NEW DANA PERFUMES TO SELL DSPS CONTROLLING INTEREST IN CORPORATION

Dimeling, Schreiber and Park, a private investment partnership, is selling its shares of New Dana Perfumes Corporation. As this is merely a paper transaction, management and executive staff will remain the same.

FOR IMMEDIATE RELEASE
         
Contact:
Sean-Patrick M. Hillman
Corbin & Associates, Ltd.
(212) 246-6515
Sean-Patrick@corbinpr.com   

NEW DANA PERFUMES TO SELL DSPS CONTROLLING
INTEREST IN CORPORATION

Mountaintop, PA – March 2003 – Isaac Cohen, Chief Executive Officer, New Dana Perfumes Corporation® (NDP), announced today that it has retained Carl Marks Capital Advisors, LLC. (CMCA) for the purpose of offering shares in New Dana Corporation owned by an investment partnership controlled by Dimeling, Schreiber & Park (DSP) to a select group of potential buyers.

New Dana Perfumes, which was previously operated as Renaissance Cosmetics Inc., was purchased by DSP in August of 1999. According to William R. Quinn, Principal, DSP, We are in the business of buying distressed companies that have the people and products that can help us fix the problem. The timeframe for turnaround with the companies we work with is generally three to five years. When DSP purchased the controlling shares in 1999, the company had filed for Chapter 11 and needed a major operational and financial restructuring. At this point in time, the turnaround is complete as NDP is a healthy company with annual sales in excess of $73 million, and is poised for continued growth."

Tony Wesley, Chief Operating Officer of NDP, had this to say, We have accomplished what we set out to do and are proudly launching the first new fragrance under the NDP banner, Secrets by Dana, as well as a new line from the New Cosmar Corporation® nail and beauty division of New Dana Perfumes Corporation called Frills. We have re-established and strengthened our retail partner relationships and re-stored our brands to previous levels of growth and beyond."

Wesley added, Everyone knows the mass market is in decline. Our brands have proven they can perform on an upswing even in periods of decline and the numbers reflect that. Our classic brands such as Canoe, Chantilly, Tabu and English Leather have really come through. Our seasonal promotions are in full swing and the fact that we have been able to launch a totally new product line at New Cosmar (Frills) and introduce a new fragrance (Secrets by Dana) says we are here to grow. This company has come a long way in the most positive sense."

The Participants:

New Dana Perfumes Corporation® markets and distributes fragrances, cosmetics and related products, which it sells through domestic and International mass-market or self-select distribution channels. NDP brands are sold to over 26,000 doors throughout the United States, and sold in 12 foreign countries. The NDP family of fragrance brands includes classics such as Chantilly, Tabu, Canoe, English Leather, Loves Baby Soft and British Sterling as well as other established brands such as NaVy and NaVy for Men. Through its New Cosmar subsidiary, NDP is the largest domestic manufacturer of artificial nail care products and related accessories in the United States.

Dimeling, Schreiber & Park is a private investment partnership that makes private equity investments in a broad range of middle market companies. The firm specializes in opportunistic investments primarily in the form of leveraged acquisitions, recapitalizations and Chapter 11 reorganizations.

Carl Marks Capital Advisors, LLC. provides investment-banking services to middle market companies contemplating a sale of the business, acquisition, merger or capital raising. CMCAs professionals bring experience and creativity to delivering sophisticated advisory services to middle market companies.

Interested parties should contact Warren H. Feder or Patrick C. Lagrange of CMCA at (212) 421-4800.