EVST Everlast Worldwide (MM)

Everlast� Worldwide Inc. (Nasdaq: EVST) announced today that it has entered into a settlement agreement with Hidary Group Acquisitions, LLC and Hidary Group Acquisitions, Inc. The settlement provides for the dismissal, with prejudice, of Hidary�s lawsuit against Everlast, which sought to block Everlast�s pending merger agreement to be acquired by Brands Holdings Limited. Pursuant to the terms of the settlement, among other things, Everlast has agreed to limit the discovery it may take from Hidary in connection with certain stockholder litigation, and Everlast agreed to publicly reaffirm its board�s commitment to comply with its fiduciary responsibilities, as set forth below. Pursuant to the terms of the merger agreement, the Board of Directors of Everlast remains free to consider unsolicited acquisition proposals. Additionally, as Everlast has previously disclosed, there is no agreement between Everlast and Hidary that would prohibit Hidary from commencing a non-coercive tender offer for Everlast�s shares. The Everlast Board has been and remains committed to obtaining the best transaction reasonably available to its stockholders, as it is required to under Delaware law. In the event that any entity (including Hidary) makes an unsolicited acquisition proposal or commences a non-coercive tender offer for Everlast�s shares, the Everlast Board will, as it has done in the past, comply with its fiduciary duties under Delaware law in evaluating and responding to any such proposal or tender offer. About Everlast Worldwide Inc. Everlast Worldwide Inc. is a leading designer, manufacturer and marketer of boxing and fitness related sporting goods equipment under the well-recognized Everlast brand name and a worldwide licensor of the Everlast brand for apparel, footwear, sporting goods equipment and other active lifestyle products and accessories. Since 1910, Everlast has been the preeminent brand in the world of boxing and among the most recognized brands in the overall sporting goods and apparel industries. In order to capitalize on the rich heritage and authenticity of the Everlast brand, the company has extended the Everlast brand outside of the boxing ring into complementary product categories. Our strategy is to continue to leverage the unique qualities represented by the Everlast brand�Strength, Dedication, Individuality and Authenticity � to become a leading global athletic brand and a necessary part of the lives of consumers who train, compete and live an active lifestyle. Statements made in this Press Release that are estimates of past or future performance are based on a number of factors, some of which are outside of the Company's control. Statements made in this Press Release that state the intentions, beliefs, expectations or predictions of Everlast Worldwide, Inc. and its management for the future are forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. Information concerning factors that could cause actual results to differ materially from those in forward-looking statements is contained from time to time in filings of Everlast Worldwide with the U.S. Securities and Exchange Commission. Copies of these filings may be obtained by contacting Everlast Worldwide or the SEC.