are available at no charge at the SEC's website () or from the company. All forward-looking statements included in this release are based upon information available to Talon as of the date of this release, which may change.
Talon International, Inc.
Rayna Hernandez
Tel 818-444-4128
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Datum: 18.04.2013 - 07:00 Uhr
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