CROX Crocs Inc

Crocs, Inc. (NASDAQ:CROX) today announced that it has entered into a definitive agreement to acquire the Bite Footwear brand for $1.75 million in cash, plus a potential earn-out of up to $1.75 million based on Bite hitting certain earnings targets over a three-year period. Bite Footwear is a leader in comfortable and supportive performance shoe and sports sandals. Since its founding in 1996, Bite has introduced a number of revolutionary products including the first sports sandal with a removable insole, the first bio-mechanically correct footwear for fishing, and the first dedicated disc golf shoes. The company markets and sells its footwear worldwide in five categories including Golf, Adventure, Healthy Lifestyle and Water Sports. Ron Snyder, President and Chief Executive Officer of Crocs, Inc., commented �Over the past 10 years Bite has created a portfolio of exciting and innovative footwear products that we believe will be a terrific compliment to our existing business. Similar to Crocs, Bite Footwear utilizes patented technology to provide consumers with comfort, support and functionality across several target markets. We are confident that between their R&D and design capabilities and our global manufacturing base and retail distribution network we can take this brand to the next level.� Crocs plans to incorporate its proprietary closed cell resin material, Croslite�, into Bite�s product collection, further expanding the benefits of the material into new categories. In addition, Bite�s OrthoSport product line will complement and expand Crocs RX� medical line. �We are excited to join the Crocs team, and see this transaction as a tremendous opportunity to join the ranks of Crocs� existing lines of unique products, its terrific management team, large distribution channels, and sourcing capabilities,� said Dale Bathum, Founder of Bite Footwear. �With Crocs, we will have the resources to bring more innovative ideas to market and to continue to spread the word about the importance of good foot health and an active lifestyle, helping to further contribute to Crocs� success.� Bite Footwear will operate as Bite, Inc. a wholly owned subsidiary of Crocs, Inc. following the closing and Bite Footwear Founder Dale Bathum will remain with Bite. 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 1,100 Jibbitz� designs are available to consumers for personalizing and customizing their Crocs� footwear. Crocs� shoes are sold in more than 80 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.