1115 Broadway, New
York , NY 10010
FOR IMMEDIATE RELEASE:
Movie Star,
Inc. Completes Sidney Bernstein & Son Lingerie, Inc. Acquisition
New York, New York (August
4, 2004)--- Movie Star, Inc. (AMEX:MSI) announced
today that the acquisition of Sidney Bernstein & Son Lingerie,
Inc., a New York-based manufacturer and
importer of ladies lingerie, that was previously announced on July 29, 2004,
has been completed. The Company also
announced that as a result of the expected increase in working capital
requirements, it has increased its line of credit with HSBC International to
$24.0 million from $17.5 million.
Melvin Knigin,
Movie Star’s Chief Executive Officer, stated: “The prompt closing of the Sidney
Bernstein & Son acquisition will allow us to integrate their business
quickly. We are looking forward to
working with the Sidney Bernstein & Son division to further expand its
product offerings and distribution channels.
We anticipate that this acquisition will have a positive impact on our
fiscal 2005 results.”
Movie Star, Inc. produces
and sells ladies’ apparel, including sleepwear, robes, leisurewear, and
daywear. Current collections include the
Cinema Etoile premium line of
intimate apparel and the Movie Star line of
apparel sold as private label programs.
Certain of the matters set forth in this press release
are forward-looking and involve a number of risks and uncertainties. Among the
factors that could cause actual results to differ materially are the following:
business conditions and growth in the industry; general economic conditions;
addition or loss of significant customers; the loss of key personnel; product
development; competition; risks of doing business abroad; foreign government
regulations; fluctuations in foreign rates; rising costs for raw materials and
the unavailability of sources of supply; the timing of orders booked; and the
risk factors listed from time to time in the Company’s SEC reports.
CONTACT: INVESTOR RELATIONS:
Movie Star, Inc.
-or- SM Berger & Company, Inc.
Thomas Rende, CFO Stanley Berger
(212) 798-4700 (216) 464-6400