Iconix Brand Group, Inc. Announces Closing Of Starter(R) Acquisition
December 17 2007 - 5:13PM
PR Newswire (US)
NEW YORK, Dec. 17 /PRNewswire-FirstCall/ -- Iconix Brand Group,
Inc. (NASDAQ:ICON) ("Iconix" or the "Company") announced today that
the Company has completed the acquisition of the brand Starter (R).
The purchase price for the transaction was $60 million in cash.
Founded in 1971, Starter pioneered the league licensed apparel
business and is currently licensed to several
manufacturer/wholesalers selling primarily to Wal-Mart in the
United States, Canada and Mexico. Iconix is forecasting 2008
royalty revenue from Starter of approximately $18 million
worldwide. About Iconix Brand Group, Inc.: Iconix Brand Group, Inc.
(NASDAQ:ICON) owns, licenses and markets a growing portfolio of
consumer brands including CANDIE'S (R), BONGO (R), BADGLEY MISCHKA
(R), JOE BOXER (R), RAMPAGE (R), MUDD (R), LONDON FOG (R), MOSSIMO
(R), OCEAN PACIFIC (R), DANSKIN (R), ROCA WEAR(R), CANNON (R),
ROYAL VELVET (R), FIELDCREST (R), CHARISMA (R) and STARTER (R). The
Company licenses it brands to a network of leading retailers and
manufacturers that touch every major segment of retail distribution
from the luxury market to the mass market in both the U.S. and
around the world. Iconix, through its in-house advertising,
promotion and public relations agency, markets its brands to
continually drive greater consumer awareness and equity. Safe
Harbor Statement under the Private Securities Litigation Reform Act
of 1995. The statements that are not historical facts contained in
this press release are forward looking statements that involve a
number of known and unknown risks, uncertainties and other factors,
all of which are difficult or impossible to predict and many of
which are beyond the control of the Company, which may cause the
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward looking
statements. Such factors include, but are not limited to,
uncertainty regarding the results of the Company's acquisition of
additional licenses, continued market acceptance of current
products and the ability to successfully develop and market new
products particularly in light of rapidly changing fashion trends,
the impact of supply and manufacturing constraints or difficulties
relating to the Company's licensees' dependence on foreign
manufacturers and suppliers, uncertainties relating to customer
plans and commitments, the ability of licensees to successfully
market and sell branded products, competition, uncertainties
relating to economic conditions in the markets in which the Company
operates, the ability to hire and retain key personnel, the ability
to obtain capital if required, the risks of litigation and
regulatory proceedings, the risks of uncertainty of trademark
protection, the uncertainty of marketing and licensing acquired
trademarks and other risks detailed in the Company's SEC filings.
The words "believe," "anticipate," "expect," "confident,"
"project," provide "guidance" and similar expressions identify
forward-looking statements. Readers are cautioned not to place
undue reliance on these forward looking statements, which speak
only as of the date the statement was made. Contact: David Conn
Executive Vice President Iconix Brand Group 212.730.0030
DATASOURCE: Iconix Brand Group, Inc. CONTACT: David Conn, Executive
Vice President of Iconix Brand Group, +1-212-730-0030 Web site:
http://iconixbrand.com/
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