CROX Crocs Inc

Crocs, Inc. (NASDAQ: CROX) today announced that it has entered into a definitive agreement to acquire 100% of the membership interest of Ocean Minded, LLC for $1.75 Million in cash, plus a potential earn-out of up to $3.75 million based on Ocean Minded hitting certain earnings targets over a three year period. Leveraging its strong network of retailers and diverse distribution, Crocs will look to expand the Ocean Minded brand worldwide. Founded in 1996, Ocean Minded is a leading designer and manufacturer of high quality leather and EVA based sandals primarily for the beach, adventure and action sports markets. The company utilizes recycled and recyclable materials whenever possible and is well known in the action sports industry as a leading advocate for environmental awareness and responsibility. Ocean Minded Sandals target primarily young men and young women who seek high quality fashion sandals with an emphasis on style and comfort. Ron Snyder, President and Chief Executive Officer of Crocs, Inc., commented �We are excited about this transaction as it provides us with a new platform for growth and immediate entr�e into the fast growing surf & skate footwear category. Over the past decade the team at Ocean Minded has successfully developed a vibrant business and cultivated a strong following among young consumers up and down the West Coast with minimal investments in marketing and advertising. We believe by combining forces we can leverage each organizations� strengths to further evolve both the Crocs and Ocean Minded brands and expand our reach throughout the United Stated and overseas.� �We are extremely pleased to become part of the Crocs family. We have come to know the team well and have the utmost respect for their accomplishments thus far and the significant opportunities yet to develop through a well thought out strategy,� said Gary Ward, President of Ocean Minded. �For Ocean Minded, with the substantial infrastructure, scale, material technology and distribution of Crocs we will be able to execute on our strategy of becoming a segment leader in the beach sandal category and furthering to contribute to Crocs success�. Ocean Minded will operate as a wholly owned subsidiary of Crocs, Inc. following the closing Founder Robert Allison will remain with Ocean Minded. The transaction is subject to customary closing conditions and regulatory approvals. 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 70 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.