Recognizing the tremendous opportunity in the private brand business, Tarrant adopted a new strategy to focus on developing and building its private brands.  In April 2003, we acquired an equity interest in the owner of the trademark "American Rag CIE". Our subsidiary, Private Brands, Inc., acquired a license to certain exclusive rights to this trademark.  Private Brands also entered into multi-year exclusive distribution agreement with Federated Merchandising Group ("FMG"), the sourcing arm of Federated Department Stores.  FMG has since been acquired by Macy*s and is now the greatly expanded Macy*s Merchandising group ("MMG").  Private Brands is the sole supplier of American Rag CIE, a casual sportswear collection for juniors and young men made for MMG.  Private Brands designs and manufactures a full collection of American Rag apparel in vintage inpired themes exclusively for Macy*s stores throughout the USA.