TORONTO, ONTARIO--(CCNMatthews - Jan. 10, 2007) - Counsel Corporation (TSX:CXS) today announced it has acquired a 28% interest in Apparel Holding Group, a New York based company who is a leader in design, manufacture, marketing and distribution of women's, men's, junior and kid's apparel under the Caribbean Joe(R), Periscope(R), and Cupid's Cup(R) trademarks, and other private labels. The acquisition also includes AHG Licensing, Inc., a subsidiary that owns and manages numerous strategic brand licensing agreements in both apparel and non-apparel categories. The go-forward company will operate as CJ Apparel Group. Mr. Jeffrey Levy has been named president and Chief Executive Officer. Mr. Levy has over 30 years of management experience in the apparel industry with companies such as Jones Apparel Group and Kellwood.
"We are every excited about our investment in CJ Apparel. We believe there is significant opportunity for creating value in the company through its market-leading brands, Caribbean Joe(R), Havana Jacks' Cafe(R), Jamaica Bay(R), Periscope(R) and Cupid's Cup(R)," said Allan Silber, Chairman and CEO of Counsel Corporation.
About Counsel Corporation
Counsel Corporation (TSX:CXS) is a diversified company focused on the acquisition of businesses in diverse industry sectors and at various stages of their business life cycles. Its goal for acquired businesses is to create value within these businesses and to realize on the value creation at the appropriate time. Counsel currently operates in four specific sectors: long-term care, case goods, real estate, and patent licensing. For further information, visit Counsel's website at www.counselcorp.com.
The statements made in this release that are not historical facts contain forward-looking information that involves risks and uncertainties. All statements, other than statements of historical facts, which address Counsel Corporation's expectations, should be considered as forward-looking statements. Such statements are based on knowledge of the environment in which Counsel Corporation currently operates, but because of the factors listed herein, as well as other factors beyond Counsel Corporation's control, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that may cause actual results to differ from anticipated results include, but are not limited to, obtaining necessary approvals and other risks detailed from time to time in the Company's securities and other regulatory filings.
FOR FURTHER INFORMATION PLEASE CONTACT:
Chairman and CEO