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True Religion enters settlement agreement with consultant
23 Mar '06
2 min read
Apparel retailer True Religion Apparel Inc has entered into a definitive Settlement Agreement and General Release with Joseph Canouse, who had served as a consultant to the company in 2004.
Pursuant to the terms of the agreement, the company has agreed to issue 100,000 shares of its common stock to Canouse as well as to make a cash payment of $100,000 to him.
The company had previously taken a one-time, non-cash charge of $2.1 million and had accrued $100,000 for the proposed legal settlement in the fiscal fourth quarter of 2005. The company reiterates comfort with its first quarter and fiscal 2006 revenue and diluted earnings per share guidance issued on March 15th 2006.
Jeff Lubell, President and CEO said, "We are extremely pleased to put this matter behind us and for management to continue to focus on executing our business plan and growing our business. Kym and I are excited about our company's prospects and we remain optimistic about our business and our ability to continue to build a premier lifestyle brand.”
“Our outlook in 2006 continues to be positive as we seek to maximize financial results for our stockholders," Jeff said.
True Religion Apparel Inc, through its wholly owned subsidiary Guru Denim Inc, manufactures, markets, distributes and sells 'True Religion Brand Jeans' in the United States, Japan, Canada, Mexico, the United Kingdom, Europe, South Africa and Australia.
Pursuant to the terms of the agreement, the company has agreed to issue 100,000 shares of its common stock to Canouse as well as to make a cash payment of $100,000 to him.
The company had previously taken a one-time, non-cash charge of $2.1 million and had accrued $100,000 for the proposed legal settlement in the fiscal fourth quarter of 2005. The company reiterates comfort with its first quarter and fiscal 2006 revenue and diluted earnings per share guidance issued on March 15th 2006.
Jeff Lubell, President and CEO said, "We are extremely pleased to put this matter behind us and for management to continue to focus on executing our business plan and growing our business. Kym and I are excited about our company's prospects and we remain optimistic about our business and our ability to continue to build a premier lifestyle brand.”
“Our outlook in 2006 continues to be positive as we seek to maximize financial results for our stockholders," Jeff said.
True Religion Apparel Inc, through its wholly owned subsidiary Guru Denim Inc, manufactures, markets, distributes and sells 'True Religion Brand Jeans' in the United States, Japan, Canada, Mexico, the United Kingdom, Europe, South Africa and Australia.
True Religion Apparel Inc
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