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| Candie's, Inc. Wholly Owned Subsidiary Unzipped Apparel Signs New Financing Agreement |
VALHALLA, N.Y., Feb 27, 2003 (BUSINESS WIRE) -- Candie's, Inc. (NASDAQ:CAND) ("Candie's" or the "Company") today announced that its wholly owned subsidiary, Unzipped Apparel, LLC, which manufactures and sells Bongo jeanswear, signed an agreement with GE Commercial Services to provide Unzipped a $25 million revolving credit line. The financing includes letters of credit, factoring services, and inventory and accounts receivable financing. Hubert Guez, Chief Executive Officer of Unzipped, commented, "The new $25 million line provides Unzipped with $10 million more than it had under its prior line, and will be used to support Unzipped's ongoing growth and capital plans." Neil Cole, Chief Executive Officer of Candie's, commented, "We are excited about the continued consumer acceptance of the Bongo brand. Candie's, Inc. will continue to capitalize on the licensing and other growth opportunities that the brand provides." About Candie's Inc. Candie's, Inc. is a leading designer and marketer of young women's footwear. The Company distributes its products under the Candies and Bongo brand names through department and specialty stores nationwide, as well as through company-owned stores. Through its wholly-owned subsidiary, Unzipped Apparel LLC, the Company sells and markets Bongo jeanswear. Candie's also arranges for the manufacture of footwear products for mass market and discount retailers under the private label brand of the retailer or other trademarks owned or licensed by Candie's. Additionally, the Candie's brand is licensed for the manufacture and sale of apparel, fragrances, handbags, eyewear and watches, and the Bongo brand is licensed for kids' jeans and apparel, sportswear, cold weather accessories, belts and eyewear. Candie's, Inc. operates www.candies.com and www.bongo.com. For investor information please visit the corporate web site at www.candiesinc.com. SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. The statements which 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 the risks detailed in the Company's Securities and Exchange Commission filings, and uncertainty associated with the impact on the Company in relation to recent events discussed in the Company's Form 10-K for Fiscal 2002. The words "believe", "expect", "anticipate", "seek" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward looking statements.
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