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Contact:
Investor Contact:
Maxwell Shoe Company Inc., Hyde Park
Richard J. Bakos
Chief Financial Officer
617/333-4007
or
Media Contact:
Morgen-Walke Associates, New York
Michael McMullan/Kate Talbot
212/850-5600
Maxwell Shoe Company Inc. Completes Acquisition of Assets of Joan and David
Helpern, Incorporated
HYDE PARK, Mass.--Oct. 17, 2000--Maxwell Shoe Company Inc., (Nasdaq:MAXS ),
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today announced it has completed the acquisition of a substantial portion of the
assets of joan and david helpern, incorporated and JOAN HELPERN DESIGNS, INC.
for an aggregate $16.8 million in cash.
Under the terms of the Agreement, Maxwell Shoe Company acquired a substantial
portion of joan and david helpern, incorporated's assets, including certain
inventory, the on-order merchandise, leases for the corporate office, as well as
all the trademarks of JOAN HELPERN DESIGNS, INC.
Mark J. Cocozza, Chairman and Chief Executive Officer of Maxwell Shoe Company,
commented, "We are excited about the completion of this acquisition as the Joan
& David brand presents a number of opportunities for Maxwell Shoe. Specifically,
we are committed to investing in the continued development of the brand and have
the resources necessary to foster its long-term growth."
Maxwell Shoe Company Inc. designs, develops and markets casual and dress
footwear for women and children. The Company's brands include Mootsies Tootsies,
Sam & Libby, Dockers(R) Footwear for Women, A LINE ANNE KLEIN(TM), ANNE
KLEIN2(R) and J. G. Hook.
Certain statements contained in this press release regard matters that are not
historical facts and are forward looking statements (as such term is defined in
the rules promulgated pursuant to the Securities Act of 1933, as amended).
Because such forward looking statements contain risks and uncertainties, actual
results may differ materially from those expressed in or implied by such forward
looking statements. Factors that could cause actual results to differ materially
include, but are not limited to: the Company's ability to successfully implement
the Company's strategy of integrating the Joan & David brand into the Company's
business and growing the brand in the future, changing consumer preference,
inability to successfully design, develop or market its footwear brands,
competition from other footwear manufacturers or retailers, loss of key
employees, general economic conditions and adverse factors impacting the retail
footwear industry, and the inability by the Company to source its products due
to political or economic
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factors or the imposition of trade or duty restrictions. The Company undertakes
no obligation to release publicly the results of any revisions to these forward
looking statements that may be made to reflect events or circumstances after the
date hereof or to reflect the occurrence of unanticipated events. Investors are
also directed to other risks discussed in documents filed by the Company with
the Securities and Exchange Commission.
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