SPCO Stephan Co (PK)

Contact Information:

The Stephan Co.

1850 W. McNab Rd.

Ft. Lauderdale, FL 33309

email: steverolle@thestephanco.com            

Steve Rolle, Chief Financial Officer
954-971-0600

The Stephan Co. Announces Successful Conclusion to Litigation brought against it by Shaheen & Co.

On June 12, 2013 the trial court in Shaheen & Co., Inc. v. The Stephan Co. entered a judgment for The Stephan Co., ruling that The Stephan Co. did not breach its lease with Shaheen & Co., when The Stephan Co. vacated the premises it leased from Shaheen & Co, after giving three months written notice.  The Company successfully defended itself against the claim of Shaheen & Co. for approximately, $1,400,000 in damages due to the alleged breach of the lease.  Shaheen & Co. has the right to appeal the verdict, which it is not yet exercised. 

Shaheen & Co., Inc., instituted litigation against the Company in July 6, 2005, by a case styled Shaheen & Co., Inc. v. The Stephan Co., (Case No. 05-15175) filed in the Circuit Court of the 17th Judicial Circuit in and for Broward County, Florida.  In the litigation, Shaheen & Co., the owner of a building formerly leased by the Company in Danville, Illinois, sought damages of approximately $1,400,000, consisting of rent due through the expiration of the lease that Shaheen & Co. alleged was wrongfully terminated by the The Stephan Co.  The trial court ruled in favor of the Company's position that the Company had a right to terminate the lease on 90 days notice and the cancellation right was not deleted from the lease (as asserted by Shaheen & Co.) by a second amendment to the lease.

The trial court  did award Shaheen & Co. the sum of $105,476.54 related to the condition of the leased premises when vacated by the Stephan Co.  The amount awarded represented the trial court's determination of the costs incurred by Shaheen & Co. in correcting conditions in the leased premises that violated Stephan Co.'s obligations with respect to the condition the leased premises was to be in at the time the lease was terminated.   

Mr. Shouky A. Shaheen, the controlling person of Shaheen & Co., Inc. was formerly a member of the Company's Board of Directors and is a significant shareholder of the Company.  The Company has the resources to satisfy the award against it.  

Michael Smith, President and Chief Executive Officer of the Company, further stated: ?The Company is happy to have the litigation behind it."    

About The Stephan Co.

The Stephan Co. (OTCPink Market: STPCO) is the manufacturer of beauty and grooming products and has been serving beauty and barber industry since 1897.  The Company?s web site is www.thestephanco.com.

Certain statements and information included in this press release constitute ?forward-looking statements? within the meaning of the Federal Private Securities Litigation Reform Act of 1995. When used in this press release, the words or phrases ?will likely result,? ?are expected to,? ?will continue,? ?is anticipated,? ?estimate,? ?projected,? ?intend to? or similar expressions are intended to identify ?forward-looking statements? within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, known and unknown, and uncertainties, including but not limited to economic conditions, dependence on management, our ability to compete with competitors, dilution to shareholders, and limited capital resources.

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