Cherokee Enters into Licensing Agreement for Its Sideout Brand with Internet-Only Retailer Nirve.com.VAN NUYS, Calif.--(BUSINESS WIRE)--Oct. 5, 1999-- Cherokee Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CHKE) Tuesday announced that it has entered into a nonexclusive licensing agreement ("Agreement") with California-based Nirve Inc. (www.nirve.com), for the online-only sale of Sideout brand merchandise to the burgeoning Gen-Y consumer. The multiyear Agreement includes a wide range of categories of apparel and accessories. Under the terms of the Agreement, Nirve.com will be the only pure-play Internet retailer for at least six months offering Sideout-brand merchandise over the Internet. In addition, Nirve's award-winning Web development team will work closely with Cherokee to enhance its americasbrands.com site, which holds sideout.com and cherokeeusa.com domains. Bill Duerhing, co-founder of Nirve, said: "The Agreement with Cherokee Inc. for the Sideout brand is critical to giving us an advantage over our online-only rivals. Sideout has established itself as one of the premier Gen-Y brands in the country, and it is a logical move for us to team with Sideout to provide our customers with this popular brand." The Nirve.com site houses the Nirve brand, an Internet-only action-sports brand catering to the Gen-Y consumer. Nirve's products include BMX BMX abbr. bicycle motocross BMX Noun 1. bicycle motocross: stunt riding over an obstacle course on a bicycle 2. , Freestyle, and trail bikes; snowboards, skateboards skateboards mini surfboard supported on roller-skate wheels; 1960s craze enjoyed renaissance. [Am. Hist.: Sann, 151–152] See : Fads , surfboards and wakeboards; as well as apparel and accessories. Nirve was co-founded by Duerhing, former chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of GT Bicycles GT Bicycles is a large American manufacturer of road, mountain, and BMX bicycles. The company was founded in 1979 by Gary Turner, a welding engineer and Richard Long, a bike shop owner. . Nirve.com is a leading Gen-Y Internet destination, providing unique content and products, including NirveTV and NirveRadio. Jonathan Mork, co-founder of Nirve, said: "We are extremely pleased to make Sideout-branded products available to our growing customer base. Combining Sideout with our developing Nirve brand will provide an even more compelling reason for the Gen-Y consumer to shop our site." Stephen Ascher Jr., founder of Sideout and executive vice president of Cherokee, said, "In one format or another all of the brands in our industry need to embrace e-commerce, allowing consumers their preferred choice of shopping method." "The Nirve.com Agreement signifies our belief in the importance of this new distribution channel and will further position Sideout as one of the fastest growing active-lifestyle brands in the country today," said Robert Margolis, chairman and chief executive officer of Cherokee. "Adding this Agreement to our other Sideout retail agreements with The Casual Male, Mervyn's, Bob's Stores Bob's Stores is a chain of approximately 35[1] American retail stores owned by TJX Companies, the largest off-price retailer in the world. Founded as Bob's Surplus in Middletown, Connecticut, by Bob Lapidus in 1954, the chain expanded gradually until it was acquired by , Sportmart and Gart Sports, as well as our existing wholesale agreements, Palos Verdes Palos Verdes is often used to refer to a group of coastal cities on the Palos Verdes Peninsula in the Los Angeles/South Bay area of California. This affluent bedroom community is known for its dramatic views, good schools [1] extensive horse trails [2] Footwear, Outlook Eyewear for sunglasses sunglasses A tinted pair of glasses used to ↓ light arriving at the eye, which are labeled according to the amount of UV light blocked; nonprescription glasses are classified according to use and amount of UV radiation blocked Sunglasses and Genender International for watches, the brand continues to grow in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , while we continue to pursue new agreements worldwide," added Margolis. Cherokee, based in Van Nuys, is a marketer and licensor of Cherokee- and Sideout-brand products, and is continuing its negotiations for domestic and international licensing contracts covering multiple categories of merchandise. Cherokee currently has licensing agreements in many categories, including family apparel and fashion accessories, as well as luggage, cosmetics and footwear. Statements included within this news release that are not historical in nature constitute forward-looking statements for the purposes of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provided by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that this news release contains certain such forward-looking statements that involve substantial risks and uncertainties. When used, the words "anticipate," "believe," "estimate," "expect" and similar expressions as they relate to the company or its management are intended to identify such forward-looking statements. The company's actual results, performance or achievements could differ materially from the results expressed in, or implied by, these forward-looking statements. Further management discussions of risks and uncertainties can be found in the company's quarterly filings with the Securities and Exchange Commission and other periodic filings. |
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