Crocs, Inc. Successfully Completes Acquisition of Jibbitz, LLC
December 05 2006 - 8:00AM
Business Wire
Crocs, Inc. (NASDAQ: CROX) today announced that it has successfully
completed its previously announced acquisition of the membership
interest of Jibbitz, LLC, a family operated business that
specializes in the customization of Crocs footwear. The purchase
price was $10 Million in cash at closing, and is subject to a
potential earn-out of up to an additional $10 Million based on
Jibbitz hitting certain earnings targets in the future. Ron Snyder,
President and Chief Executive Officer of Crocs, Inc., commented �We
are very excited about this acquisition as we believe Jibbitz
represents a tremendous strategic fit for our company. We look
forward to leveraging each organization�s strengths in order to
fully capitalize on the many new and exciting growth opportunities
in our future.� About Crocs, Inc: Crocs, Inc. is a rapidly growing
designer, manufacturer and retailer of footwear for men, women and
children under the Crocs� brand. All Crocs� brand shoes feature
Crocs� proprietary closed-cell resin, Croslite�, which represents a
substantial innovation in footwear. The Croslite� material enables
us to produce soft, comfortable, lightweight, superior-gripping,
non-marking and odor-resistant shoes. These unique elements make
Crocs� footwear ideal for casual wear, as well as for professional
and recreational uses such as boating, hiking, hospitality and
gardening. The versatile use of the material has enabled us to
successfully market our products to a broad range of consumers. In
2006, the company acquired Jibbitz LLC, a unique accessory brand
with colorful snap-on products specifically suited for Crocs shoes.
Today, more than 400 Jibbitz designs are available to consumers for
personalizing and customizing their Crocs� footwear. Crocs are sold
in more than 60 countries and come in a wide array of colors and
styles. Please visit www.crocs.com for additional information.
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. Crocs, Inc. (NASDAQ: CROX)
today announced that it has successfully completed its previously
announced acquisition of the membership interest of Jibbitz, LLC, a
family operated business that specializes in the customization of
Crocs footwear. The purchase price was $10 Million in cash at
closing, and is subject to a potential earn-out of up to an
additional $10 Million based on Jibbitz hitting certain earnings
targets in the future. Ron Snyder, President and Chief Executive
Officer of Crocs, Inc., commented "We are very excited about this
acquisition as we believe Jibbitz represents a tremendous strategic
fit for our company. We look forward to leveraging each
organization's strengths in order to fully capitalize on the many
new and exciting growth opportunities in our future." About Crocs,
Inc: Crocs, Inc. is a rapidly growing designer, manufacturer and
retailer of footwear for men, women and children under the
Crocs(TM) brand. All Crocs(TM) brand shoes feature Crocs'
proprietary closed-cell resin, Croslite(TM), which represents a
substantial innovation in footwear. The Croslite(TM) material
enables us to produce soft, comfortable, lightweight,
superior-gripping, non-marking and odor-resistant shoes. These
unique elements make Crocs(TM) footwear ideal for casual wear, as
well as for professional and recreational uses such as boating,
hiking, hospitality and gardening. The versatile use of the
material has enabled us to successfully market our products to a
broad range of consumers. In 2006, the company acquired Jibbitz
LLC, a unique accessory brand with colorful snap-on products
specifically suited for Crocs shoes. Today, more than 400 Jibbitz
designs are available to consumers for personalizing and
customizing their Crocs(TM) footwear. Crocs are sold in more than
60 countries and come in a wide array of colors and styles. Please
visit www.crocs.com for additional information. 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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