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UNITED FASHIONS REPORTS DELAY IN FILING FORM 10-K

 UNITED FASHIONS REPORTS DELAY IN FILING FORM 10-K
 NEW YORK, May 7 /PRNewswire/ -- United Fashions Inc., a Delaware


corporation, (NASDAQ: UFAS) announced today that it has been delayed in filing its annual report on Form 10-K because the information with respect to FIMOPAR S.r.L., an Italy corporation ("FIMOPAR"), the company's principal operating subsidiary, required in connection with the company's twelve month audited financial statements has not yet been make available to the company. FIMOPAR is 50 percent owned by Americanino Capital Corporation, a Delaware corporation, which is 91.2 percent owned by the company. Further, as reported in the company's Form 8-K, dated March 25, 1992, the company's independent accountants resigned. As of April 23, 1992, the company has engaged new independent accountants. Such engagement is reported in the company's Form 8-K filing of April 28, 1992.
 The company's new auditors have commenced their audit and the company anticipates that its Form 10-K for 1990 will be filed in the near future and, in any event, as soon as possible.
 -0- 5/7/92
 /CONTACT: Christopher Bartle, 212-219-9496, for United Fashions/
 (UFAS) CO: United Fashions Inc. ST: New York IN: TEX SU:


KD-BW -- NY061 -- 7612 05/07/92 12:11 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:May 7, 1992
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