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Blue Holdings Inc adds Taverniti So Jeans in it portfolio

01
Nov '05
Designer, manufacturer and distributor of high-end fashion jeans and denim apparel Blue Holdings Inc announced that it has entered into an exchange agreement with Taverniti So Jeans, LLC and all its members, effective October 31, 2005, to acquire the business and all assets and liabilities of Taverniti in consideration for $750,000 in cash and 500,000 new shares of common stock to be issued by Blue Holdings Inc. Paul Guez, Chairman, Chief Executive Officer and President, and majority shareholder of Blue Holdings Inc., was, and is expected to remain, the sole manager of Taverniti. Taverniti's members, holding 100% of its membership interests, include, Mr. Guez, Elizabeth Guez, the Chief Operating Officer of Blue Holdings Inc., and two other members of Mr. and Ms. Guez' family.

Taverniti is the exclusive licensee for the design, development, manufacture, sales, marketing and distribution of the "Taverniti So Jeans" trademark in the denim and knit sports wear categories for men and women.

Taverniti will pay royalties to Taverniti Holdings LLC in the range of 5-8 percent depending on the net sales of the licensed products pursuant to a license agreement with Taverniti Holdings LLC. Taverniti Holdings LLC is jointly owned by Paul Guez (60%) and Jimmy Taverniti (40%), the designer of the products for the brand, and Mr. Guez is the sole manager.

The initial license agreement between Taverniti and Taverniti Holdings was signed in May 2004 and expires on December 31, 2015. Blue Holdings Inc. expects that the license agreement would remain in effect through its termination date.


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