CARLSBAD, Calif., March 8, 2011 /PRNewswire/ -- Phoenix Footwear
Group, Inc. (NYSE Amex: PXG) announced today that its Chief
Financial Officer, Treasurer and Secretary, Dennis Nelson, will be stepping down and leaving
the Company at the end of March
2011.
James Riedman, President and
Chief Executive Officer, commented, "Dennis has been an important
partner and resource for the Company as we have transitioned the
business this past 18 months. With that work largely behind us, I
want to thank Dennis for his contributions."
About Phoenix Footwear Group, Inc.
Phoenix Footwear Group, Inc., headquartered in Carlsbad, California, specializes in quality
comfort women's and men's footwear with a design focus on fitting
features. Phoenix Footwear designs, develops, markets and sells
footwear in a wide range of sizes and widths under the brands
Trotters®, SoftWalk®, and H.S. Trask®. These brands are primarily
sold through department stores, leading specialty and independent
retail stores, mail order catalogues and internet retailers and are
carried by approximately 650 customers in over 900 retail locations
throughout the U.S. Phoenix Footwear has been engaged in the
manufacture or importation and sale of quality footwear since
1882.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which are intended to be covered by the safe harbors
created thereby. These forward-looking statements include, but are
not limited to, statements regarding Phoenix Footwear's ability to
repay its bank debt in a timely manner, successfully maintain
compliance with the NYSE Amex listing standards, future growth and
performance of its individual brands, expected financial
performance and condition for fiscal 2010 and/or statements
preceded by, followed by or that include the words "believes,"
"could," "expects," "anticipates," "estimates," "intends," "plans,"
"projects," "seeks," "exploring," or similar expressions. Many of
these risks and uncertainties are discussed in Phoenix Footwear's
annual report on Form 10-K for the fiscal year ended January 2, 2010 filed with the Securities and
Exchange Commission, and in any subsequent reports filed with the
SEC, all of which are available at the SEC's website at
http://www.sec.gov. These include, without limitation: the risk
that Phoenix Footwear will not be able to continue as a going
concern; the risk that Phoenix Footwear may in the future default
on its secured credit facility; the risk that Phoenix Footwear
could be delisted from the NYSE Amex; Phoenix Footwear's ability to
sustain its return to profitability and positive cash flow from
continuing operations; the risk that Phoenix Footwear may need
additional capital and that such capital, if needed, will not be on
favorable terms; the risk associated with the recent disruptions in
the overall economy and the impact on the retail industry,
including Phoenix Footwear's customers; the concentration of
Phoenix Footwear's sales to a relatively small group of customers;
the potential financial instability of Phoenix Footwear's customers
and the risk of loss of future and pending orders; changing
consumer preferences and fashion trends; competition from other
companies in Phoenix Footwear's markets; Phoenix Footwear's ability
to manage inventory levels; the risks of doing business in
international markets; Phoenix Footwear's reliance on independent
manufacturers, including those to whom Phoenix Footwear is
past-due; fluctuations in the price, availability and quality of
raw materials; changes in the mix of Phoenix Footwear's customers;
fluctuations in its financial results as a result of the
seasonality in its business; Phoenix Footwear's ability to protect
its intellectual property rights; the risk that Phoenix Footwear is
controlled by a principal stockholder; the risk associated with
claims arising from divestiture transactions, including
indemnification claims and, the risk that Phoenix Footwear's stock
is thinly traded and volatile. Although Phoenix Footwear believes
that the assumptions underlying the forward-looking statements
contained herein are reasonable, any of the assumptions could be
inaccurate, and therefore, there can be no assurance that the
forward-looking statements included in this press release will
prove to be accurate. In light of the significant uncertainties
inherent in the forward-looking statements included herein, the
inclusion of such information should not be regarded as a
representation by Phoenix Footwear or any other person that the
objectives and plans of Phoenix Footwear will be achieved. All
forward-looking statements included in this press release speak
only as of the date of this press release and are based on Phoenix
Footwear's current expectations and projections about future
events, based on information available at the time of the release,
and Phoenix Footwear expressly disclaims any obligation to release
publicly any update or revision to any forward-looking statement
contained herein if there are changes in Phoenix Footwear's
expectations or if any events, conditions or circumstances on which
any such forward-looking statement is based.
SOURCE Phoenix Footwear Group, Inc.