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TLEI to terminate licensing agreement with Pizza Cono

14
Mar '08
Total Luxury Group Inc is also pleased to announce Mr. Don Jones as the new Chairman and CEO. Mr. Jones, who was recently appointed Chairman of the board of directors, will now also assume the duties as the company's new CEO replacing interim CEO Dennis Sinclair.

As a result of the recent Petals acquisition and the recent change in management, the company has also decided to discontinue the licensing agreement with Pizza Cono and has opted not to pursue that line of business in the near future.

In connection with this decision, the company has come to a mutual agreement and understanding with Cono Italiano, LLC to sever all ties related to Pizza Cono and all ongoing related business concerns.

Based on prior agreements with Cono Italiano, the Company previously announced a plan to restructure, which would have included the spin-off of its apparel operations, including its subsidiary, International Apparel Group Inc, and the registration of its shares for trading as a separate public company.

After months of deliberation and based on recent developments, the company has opted to put those plans on hold in order to focus its efforts on growing the current apparel operation, completing the integration of Petals and analyzing future potential acquisitions, licenses and growth opportunities in related areas of business.

Chairman and CEO Don Jones stated, "In connection with the restructuring of the company and based on our new business model, which is focused solely on apparel and home decor, we think this decision is the most viable way to maximize shareholder value."

Total Luxury Group Inc


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