NEW YORK, June 9 /PRNewswire-FirstCall/ -- Iconix Brand Group, Inc.
(Nasdaq: ICON) ("Iconix" or the "Company"), today announced the termination of
its exclusive financial advisory agreement between the Company and UCC
Capital. The termination of the exclusive relationship is effective
immediately and allows the Company to work with other investment banking
partners with a more diverse set of resources and industry expertise. The
Company has also announced that it has obtained a commitment from Merrill
Lynch Mortgage Capital, Inc. to finance the cash portion of the Mossimo Inc.
acquisition and is working with Merrill Lynch & Co. to explore strategic
acquisitions within and outside of the apparel industry.
Neil Cole, Chairman and CEO of Iconix stated, "UCC Capital has
distinguished itself in intellectual property financing arena and Bob D'Loren
and his team have been good partners to Iconix. As we continue with our growth
strategy to build a multi-billion dollar brand portfolio and global licensing
business, we will require an array of debt and equity expertise and the
ability to expand our deal flow to a broader spectrum of industries. We are
very excited to be working with Merrill Lynch and moving forward with our
strategic growth plans."
Additionally, Iconix has announced that William Sweedler, who was an
executive vice president of the Company, president of its Joe Boxer division
and a member of the Company's board of directors is stepping down. Mr.
Sweedler will continue to work with Iconix on a part time basis and then as a
consultant with respect to business development initiatives. Mr. Sweedler's
position at the Company will not be replaced.
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) 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.
Executive Vice President
Iconix Brand Group, Inc.
Iconix Brand Group, Inc.
SOURCE Iconix Brand Group, Inc.
/CONTACT: David Conn, Executive Vice President, +1-212-819-2077; or
Warren Clamen, CFO, +1-212-819-2069, both of Iconix Brand Group, Inc./
/Web site: http://iconixbrand.com /
CO: Iconix Brand Group, Inc.; UCC Capital; Merrill Lynch Mortgage Capital,
Inc.; Mossimo Inc.
ST: New York
IN: FIN REA FAS ADV
SU: FNC TNM PER
-- NYF018 --
9588 06/09/2006 08:00 EDT http://www.prnewswire.com