<SUBMISSION>
<ACCESSION-NUMBER>0000910680-08-000315
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20080425
<ITEMS>3.01
<ITEMS>9.01
<FILING-DATE>20080425
<DATE-OF-FILING-DATE-CHANGE>20080425
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>JACLYN INC
<CIK>0000052969
<ASSIGNED-SIC>3100
<IRS-NUMBER>221432053
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>0630
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-05863
<FILM-NUMBER>08776932
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>197 WEST SPRING VALLEY AVENUE
<CITY>MAYWOOD
<STATE>NJ
<ZIP>07607
<PHONE>201-909-6000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>197 WEST SPRING VALLEY AVENUE
<CITY>MAYWOOD
<STATE>NJ
<ZIP>07607
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k-04252008.htm
<DESCRIPTION>JACLYN, INC.
<TEXT>
<html>
    <head>
        <title></title>
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    <body style="FONT-FAMILY: 'Times New Roman'" bgcolor="#ffffff">
        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">UNITED
        STATES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">WASHINGTON, D.C. 20549</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 101.25%; TEXT-ALIGN: center">
        <b><font size="4">______________</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 101.25%; TEXT-ALIGN: center">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 101.25%; TEXT-ALIGN: center">
        <font size="4">FORM 8-K</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 101.25%; TEXT-ALIGN: center">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 101.25%; TEXT-ALIGN: center">
        <font size="3">CURRENT REPORT</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 101.66%; TEXT-ALIGN: center">
        <b><font size="2">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
        1934</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 101.66%; TEXT-ALIGN: center">
        <font size="2">Date of report (Date of earliest event reported): &nbsp;April 25,
        2008</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="3">Jaclyn, Inc.</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><i><font size="2">(Exact
        name of registrant as specified in its charter)</font></i></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">Commission File Number 1-5863</font></b></p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <div align="center">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td width="496">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="6">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="437">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="496">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Delaware</font></b><br>
                        <i><font size="2">(State or other jurisdiction of incorporation or
                        organization)</font></i></p>
                    </td>

                    <td width="6">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="437">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">22-1432053</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <i><font size="2">(IRS Employer Identification Number)</font></i></p>
                    </td>
                </tr>

                <tr>
                    <td width="496">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="6">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="437">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="496">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">197 West Spring Valley Avenue</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Maywood, New Jersey</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <i><font size="2">(Address of principal executive offices)</font></i></p>
                    </td>

                    <td width="6">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td width="437">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">07607</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <i><font size="2">(Zip code)</font></i></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="496">
                    </td>

                    <td width="6">
                    </td>

                    <td width="437">
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="620" align="center" border="0">
                <tr>
                    <td valign="top" align="center" width="619">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 109.08%">
                        <b><font size="2">(201) 909-6000</font></b></p>
                    </td>

                    <td valign="top" align="center" width="1">
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="619">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 109.08%; TEXT-ALIGN: center">
                        <i><font size="2">(Registrant's telephone number, including area
                        code)</font></i></p>
                    </td>

                    <td valign="top" width="1">
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" width="984">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 109.08%; TEXT-ALIGN: center">
                        <b><font size="2">Not Applicable</font></b></p>
                    </td>

                    <td valign="top" width="1">
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="984">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 109.08%; TEXT-ALIGN: center">
                        <i><font size="2">(Former Name or Former Address, if Changed Since Last
                        Report)</font></i></p>
                    </td>

                    <td valign="top" width="1">
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Check the
        appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
        filing obligation of the registrant under any of the following provisions:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="624" border="0">
                <tr>
                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 109.08%; TEXT-ALIGN: left">
                        <font size="2"><font face="Wingdings">o</font></font></p>
                    </td>

                    <td valign="top" width="596">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 109.08%; TEXT-ALIGN: left">
                        <font size="2">Written communications pursuant to Rule 425 under the
                        Securities Act (17 CFR 230.425)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 109.08%; TEXT-ALIGN: left">
                        <font size="2"><font face="Wingdings">o</font></font></p>
                    </td>

                    <td valign="top" width="596">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 109.08%; TEXT-ALIGN: left">
                        <font size="2">Soliciting material pursuant to Rule 14a-12 under the
                        Exchange Act (17 CFR 240.14a-12)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 109.08%; TEXT-ALIGN: left">
                        <font size="2"><font face="Wingdings">o</font></font></p>
                    </td>

                    <td valign="top" width="596">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 110.16%; TEXT-ALIGN: left">
                        <font size="2">Pre-commencement communications pursuant to Rule 14d-2(b)
                        under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 109.08%; TEXT-ALIGN: left">
                        <font size="2"><font face="Wingdings">o</font></font></p>
                    </td>

                    <td valign="top" width="596">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 109.08%; TEXT-ALIGN: left">
                        <font size="2">Pre-commencement communications pursuant to Rule 13e-4(c)
                        under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 101.66%; TEXT-ALIGN: left">
        <b><font size="2">Item 3.01.</font></b> <font size="1">&nbsp;&nbsp;</font>
        <b><font size="2">Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
        Standards;</font></b> <b><font size="2">Transfer of Listing.</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.51in; TEXT-ALIGN: justify">
        <font size="2">On April 25, 2008, Jaclyn, Inc. (the
        &ldquo;</font><u><font size="2">Company</font></u><font size="2">&rdquo;) notified the
        American Stock Exchange (the
        &ldquo;</font><u><font size="2">AMEX</font></u><font size="2">&rdquo;) of the
        Company&rsquo;s conditional intent to voluntarily delist its shares of common stock, $1.00
        par value per share (the &ldquo;</font><u><font size="2">Common
        Stock</font></u><font size="2">&rdquo;).</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.52in; TEXT-ALIGN: justify">
        <font size="2">As the Company announced in December 2007, a special committee of
        independent directors unanimously recommended, and its entire Board of Directors approved,
        plans to cease the registration of the Company&rsquo;s common stock under federal
        securities laws and to withdraw its shares of common stock from listing on the AMEX. The
        Company indicated that it was taking these steps to avoid the substantial and increasing
        cost and expense of being a Securities and Exchange Commission reporting company and of
        regulatory compliance under the Sarbanes-Oxley Act of 2002, and to focus the
        Company&rsquo;s resources on increasing long-term stockholder value. The Company further
        announced that it anticipates savings of approximately $500,000 on an annual basis as a
        result of the proposed deregistration and delisting transaction, as well as an additional
        one-time savings during its current fiscal year for initial costs of compliance with the
        internal control provisions of the Sarbanes-Oxley Act.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.51in; TEXT-ALIGN: justify">
        <font size="2">In order to deregister its shares of common stock, the Company will need to
        reduce its number of stockholders of record to below 300. To accomplish this, the Board of
        Directors has proposed to amend the Company&rsquo;s certificate of incorporation to effect
        a reverse stock split, which would immediately be followed by a forward stock split. The
        special committee of the Board of Directors has tentatively determined a reverse/forward
        stock split ratio of 1-for-250 shares. As a result, and assuming this ratio is used, record
        holders owning less than 250 shares of common stock will receive a cash payment of $10.21
        per share, and record holders owing 250 or more shares of common stock will retain their
        current numbers of shares of common stock without change. The Company also anticipates
        making this payment available to its beneficial owners who own less than 250 shares of
        common stock (assuming this ratio is used) at the time the reverse stock split is
        completed.</font>
        <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.52in; TEXT-ALIGN: justify">
        <font size="2">The special committee and the Board each have reserved the right to change
        the ratio of the stock splits or to choose an alternative to the stock splits to the extent
        they believe it is necessary or desirable in order to accomplish the goal of reducing the
        number of record holders to below 300. They may also abandon the proposed stock splits at
        any time prior to the completion of the proposed transaction if they believe that the
        proposed transaction is no longer in the best interests of the Company or its stockholders.
        The stock splits are scheduled to be considered at a special meeting of the Company&rsquo;s
        stockholders scheduled to be held on May 7, 2008. The Company has filed with the Securities
        and Exchange Commission, and has mailed to stockholders of record at March 31, 2008, a
        definitive proxy statement relating to the special meeting of stockholders.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.52in; TEXT-ALIGN: justify">
        <font size="2">The Company&rsquo;s notice to the AMEX of voluntary delisting was</font>
        <u><i><font size="2">conditional</font></i></u><font size="2">. As announced previously by
        the Company, the Board of Directors and the special committee determined that a delisting
        of the common stock requires that, among other things, each of the following conditions be
        met:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">approval by the Company&rsquo;s stockholders of the reverse
                        stock split and the forward stock split proposals;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">the common stock being approved for listing on the
                        OTCQX<sup>SM</sup> tier of Pink OTC Markets Inc. (formerly Pink Sheets,
                        LLC), with at least two market makers having indicated their intention to
                        make a market in the common stock after delisting and deregistration of the
                        common stock; and</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">neither the Board of Directors nor the special committee has
                        determined (either before or after approval of the Company&rsquo;s
                        stockholders of the reverse stock split and forward stock split proposals)
                        that the delisting and deregistration of the common stock is no longer in
                        the best interests of the Company or its stockholders.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.52in; TEXT-ALIGN: justify">
        <font size="2">The Company will advise the AMEX after the special meeting of stockholders
        whether the conditions to the delisting and deregistration proposals have been met and
        whether the Company actually intends to move forward with delisting.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.51in; TEXT-ALIGN: justify">
        <font size="2">On April 25, 2008, the Company issued a press release regarding the
        foregoing, which is attached to this Form 8-K as Exhibit 99. The foregoing description is
        qualified in its entirety to the description set forth in the press release.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="638" border="0">
                <tr>
                    <td valign="top" nowrap width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 109.08%; TEXT-ALIGN: left">
                        <b><font size="2">Item 9.01</font></b></p>
                    </td>

                    <td valign="top" nowrap width="571">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 109.08%; TEXT-ALIGN: left">
                        <b><font size="2">Financial Statements and Exhibits.</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="638" border="0">
                <tr>
                    <td valign="top" nowrap width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 109.08%; TEXT-ALIGN: left">
                        <font size="2">(d)</font></p>
                    </td>

                    <td valign="top" nowrap width="571">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 109.08%; TEXT-ALIGN: left">
                        <u><font size="2">Exhibits</font></u><font size="2">.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="638" border="0">
                <tr>
                    <td valign="top" nowrap width="68">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 109.08%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="141">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 109.08%; TEXT-ALIGN: left">
                        <u><font size="2">Exhibit No</font></u><font size="2">.</font></p>
                    </td>

                    <td valign="top" nowrap width="430">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 109.08%; TEXT-ALIGN: left">
                        <u><font size="2">Description</font></u></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="638" border="0">
                <tr>
                    <td valign="top" nowrap width="68">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 109.08%; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="141">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 109.08%; TEXT-ALIGN: left">
                        <font size="2">99</font></p>
                    </td>

                    <td valign="top" nowrap width="430">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 109.08%; TEXT-ALIGN: left">
                        <font size="2">Press Release of the Company dated April 25,
                        2008.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p align="center"><b><font size="2">SIGNATURES</font></b></p>

        <p align="left"><font size="2">&nbsp;Pursuant to the requirements of the Securities
        Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
        by the undersigned hereunto duly authorized.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.51in; TEXT-ALIGN: justify" align="center">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.51in; TEXT-ALIGN: justify" align="center">
        &nbsp;</p>

        <div align="left">
            <table style="MARGIN-LEFT: 0.4pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="900" border="0">
                <tr>
                    <td valign="top" width="507">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Date:&nbsp;&nbsp;April 25, 2008</font></p>
                    </td>

                    <td valign="top" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">JACLYN, INC.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="507">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="29">
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="507">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="29">
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="507">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="29"><font size="2">By:</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">&nbsp;/s/ Anthony C. Christon</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 1pt">
                    <td style="HEIGHT: 1pt" valign="top" width="507">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="HEIGHT: 1pt" valign="top" width="29">
                    </td>

                    <td style="HEIGHT: 1pt" valign="top" width="0" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="1"><font size="2">Anthony C. Christon, Chief Financial
                        Officer</font></font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p></p>
        <!-- EEDocs PBStart-->
        <hr style="PAGE-BREAK-AFTER: always" align="center" width="100%" noshade >
        <!-- EEDocs PBEnd-->


        <p align="center">&nbsp;</p>

        <p align="center"><b><font size="2">EXHIBIT INDEX</font></b></p>

        <div align="left">
            <table style="MARGIN-LEFT: 50pt" cellspacing="0" cellpadding="0" width="624" border="0">
                <tr>
                    <td valign="top" width="208">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <u><font size="2">Exhibit No.</font></u></p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <u><font size="2">Description</font></u></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="208">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 109.08%; TEXT-ALIGN: justify">
                        <font size="2">99</font></p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2"><A HREF="ex99for8k04252008.htm">Press Release of the Company dated April 25, 2008.</A></font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart--><!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
    </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex99for8k04252008.htm
<DESCRIPTION>JACLYN, INC.
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body style="FONT-FAMILY: 'Times New Roman'" bgcolor="#ffffff">
        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: right">
        <font size="2"><A NAME="ex99for8k04252008">Exhibit 9</A>9</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right" align="right">
        <font size="2"><b><font size="2">NEWS</font></b></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right" align="right">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
        <font size="2"><font size="2">Company Contact: Anthony Christon</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
        <font size="2"><font size="2">Chief Financial Officer</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
        <font size="2"><font size="2">Jaclyn, Inc.</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
        <font size="2"><font size="2">(201) 909-6000</font></font></p>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: right">
        &nbsp;</p>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><u><font size="2">FOR
        IMMEDIATE RELEASE</font></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">JACLYN, INC. ANNOUNCES CONDITIONAL PLANS TO</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">VOLUNTARILY DELIST COMMON STOCK</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">FROM
        THE AMERICAN STOCK EXCHANGE</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.51in; TEXT-ALIGN: justify">
        <font size="2">Maywood, NJ, April 25, 2008.........................................Jaclyn,
        Inc. (AMEX:JLN) today announced that it has notified the American Stock Exchange (the
        &ldquo;AMEX&rdquo;) of its intention, subject to meeting certain conditions, to withdraw
        its shares of common stock from listing on the American Stock Exchange.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.52in; TEXT-ALIGN: justify">
        <font size="2">As the Company announced in December 2007, a special committee of
        independent directors unanimously recommended, and its entire Board of Directors approved,
        plans to cease the registration of the Company&rsquo;s common stock under federal
        securities laws and to withdraw its shares of common stock from listing on the AMEX. The
        Company indicated that it was taking these steps to avoid the substantial and increasing
        cost and expense of being a Securities and Exchange Commission reporting company and of
        regulatory compliance under the Sarbanes-Oxley Act of 2002, and to focus the
        Company&rsquo;s resources on increasing long-term stockholder value. The Company further
        announced that it anticipates savings of approximately $500,000 on an annual basis as a
        result of the proposed deregistration and delisting transaction, as well as an additional
        one-time savings during its current fiscal year for initial costs of compliance with the
        internal control provisions of the Sarbanes-Oxley Act.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.51in; TEXT-ALIGN: justify">
        <font size="2">In order to deregister its shares of common stock, the Company will need to
        reduce its number of stockholders of record to below 300. To accomplish this, the Board of
        Directors has proposed to amend the Company&rsquo;s certificate of incorporation to effect
        a reverse stock split, which would immediately be followed by a forward stock split. The
        special committee of the Board of Directors has tentatively determined a reverse/forward
        stock split ratio of 1-for-250 shares. As a result, and assuming this ratio is used, record
        holders owning less than 250 shares of common stock will receive a cash payment of $10.21
        per share, and record holders owning 250 or more shares of common stock will retain their
        current numbers of shares of common stock without change. The Company also anticipates
        making this payment available to its beneficial owners who own less than 250 shares of
        common stock (assuming this ratio is used) at the time the reverse stock split is
        completed.</font>
        <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.52in; TEXT-ALIGN: justify">
        <font size="2">The special committee and the Board each have reserved the right to change
        the ratio of the stock splits or to choose an alternative to the stock splits to the extent
        they believe it is necessary or desirable in order to accomplish the goal of reducing the
        number of record holders to below 300. They may also abandon the proposed stock splits at
        any time prior to the completion of the proposed transaction if they believe that the
        proposed transaction is no longer in the best interests of the Company or its stockholders.
        The stock splits are scheduled to be considered at a special meeting of the Company&rsquo;s
        stockholders scheduled to be held on May 7, 2008. The Company has filed with the Securities
        and Exchange Commission, and has mailed to stockholders of record at March 31, 2008, a
        definitive proxy statement relating to the special meeting of stockholders.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.52in; TEXT-ALIGN: justify">
        <font size="2">The Company&rsquo;s notice to the AMEX of voluntary delisting was</font>
        <u><i><font size="2">conditional</font></i></u><font size="2">. As announced previously by
        the Company, the Board of Directors and the special committee determined that a delisting
        of the common stock requires that, among other things, each of the following conditions be
        met:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">approval by the Company&rsquo;s stockholders of the reverse
                        stock split and the forward stock split proposals;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">the common stock being approved for listing on the
                        OTCQX<sup>SM</sup> tier of Pink OTC Markets Inc. (formerly Pink Sheets,
                        LLC), with at least two market makers having indicated their intention to
                        make a market in the common stock after delisting and deregistration of the
                        common stock; and</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">neither the Board of Directors nor the special committee
                        having determined (either before or after approval of the Company&rsquo;s
                        stockholders of the reverse stock split and forward stock split proposals)
                        that the delisting and deregistration of the common stock is no longer in
                        the best interests of the Company or its stockholders.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">The
        Company will advise the AMEX after the special meeting of stockholders whether the
        conditions to the delisting and deregistration proposals have been met and whether the
        Company actually intends to move forward with delisting.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">* * * *
        *</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <u><i><font size="2">Forward Looking Statements</font></i></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <u><i><b><font size="2">Note</font></b></i></u><b><font size="2">:</font></b>
        <font size="2">This press release may contain forward-looking statements that are being
        made pursuant to the Private Securities Litigation Reform Act of 1995, which provides a
        "safe harbor" for forward-looking statements to encourage companies to provide prospective
        information so long as those statements are accompanied by meaningful cautionary statements
        identifying important factors that could cause actual results to differ materially from
        those discussed in the statement. Our forward-looking statements are subject to a number of
        known and unknown risks and uncertainties that could cause actual results, performance or
        achievements to differ materially from those described or implied in the forward-looking
        statements, including, but not limited to, general economic and business conditions;
        competition in the accessories and apparel markets, potential changes in customer spending;
        acceptance of our product offerings and designs; the variability of consumer spending
        resulting from changes in domestic economic activity; any significant variations
        between</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">2</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
        <!-- EEDocs PBStart-->
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        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">actual
        amounts and the amounts estimated for those matters identified as our critical accounting
        estimates, as well as other significant accounting estimates made in the preparation of our
        financial statements; and the impact of hostilities in the Middle East and in other
        geographic areas, as well as other geopolitical concerns. Accordingly, actual results may
        differ materially from such forward-looking statements. You are urged to consider all such
        factors, as well as those included in our Annual Report on Form 10-K for the year ended
        June 30, 2007 and our Quarterly Reports on Form 10-Q for the quarters ended September 30,
        2007 and December 31, 2007. Our forward-looking statements relating to the transaction
        discussed above are based on our current expectations, assumptions, estimates and
        projections about the Company and involve significant risks and uncertainties, including
        the many variables that may impact our projected cost savings, variables and risks related
        to consummation of the transaction, and the continuing determination of the Board of
        Directors and special committee that the transaction is in the best interests of all
        stockholders. The Company assumes no obligation for updating any such forward-looking
        statements to reflect actual results, changes in assumptions or changes in other factors
        affecting such forward-looking statements.</font></p>

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