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JEAN PHILIPPE FRAGRANCES CLOSES ON PRIVATE PLACEMENT OF STOCK TO INSTITUTIONAL INVESTORS

 NEW YORK, June 15 /PRNewswire/ -- Jean Philippe Fragrances, Inc. (NASDAQ-NMS: JEAN) announced today that it has consummated the sale of 550,000 shares of common stock in a private placement transaction, substantially all of which were sold to a number of unaffiliated institutional investors in the United States and abroad, at a price of $15 per share. In the same transaction, one officer of the company sold 450,000 shares of common stock, previously held by him, at the same price per share.
 The private placement transaction was arranged through Bear, Stearns & Co. Inc.
 In connection with this transaction, the company filed a Registration Statement which has become effective covering any subsequent resale of the shares by the purchasers.
 The company plans to use the net proceeds of approximately $7,646,000 from the sale of the shares primarily for possible acquisitions and to a lesser extent general corporate purposes.
 Jean Philippe Fragrances is a manufacturer and distributor of fragrances and cosmetics: (i) domestic and international licensed fragrances and cosmetics; (ii) alternative designer fragrances for men and women in North and South America and (iii) moderately priced fragrances, internationally.
 -0- 6/15/93
 /CONTACT: Russell Greenberg, executive vice president of Jean Philippe Fragrances, Inc., 212-983-2640/
 (JEAN)


CO: Jean Philippe Fragrances, Inc. ST: New York IN: HOU SU: OFR

LR-TS -- NY064 -- 2179 06/15/93 13:38 EDT
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Publication:PR Newswire
Date:Jun 15, 1993
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