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Mon, July 26, 2010
Sun, July 25, 2010
Fri, July 23, 2010
COSTA MESA, Calif.--([ BUSINESS WIRE ])--Volcom, Inc. (NASDAQ:VLCM) today announced it has signed an agreement to acquire the Volcom licensee in Australia. Terms of the transaction were not disclosed. The company anticipates the acquisition, which is expected to close in the third quarter, to be neutral to earnings in 2010.
"This is one of the most influential territories for Volcom, and this move represents a great opportunity for us to continue to build brand strength and market share."
aThis acquisition supports our continued commitment to building a solid following for the Volcom brand in Australia and maximizing our many strengths and prospects in this important region,a said Richard Woolcott, Volcoma™s chairman and chief executive officer. aThis is one of the most influential territories for Volcom, and this move represents a great opportunity for us to continue to build brand strength and market share.a
aWe are very excited to more formally be coming under the Volcomglobal umbrella,a said John Clapham, chief executive officer of Volcom Australia. aWe believe this will strengthen the companya™s main aim to grow our share of the market and will enable us to take the brand to the next level in Australia and New Zealand.a
Australia has been home to the Volcom brand since 1993. Volcom has additional licensees in Brazil, Indonesia, South Africa, and Argentina.
About Volcom, Inc.
Volcom is an innovative designer, marketer and distributor of premium quality young mena™s and womena™s clothing, accessories and related products. The Volcom brand, symbolized by The Stone, is athlete-driven, creative and forward thinking. Volcom has consistently followed its motto of ayouth against establishment,a and the brand is inspired by the energy of youth culture. Volcom branded products are sold throughout the United States and internationally. Volcoma™s news announcements and SEC filings are available through the companya™s website at [ www.volcom.com ].
Safe Harbor Statement
Certain statements in this press release and oral statements made from time to time by representatives of the company are forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995, including statements in connection with or related to any discussion of or reference to Volcoma™s future operations, opportunities or financial performance. In particular, statements regarding the companya™s belief that the acquisition will be neutral to earnings in 2010 and the companya™s acommitment to building a solid following for the Volcom brand in Australia and maximizing our many strengths and prospects in this important region,a and representing aa great opportunity for us to continue to build brand strength and market share,a as well as comments that this awill strengthen the companya™s main aim to grow our share of the market and will enable us to take the brand to the next level in Australia and New Zealanda are forward looking statements. These forward-looking statements are based on managementa™s current expectations but they involve a number of risks and uncertainties. Volcoma™s actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of risks and uncertainties, including, without limitation, further softening of the retail environment, sales of our products by key retailers, including Pacific Sunwear and Zumiez, changes in fashion trends and consumer preferences, general economic conditions, the impact of sourcing costs, and additional factors which are detailed in our filings with the Securities and Exchange Commission, including the Risk Factors contained in the companya™s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the aSECa) and the subsequently filed Quarterly Reports on Form 10-Q, all of which are available at [ www.sec.gov ]. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Volcom is under no obligation, and expressly disclaims any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.