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Parlux Retains Montgomery Securities For Potential Business Transactions

FORT LAUDERDALE, Fla., Nov. 26 /PRNewswire/ -- Parlux Fragrances, Inc. (Nasdaq: PARL) has retained Montgomery Securities to explore the alternatives for increasing stockholder value. The Company said no decision has been made by either its Board of Directors or its largest shareholder to engage in any specific business combination transaction; however, management will consider either a sale of, or merger of the Company.

Mr. Ilia Lekach, Chairman and Chief Executive Officer of Parlux, said, "In contrast to the Company's impressive sales growth and earnings performance, we believe the current Wall Street valuation of Parlux is well below standards for global consumer product companies with comparable luxury brand name properties. Accordingly, the Board of Directors has instructed management of the Company to evaluate alternatives to increase stockholder value."

Parlux Fragrances, Inc. is a manufacturer and international distributor of prestige fragrances, cosmetics and related beauty products. Parlux holds the licenses to the designer fragrance brands of Perry Ellis, Fred Hayman Beverly Hills, Vicky Tiel, Todd Oldham and Phantom of the Opera. The Company also wholly owns Alexandra de Markoff cosmetics and Bal a Versailles, as well as five of its own house brands including Animale Parfums.

SOURCE Parlux Fragrances, Inc.
 -0- 11/26/96


/CONTACT: Jeffrey S. Dame, Executive Vice President, Parlux Fragrances, Inc., 954-316-9008, ext. 106/

/Other Parlux Fragrances, Inc. press releases are available through Company News On-Call by fax, 800-758-5804, extension 674987, or at http://www.prnewswire.com/

(PARL)

CO: Parlux Fragrances, Inc.; Montgomery Securities ST: Florida IN: REA SU:

MS-RK -- FLTU001 -- 4370 11/26/96 11:59 EST http://www.prnewswire.com
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Date:Nov 26, 1996
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