NEW YORK, Feb. 28, 2013 /PRNewswire/ -- Total Apparel Group, Inc. (Pink Sheets: TLAG, hereinafter the "Company") announces that it has entered into a term sheet to acquire an interest in a premium loose leaf tea company, Village Tea Company Distribution, Inc. (www.villageteaco.com) , the owner of the Village Tea Company brand of premium loose leaf tea and tea accessories. The Company believes that this is a major first step of a restructuring process that it will undergo over the next several months.
In February 2011, the Company acquired a minority interest in Glamm Industries, LLC ("Glamm"), the former licensee for Skechers time instruments. After attempting to leverage their respective operations to launch the Skechers Time Instruments brand, both companies came to a mutual agreement to end Glamm's licensing agreement with Skechers. Subsequently, Glamm terminated it's agreement as it was continuing to assist in the sale of the balance of the inventory that was produced under the licensing agreement. The Company still maintains a 33% equity stake in Glamm as it continues to look for new opportunities in the watch and accessory sector.
In lieu of this decision, as well as other recent developments, management has decided to shift the Company's focus from being exclusively focused on licensing and distribution in the apparel and accessory sector, as it will begin to re-direct its efforts towards more of an acquisition model, with a focus on a broad range of consumer products categories, primarily in the Health and Wellness sector. In fact in an effort to launch this new platform the Company has recently entered into a term sheet to acquire an interest in a premium loose leaf tea company, Village Tea Company Distribution, Inc., the owner of the Village Tea Company brand of premium loose leaf , packaged teas and tea accessories (www.villageteaco.com). Village Tea Company, sources high-quality, unique teas with distinct flavor combinations and packages them in a variety of creative and earth-friendly ways. The brand is currently sold in many major retailers in North America. "We are excited about the new direction of the company and we look forward to entering into definitive documentation shortly to close this initial transaction", stated Janon Costley, Chairman and CEO of the Company.
About Total Apparel Group, Inc. Total Apparel Group, Inc. (OTC Pink: TLAG) (www.tapginc.com) is a licensing, distribution and merchandising company focused on bringing national and international consumer product brands to the North American marketplace through acquisitions, strategic partnerships, joint venture, licensing and distribution agreements.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above.
SOURCE Total Apparel Group, Inc.