ICON Iconix Brand Group Inc

NEW YORK, May 5 /PRNewswire-FirstCall/ -- Iconix Brand Group, Inc. (NASDAQ:ICON) ("Iconix" or the "Company"), today announced that the Company has acquired a 50% interest in Hardy Way, LLC, the owner of the Ed Hardy brand and trademarks. Ed Hardy is the world's pre-eminent brand in tattoo inspired lifestyle products. The brand has a tremendous celebrity following with fans such as Madonna, Britney Spears and Kanye West who are frequently seen wearing Ed Hardy designs. The Company paid $17 million for its interest in Hardy Way, comprised of $9 million in cash and $8 million in stock. In addition, the sellers could be entitled to receive an additional $1 million in stock pursuant to an earn-out based on 2009 royalties received by Hardy Way. Hardy Way estimates that 2009 royalty revenue will be approximately $10 million. Neil Cole, Chairman and CEO, Iconix stated, "We are excited to have the opportunity to participate in the continued success of the Ed Hardy brand and believe there are tremendous growth opportunities worldwide." Mr. Cole added, "We also believe that by owning the brand alongside Don Ed Hardy, the founder, there will be opportunities to further leverage his iconic name along with his new artwork." Don Ed Hardy, commented, "As demand for my artwork continues to skyrocket, I felt it was time to take on a partner that could help me manage the demand and opportunities for the Ed Hardy name. Iconix is at the forefront of brand management and clearly has the capabilities to dramatically grow the Ed Hardy business. I'm thrilled to have them as a partner." Don Ed Hardy and his artwork date back to 1967 when Hardy transformed the tattoo business into an artistic medium. Hardy is known as "the godfather of modern tattoo" for his sophistication, depth and sense of experimentation. Since 2003, the Ed Hardy brand has been run by Nervous Tattoo, which is owned by Christian Audigier. Today Ed Hardy is a global consumer products brand sold in over 55 countries and 50 different categories including outerwear, swimwear, fragrances, energy drinks, home goods and bags. 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) STARTER(R) and WAVERLY(R). The Company licenses its 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", "will", "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 Information: Jaime Sheinheit Investor Relations Iconix Brand Group, Inc. 212.730.0030 Maria Dolgetta Director of Public Relations Iconix Brand Group, Inc. 212.730.0030 DATASOURCE: Iconix Brand Group, Inc. CONTACT: Jaime Sheinheit, Investor Relations, or Maria Dolgetta, Director of Public Relations, both of Iconix Brand Group, Inc., +1-212-730-0030 Web Site: http://iconixbrand.com/

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