SCOTTSDALE, Ariz., Sept. 23, 2003 (PRIMEZONE) -- Iacon, Inc. today announced that it will be introducing a new retail concept, Sunglass Club, which will focus on high-quality outlet retail opportunities with two stores planned to open in 2004.
"Our latest store concept will complement our existing group of full price sunglass retail stores and provides an excellent opportunity for us to sell discontinued, previous season and full-price in season merchandise from outstanding brands to outlet mall consumers. Just like our other concepts, we are targeting the best locations in the best malls throughout the country. However, Sunglass Club will be specific to the outlet malls or value-oriented locations where Iacon currently has no presence," commented Jeff Obstfeld President of Iacon, Inc.
The first store will be located at "The Walk" in Atlantic City, New Jersey, a dynamic urban retail and entertainment project, featuring nationally recognized factory outlet retailers, interactive entertainment and restaurants in a 320,000 sq. ft. complex. The second store will be located at the Miromar Outlets in Estero, Florida, an outdoor mall featuring more than 100 top designer and brand name manufacturers' outlets.
About Iacon, Inc.
Iacon's growing chain of mall-based sunglass specialty stores currently operate under five separate retail concepts known as Sunglass Designs, Sporting Eyes, Occhiali da Sole, Oakley Icon and the upcoming Sunglass Club. As of August 31, 2003, the Company had 68 stores, located throughout the United States, primarily in the sunbelt regions. In addition to its mall-based retail locations, Iacon has entered into a master licensing agreement with HMSHost, the world's leading concessions operator, headquartered in Bethesda, Maryland, under which HMSHost has licensed Iacon's sunglass retailing branded concepts in five airport locations operated by HMSHost.
Safe Harbor Disclaimer
This press release contains certain statements of a forward-looking nature. Such statements are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The accuracy of such statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including: risks related to the company's ability to manage rapid growth; the ability to identify qualified manufacturing partners; the ability to coordinate product development and production processes with those partners; the ability of those manufacturing partners and the company's internal production operations to increase production volumes on raw materials and finished goods in a timely fashion in response to increasing demand and enable the company to achieve timely delivery of finished goods to its retail customers; the ability to provide adequate fixturing to existing and future retail customers to meet anticipated needs and schedules; the dependence on eyewear sales to Sunglass Hut which is owned by a major competitor and, accordingly, could materially alter or terminate its relationship with the company; the company's ability to expand distribution channels and its own retail operations in a timely manner; unanticipated changes in general market conditions or other factors, which may result in cancellations of advance orders or a reduction in the rate of reorders placed by retailers; continued weakness of economic conditions could continue to reduce or further reduce demand for products sold by the company and could adversely affect profitability, especially of the company's retail operations; further terrorist acts, or the threat thereof, could continue to adversely affect consumer confidence and spending, could interrupt production and distribution of product and raw materials and could, as a result, adversely affect the company's operations and financial performance; the ability of the company to integrate acquisitions without adversely affecting operations; the ability to continue to develop and produce innovative new products and introduce them in a timely manner; the acceptance in the marketplace of the company's new products and changes in consumer preferences; reductions in sales of products, either as the result of economic or other conditions or reduced consumer acceptance of a product, could result in a buildup of inventory; the ability to source raw materials and finished products at favorable prices to the company; the potential effect of periodic power crises on the company's operations including temporary blackouts at the company's facilities; foreign currency exchange rate fluctuations; earthquakes or other natural disasters concentrated in Southern California where substantially all of the companies operations are based; the company's ability to identify and execute successfully cost control initiatives; the company's ability to maintain its annual dividend, which is subject to its ability to continue to generate or have access to sufficient capital in excess of its needs for operations and its growth strategies and other risks outlined in the company's SEC filings, including but not limited to the Annual Report on Form 10-K for the year ended December 31, 2002 and other filings made periodically by the company. The company undertakes no obligation to update this forward-looking information.