Iconix Brand Group terminates contract with UCC Capital

09 Jun '06

2 min read

Iconix Brand Group Inc announced the termination of its exclusive financial advisory agreement between the Company and UCC Capital. The termination of the exclusive relationship is effective immediately and allows the Company to work with other investment banking partners with a more diverse set of resources and industry expertise.

The Company has also announced that it has obtained a commitment from Merrill Lynch Mortgage Capital Inc to finance the cash portion of the Mossimo Inc acquisition and is working with Merrill Lynch & Co. to explore strategic acquisitions within and outside of the apparel industry.

Neil Cole, Chairman and CEO of Iconix stated, "UCC Capital has distinguished itself in intellectual property financing arena and Bob D'Loren and his team have been good partners to Iconix. As we continue with our growth strategy to build a multi-billion dollar brand portfolio and global licensing business, we will require an array of debt and equity expertise and the ability to expand our deal flow to a broader spectrum of industries.

We are very excited to be working with Merrill Lynch and moving forward with our strategic growth plans."

Additionally, Iconix has announced that William Sweedler, who was an executive vice president of the Company, president of its Joe Boxer division and a member of the Company's board of directors is stepping down.

Mr. Sweedler will continue to work with Iconix on a part time basis and then as a consultant with respect to business development initiatives. Mr. Sweedler's position at the Company will not be replaced.

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