SOUTH PASADENA, FL -- (Marketwire) -- 01/08/13 -- Dussault Apparel, Inc. (OTCQB: DUSS) ("Dussault" or the "Company") wishes to provide an update to its shareholders in regard to its ongoing corporate planning.
Management of the Company has received numerous requests for information in regard to the current asset of the Company, related to the line of apparel initially designed by Jason Dussault, a prior officer and director of the Company.
As reported in its regulatory filings, the Company owns the trademark Dussault Apparel, Inc. which it licenses along with design themes around its trademark identity. Currently there is a single exclusive licensee, which is a non-related third party. The current agreement runs until July 2013. The Company receives limited revenue through sales on its ecommerce website. Presently the license agreement and ecommerce are the Company's sole revenue stream.
The Company is finalizing its annual report on Form 10-K and when final will publish its revenue figures and additional information in regard to sales.
On December 31, 2012, the Company received the resignation of Robert Mintak from all positions and offices that he held with the Company. The Company is currently seeking additional management and is seeking other potential acquisitions, either to enhance the business of the Company or to undertake a change in business.
A number of the message boards are reporting a forward split of the shares of the Company. The Company wishes to advise that there is no plan for any forward split of its shares. The recent dilution in the shares of the Company was related to a convertible loan from Asher Enterprises Inc. who funded by way of a promissory note on October 25, 2011 in the total amount of $63,000. The loan was convertible to common stock at a conversion price of 58% of the market price. The convertible loan has been converted as of December 2012 and no further dilution will take place from this loan.
As prior reported, the Company made changes to its Board of Directors in October 2012 and determined to initiate a review process to consider strategic alternatives with a view to enhancing shareholder value. That process is continuing and we hope to conclude the process and have additional operations or new business developments by the end of the first quarter. As prior reported, strategic alternatives may include, but are not limited to, the sale of all or a portion of Dussault's assets, a merger or other business combination transaction involving a third party, a joint venture, a financing, as well as continued execution of Dussault's existing business plan, or any combination thereof. Certain of these actions may impact on the current shareholders as they may cause a change of control or a restructure of the Company.
The Board of Directors cautions that there are no assurances or guarantees that the process will result in a transaction or, if a transaction should be undertaken what the terms or timing of such a transaction may be. Further, any transactions may result in a change to the structure of the Company, the impact of which cannot be predicted at this time.
Dussault Apparel, Inc.