New York, New York, (June 14, 2000)––Movie Star, Inc. (AMEX: MSI) announced today that it has engaged First Union Securities, Inc. (“First Union”) to assist the Company in exploring strategic and financial alternatives related to the maturity of its long term debt which is due in September and October 2001 and to advise the Company in connection with opportunities to maximize shareholder value. Until a definitive decision has been made on the strategic direction the Company will pursue, the Company does not intend to make further announcements on the status or results of the process.
Movie Star, Inc. is a leading designer and marketer of an extensive line of women’s intimate apparel which are sold under the brand names Cinema Etoileâ, Cinema Etoile Seductivewearâ, and Meant To Beâ. Movie Star’s products are marketed to mass merchandisers, discount, specialty, national and regional chains, department stores and direct mail catalog marketers throughout the United States.
This press release contains statements that are forward-looking within the meaning of applicable securities laws and are based on Movie Star’s current expectations and assumptions, which are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. Primary factors that could cause actual results to differ are indicated in the Company’s filings with the Securities and Exchange Commission.
CONTACT: INVESTOR RELATIONS:
Movie Star, Inc. -or- SM Berger & Company Inc.
Thomas Rende, CFO Steve Warcholak
(212) 684-3400 (216) 464-6400