Jaclyn Completes Acquisition by an Affiliate of Golden Touch Imports

2/24/17

Jaclyn, Inc. (OTCQX: JCLY) today announced that Jaclyn Holdings Parent LLC, an affiliate of Golden Touch Imports, Inc. has completed its acquisition of the Company. The purchase price was $7.85 per share.

Robert Chestnov, Co-President and Co-Chief Executive Officer of the Company, said, "I am pleased to announce the closing of the transaction, as it has delivered to our stockholders significant value and a cash premium for their shares."

Bruce Fischer, President of Golden Touch, added, "We are thrilled that the fine and accomplished Jaclyn team has joined our family. Both companies have a culture built on honesty and integrity. We look forward to incorporating best practices from each business to improve our ability to serve our customers."

The Company's stockholders who hold stock certificates will receive letters of transmittal with instructions for sending in their shares to Continental Stock Transfer & Trust Company, as paying agent, to receive the $7.85 per share merger consideration. The exchange of shares held by stockholders who hold shares in "street name" through a bank, broker or other nominee should be handled through the bank, broker or other nominee.

Houlihan Capital, LLC acted as financial advisor to the Special Committee of the Board of Directors of the Company, and provided a fairness opinion in connection with the transaction to the Special Committee. Day Pitney LLP acted as legal advisor to the Special Committee. Avalon Net Worth Solutions, Inc. acted as financial advisor to the Company and Troutman Sanders LLP acted as legal advisor to the Company in connection with the acquisition. Levy Holm Pellegrino & Drath LLP and Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal advisors to Golden Touch in connection with the acquisition.

Jaclyn, Inc.

Jaclyn, Inc. is a designer, manufacturer and marketer of apparel, women's sleepwear, infants' and children's apparel, handbags, premium incentives and related accessories. Website: jaclyninc.com

Golden Touch Imports, Inc.

Golden Touch Imports, Inc. has been in business since 1975. The company designs, produces, and distributes apparel to many major retailers, primarily in junior, missy, plus, and girls sizes.