Crocs, Inc. Announces Settlement of Lawsuit
June 16 2006 - 8:00AM
Business Wire
Crocs, Inc. (NASDAQ: CROX) and Shaka Holdings, Inc. today announced
that they have agreed to settle a lawsuit concerning Crocs'
proprietary footwear, pending in the United States District for the
District of Colorado and alleging that Shaka infringed Crocs' U.S.
Patents (Nos. 6,993,858 B2 and D517,789), and its trade dress; and
an administrative action pending in the International Trade
Commission alleging unfair acts concerning the importation of
infringing footwear. The lawsuit was resolved this week with the
entry of a Consent Judgment finding that Shaka's "Shaka Shoes" may
have infringed Crocs' patents, and that the Crocs' patents are
presumed to be valid. The administrative action was resolved with
the filing of joint motion to terminate the ITC Action against
Shaka based on the settlement agreement. As part of the settlement,
Shaka has agreed to not infringe Crocs' patents and trade dress in
the future, and Crocs has released Shaka and its customers of any
past liability. About Crocs, Inc. Crocs, Inc. is a rapidly growing
designer, manufacturer and marketer of footwear for men, women and
children under the crocs brand. All of our footwear products
incorporate our proprietary closed-cell resin material, which we
believe represents a substantial innovation in footwear comfort and
functionality. Our proprietary closed-cell resin, which we refer to
as croslite(TM) enables us to produce a soft and lightweight,
non-marking, slip- and odor-resistant shoe. These unique properties
make crocs footwear ideal for casual wear, as well as for
recreational uses such as boating, hiking, fishing and gardening,
and have enabled us to successfully market our products to a broad
range of consumers. Forward Looking Statements Certain information
contained in this press release may be deemed to constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements involve
known and unknown risks, uncertainties and other factors which may
cause our actual results, performance or achievements to be
materially different from any future results, performances or
achievements expressed or implied by the forward-looking
statements. These risks and uncertainties include, but are not
limited to, our ability to obtain and protect intellectual property
rights and other factors described in our annual report on Form
10-K under the heading "Risk Factors," and our subsequent filings
with the Securities and Exchange Commission. Readers are encouraged
to review that section and all other disclosures appearing in our
filings with the Securities and Exchange Commission.
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