Total Luxury Group Subsidiary Y Brands '07 Sales Off to Strong Start; Company Signs New Factoring and Finance Agreement 5/4/2007
NEW YORK, NY, May 04, 2007 (MARKET WIRE via COMTEX News Network) -- Total Luxury Group, Inc. (OTCBB: TLEI) subsidiary Y Brands, Inc. shipped close to $200,000 in orders for April 2007, which was their first full month of shipping under the TLEI umbrella.
Currently the company is on pace to meet its Spring/Summer sales objectives and is continuing to receive significant orders from new and existing customers for their Back to School, Fall and Holiday deliveries.
In addition, the company's apparel operating division, International Apparel Group, Inc., has entered into a new factoring and financing agreement with Platinum Funding Group, LLC for all of its apparel divisions. The new factor relationship will significantly increase cash flow management and timely payment, as well as help ensure prompt delivery.
"Factoring is very common in the apparel industry, and is a virtual necessity due to the production and sales cycles. For us, it will allow our company to precisely plan and manage our cash flow," explained COO Janon Costley. "We also believe that we have found the right factor and financing partner that is willing to grow with our company. Our new agreement will enable the company to increase sales exponentially without the need to tie up additional capital in order to fulfill all of our current and future production and sales requirements."
"We are very excited to have International Apparel Group, Inc. as a client. We were very impressed with their executive management team. But when we saw the properties that they have accumulated under their corporate umbrella, we knew that they were a perfect match for Platinum Funding. Our focus is to help our clients grow from $1 million to $100 million," explained Einat Stecklov, President, Platinum Funding Solutions.