NEW YORK, April 27 /PRNewswire-FirstCall/ -- Iconix Brand Group, Inc.
(Nasdaq: ICON) ("Iconix" or the "Company"), today announced that it has
entered into a definitive agreement with Cherokee Inc. to buy out the Mossimo
finders agreement for $33 million in cash payable upon Iconix closing on its
previously announced agreement to acquire Mossimo Inc. As part of the
agreement Cherokee Inc. will withdraw its offer to purchase Mossimo Inc.
The Mossimo Finders Agreement provides for Cherokee Inc. to receive 15% of
all earned royalties received from Mossimo's license with Target Stores in
perpetuity in exchange for finding and brokering the license agreement.
Iconix Brand Group Inc. (Nasdaq: ICON - News) owns, licenses and markets a
growing portfolio of consumer brands including CANDIE'S (R), BONGO (R),
BADGLEY MISCHKA (R), JOE BOXER (R) RAMPAGE (R) and MUDD (R). The company's
brands touch every major segment of retail distribution from the luxury market
to the mass market. Iconix, through its in-house advertising agency,
advertises and markets its brands to continually drive greater consumer
awareness and loyalty and licenses its brands to a network of leading
retailers and manufacturers.
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
Integrated Corporate Relations
SOURCE Iconix Brand Group, Inc.
/CONTACT: David Conn, Executive Vice President of Iconix Brand Group,
+1-212-730-0030, or Joseph Teklits, Integrated Corporate Relations,
/Web site: http://iconixbrand.com /
CO: Iconix Brand Group, Inc., Cherokee Inc.
ST: New York
IN: ADV REA
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7481 04/27/2006 08:31 EDT http://www.prnewswire.com