LID, lenders sign long-term agreement

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LID, lenders sign long-term agreement

August 14, 2007

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Bob Nachman joins L.I.D. as head of sales

New York—LID, which has been operating under Chapter 11 bankruptcy protection since March, has announced that its lender banks have agreed to a long-term financing agreement that will allow the New York-based diamond-jewelry company to accelerate its growth plans.

"The banks decision underscores the integrity of our continuing commitment to provide world-class service and product quality, a hallmark of LID," LID President David Elishayov said in a statement issued on Monday. "We were a sound company then, and we are a more viable company today, as our plan continues to exceed projections."

LID recently expanded its Diavante product line and launched a national marketing campaign for "The Diamonds of Diavante...Magical!" to support participating independent jewelers. Consumer advertising is scheduled to run in top fashion magazines this fall and winter.

"The reaction to the new Diavante fashion-jewelry brand has been immensely positive. With nine distinctive collections, we can maintain a constant flow of new products to our retailers, something that has been missing in this industry," LID National Sales Manager Bob Nachman said. "We are continuing to upgrade our sales team and expanding representation to ensure retailers all across the country that they can be guaranteed professional LID service."

The LID Group has principal offices in Hong Kong, India, Israel, Japan and New York. The company currently markets designer diamond jewelry under the Diavante brand with its trademarked Princessa and Part Heart diamonds.

For more information, contact Ronen Herzig or Bob Nachman at (212) 980-7500.

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