CORRECTING and REPLACING Crocs, Inc. Sells Assets of Foam Creations ...

Tag : Industry raw materials
third graph, last sentence of Ron Snyder's quote should read: Wewill maintain a Canadian sales and marketing office as well as ourretail store in Quebec City; while expanding our presencethroughout the country including the opening of additional Crocsbranded stores in Montreal and Toronto. (sted: We will maintain oursales and marketing office and retail store in Quebec City and willbe expanding our presence throughout the country including theopening of additional Crocs branded stores in Montreal andToronto.).

The corrected release reads:

CROCS, INC. SELLS ASSETS OF FOAM CREATIONS BUSINESS UNIT

Crocs, Inc. (NASDAQ: CROX) today announced that it has sold certainassets of its Foam Creations business unit, located in Quebec City,Quebec to a Canadian corporation led by former Foam Creationsfounder, Andrew Reddyhoff.

The sale includes the certain Foam Creations manufacturing assetsas well as finished inventory and raw materials. The business willcontinue to operate out of its existing facility in Quebec City,Canada and will retain 26 local employees. The Foam Creationsbusiness unit was previously responsible for the manufacture andsale of industrial goods under the Crocs corporate umbrella. Thebusiness will continue to produce a range of industrial productssuch as spa pillows and kayak seats but will not operate in thefootwear industry.

Ron Snyder, President and Chief Executive Officer of Crocs, Inc.,commented, "We are extremely happy we were able to divest thisbusiness to a trusted friend such as Andy Reddyhoff. We areconfident his entrepreneurial vision and management expertise willdrive this business to continued growth and success. This is reallya win-win situation as this divestiture allows us to add strategicfocus to our core business - Crocs brand footwear. We will maintaina Canadian sales and marketing office as well as our retail storein Quebec City; while expanding our presence throughout the countryincluding the opening of additional Crocs branded stores inMontreal and Toronto."

"I'm very pleased that we were able to acquire this business fromCrocs," stated Andy Reddyhoff. "It was important for us to retainthe business' key employees and customers and we are thrilled wehave succeeded."

About Crocs, Inc.

Crocs, Inc. is a rapidly growing designer, manufacturer andretailer of footwear for men, women and children under theCrocs(TM) brand.

All Crocs(TM) brand shoes feature Crocs' proprietary closed-cellresin, Croslite(TM), which represents a substantial innovation infootwear. The Croslite(TM) material enables Crocs to produce soft,comfortable, lightweight, superior-gripping, non-marking andodor-resistant shoes. These unique elements make Crocs(TM) footwearideal for casual wear, as well as for professional and recreationaluses such as boating, hiking, hospitality and gardening. Theversatile use of the material has enabled Crocs to successfullymarket its products to a broad range of consumers.

Crocs(TM) shoes are sold in more than 100 countries and come in awide array of colors and styles. Please visit www.crocs.com foradditional information.

Forward-Looking Statements

Certain information contained in this press release may be deemedto constitute forward-looking statements within the meaning of thePrivate Securities Litigation Reform Act of 1995. These statementsinvolve known and unknown risks, uncertainties and other factorswhich may cause our actual results, performance or achievements tobe materially different from any future results, performances orachievements expressed or implied by the forward-lookingstatements. These risks and uncertainties include, but are notlimited to, our ability to obtain and protect intellectual propertyrights and other factors described in our annual report on Form10-K under the heading "Risk Factors," and our subsequent filingswith the Securities and Exchange Commission. Readers are encouragedto review that section and all other disclosures appearing in ourfilings with the Securities and Exchange Commission.