Crocs, Inc. Secures New Asset-Backed Credit Facility

Crocs, Inc. (NASDAQ: CROX) announced today that the Company entered into a new asset-backed revolving credit facility with PNC on September 25, 2009. The agreement provides for up to $30 million in revolving loans which may be used for working capital needs and other items, as stipulated in the agreement. Certain of the Company’s subsidiaries were co-borrowers under the agreement.

“This new asset-backed credit facility provides us with additional liquidity and flexibility as we continue to invest in our strategic initiatives and facilitate the Company’s turnaround,” stated Russ Hammer, Chief Financial Officer of Crocs, Inc. “We are pleased with our ability to secure this new agreement, particularly in this economic climate, and believe it underscores the confidence we and our lender have in our future as a strong global brand.”

“Crocs is a premium consumer brand with strong appeal to a wide array of consumers across the U.S.,” said Steve Roberts, vice president, PNC Business Credit. “We are looking forward to playing an important role in the Company’s future and to working with its management team.”

Borrowings under the asset-based revolving credit facility bear interest at variable rates of interest, as outlined in the agreement, and are secured by all of the assets of the Company. Under the agreement, the Company must adhere to certain financial covenants, which are more thoroughly described in the Company’s Form 8-K, which was filed today with the Securities and Exchange Commission. The facility matures in September 2012.

PNC is a registered service mark of The PNC Financial Services Group, Inc. Loans are provided by PNC Bank, N.A., a member of The PNC Financial Services Group, Inc. (NYSE:PNC)

About Crocs, Inc.

Crocs, Inc. is a 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 Crocs 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 Crocs to successfully market its products to a broad range of consumers.

Crocs™ shoes are sold in 125 countries and come in a wide array of colors and styles. Please visit www.crocs.com for additional information.

Forward-looking statements

The matters regarding the future discussed in this news release include “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, the following: macroeconomic issues, including, but not limited to, the current global financial crisis; our ability to obtain adequate financing; our ability to manage our future growth effectively; changing fashion trends; our defense and the ultimate outcome of a pending class action lawsuit; our ability to accurately anticipate and respond to seasonal or quarterly fluctuations in our operating results; our management and information systems infrastructure; our ability to obtain and protect intellectual property rights; our reliance on third party manufacturing and logistics providers for the production and distribution of products; our limited manufacturing capacity and distribution channels; our reliance on a single source supply for certain raw materials; inherent risks associated with the manufacture, distribution and sale of our products overseas; our reliance on market acceptance of the small number of products we sell; our ability to develop and sell new products; our limited operating history; our ability to accurately forecast consumer demand for our products; our ability to maintain effective internal controls; our ability to attract, assimilate and retain management talent; retail environment; our ability to effectively market and maintain a positive brand image; the effect of competition in our industry; the effect of potential adverse currency exchange rate fluctuations; 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. We do not undertake any obligation to update publicly any forward-looking statements, including, without limitation, any estimate regarding revenues or earnings, whether as a result of the receipt of new information, future events, or otherwise.

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