Avitar, Inc. JV Agreement With Johnny Famous Shoes Update
October 18 2010 - 9:30AM
Marketwired
Avitar, Inc (PINKSHEETS: AVTI) is pleased to announce that,
notwithstanding a slight delay in production, the Joint Venture
with Johnny Famous Shoes, Inc. ("Johnny's") of New York is
proceeding as planned. The current production of footwear is
expected to be shipped to Johnny's United States warehouse by the
end of the month. The shoes will then be delivered to stores
immediately thereafter.
Doran Santiago Ramos, Johnny's head of sales and marketing,
stated, "I will be traveling to Mexico later this week to do a
final inspection at the manufacturing facility. The product will
then be shipped to our facility in San Diego. From there we will
ship straight to the stores. Everything should arrive in the stores
before November 15th."
Ramos further stated that even with the delay, there is no
problem with the sales contracts as the shipments will arrive in
good time for the Christmas selling season.
Johnny's is pursuing other exciting opportunities to produce
name brand shoes and fashions, in which Avitar may participate.
About Avitar, Inc.:
Avitar, Inc. is a publicly traded holding company now focusing
on investing in and building a network of joint venture interests,
or, as the situation may require, operating subsidiaries. These
joint ventures or subsidiaries are or will be engaged in various
innovative businesses. Currently the company's joint venture
interest with Johnny Famous Shoes, Inc. provides Avitar with its
entry into its new business model.
This Press Release contains or incorporates by reference forward
looking statements including certain information with respect to
plans and strategies of Avitar, Inc. For this purpose, any
statements contained herein or incorporated herein by references
that are not statements of historical fact may be deemed forward
looking statements. Without limiting the foregoing, the words
"believes," "suggests," "anticipates," "plans," "expects," and
similar expressions are intended to identify forward looking
statements. There are a number of events or actual results of
Avitar, Inc. operations that could differ materially from those
indicated by such forward looking statements.
Contact: Cory Gelmon 310.909-3830
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