Crocs, Inc. Announces Settlement of Lawsuit
June 22 2006 - 8:00AM
Business Wire
Crocs, Inc. (NASDAQ: CROX) and Inter-Pacific Trading Corporation,
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
Inter-Pacific 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 today with the entry of a Consent Judgment finding
infringement by certain of Inter-Pacific's "Sunsurfer Shoes" and
that the Crocs' patents are valid. The administrative action was
resolved with the filing of joint motion to terminate the ITC
Action against Inter-Pacific based on the settlement agreement. As
part of the settlement, Inter-Pacific has agreed to not infringe
Crocs' patents and trade dress in the future, and Crocs has
released Inter-Pacific 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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