FOOTHILL RANCH, Calif., Sept. 29, 2004 (PRIMEZONE) -- Oakley, Inc. (NYSE:OO) and Circuit City Stores, Inc. (NYSE:CC) today announced that beginning October 1st each will accept online orders for OAKLEY THUMP(tm), the world's first digital audio eyewear, for shipment November 20th. The new invention is also expected to be available at retail stores on November 20th, in time for the holidays. Launch events will be held at participating Oakley O Stores(r) and Circuit City retail locations.
A photo accompanying this release is available at: http://www.primezone.com/newsroom/prs/?pkgid=1228
OAKLEY THUMP(tm) reinvents the concept of portable music players by integrating a state-of-the-art digital audio system into the lightweight architecture of Oakley's premium performance eyewear. This unique design innovation offers unprecedented freedom to the listener. With no cords or bulky player to get in the way, OAKLEY THUMP(tm) frees people to enjoy their music in places where tethered players can be cumbersome or even dangerous. "This is a revolution in music freedom," said Oakley founder and CEO Jim Jannard. "OAKLEY THUMP(tm) follows our core design philosophy -- seek out problems, create solutions and wrap those solutions in art."
Online orders will be accepted on both the Oakley website (www.oakley.com) and Circuit City website (www.circuitcity.com). Customers can choose from two versions: a 128 MB model that holds more than two hours of music, and a 256 MB model with a capacity greater than four hours. Seven lens and frame color combinations will be available for order, including a limited edition model in Red Camo - from the musician Lil Jon - known as "The King of Crunk" and the producer of number 1 hits Usher's "Yeah", Ciara's "Goodies" and Petey Pablo's "freakaleak".
Oakley expects the product will be available for purchase at retail stores on November 20th on a first-come, first-served basis. Launch events at participating Oakley O Stores(r) and Circuit City stores will include product unveiling and hands-on demonstrations. The events will allow customers to experience first-hand the Oakley Thump(tm) revolution in music listening.
As previously announced, Oakley has entered into an exclusive distribution arrangement with Circuit City for the consumer electronics channel in the U.S. Circuit City CEO Alan McCollough noted, "We couldn't be more excited to be the primary dealer for the launch of OAKLEY THUMP(tm). This product is revolutionary and we expect OAKLEY THUMP(tm) to be one of the hottest gifts this holiday season."
The world's first digital audio eyewear, OAKLEY THUMP(tm) introduces several innovations from the company. The integrated audio system is optimized for acoustically precise playback of digitally compressed files. The entire product is extremely lightweight, weighing less than an empty CD case. Oakley designed the earphones and lenses to flip up and down, making it practical to carry on a conversation or listen to music indoors. Positioned with three directions of movement, the Mylar speakers are custom engineered to offer a wide range of frequency response, up to the 20 kHz limit of human hearing. Patented optics provide unsurpassed clarity, UV protection and impact resistance. Oakley's premium polarization technology is standard on all 256 MB models. Additional information can be found at www.oakley.com/thump.
Oakley is planning launch events through its O Stores(r) in the following locations: Hollywood, CA; Oahu, HI; Scottsdale, AZ; Austin, TX; Houston, TX; Dallas, TX; Denver, CO; Chicago, IL; Orlando, FL and Annapolis, MD.
About Oakley, Inc.
Oakley: a world brand, driven to ignite the imagination through the fusion of art and science. Building on its legacy of innovative, market-leading premium sunglasses, the company also offers an expanding line of premium performance footwear, apparel, accessories, watches and prescription eyewear to consumers in more than 100 countries. Trailing-12-month revenues through June 30, 2004 totaled $545.7 million and generated net income of $36.9 million. Oakley, Inc. press releases, SEC filings and the company's Annual Report are available at no charge through the company's web site at www.oakley.com.
About Circuit City, Inc.
Richmond, Virginia-based Circuit City Stores, Inc. is a leading specialty retailer of consumer electronics, personal computers and entertainment software. Circuit City puts the customer first, combining product specialists who complete extensive online and in-store training programs, with a broad product offering, including approximately 5,000 top-quality consumer electronics products. Circuit City operates 613 Superstores and five mall-based stores in the United States.
Safe Harbor Disclaimer
This press release contains certain statements of a forward-looking nature. Such statements are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to growth and strategies, future operating and financial results, financial expectations and current business indicators are based upon current information and expectations and are subject to change based on factors beyond the control of the company. Forward-looking statements typically are identified by the use of terms such as "may," "will," "should," "might," "believe," "expect," "anticipate," "estimate" and similar words, although some forward-looking statements are expressed differently. The accuracy of such statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including: risks related to the successful launch and sale of Oakley Thump; the company's ability to manage rapid growth; risks related to the limited visibility of future sunglass orders associated with the company's "at once" production and fulfillment business model; the ability to identify qualified manufacturing partners; the ability to coordinate product development and production processes with those partners; the ability of those manufacturing partners and the company's internal production operations to increase production volumes on raw materials and finished goods in a timely fashion in response to increasing demand and enable the company to achieve timely delivery of finished goods to its retail customers; the ability to provide adequate fixturing to existing and future retail customers to meet anticipated needs and schedules; the dependence on eyewear sales to Sunglass Hut, which is owned by a major competitor and, accordingly, could materially alter or terminate its relationship with the company; the company's ability to expand distribution channels and its own retail operations in a timely manner; unanticipated changes in general market conditions or other factors, which may result in cancellations of advance orders or a reduction in the rate of reorders placed by retailers; continued weakness of economic conditions could continue to reduce or further reduce demand for products sold by the company and could adversely affect profitability, especially of the company's retail operations; further terrorist acts, or the threat thereof, could continue to adversely affect consumer confidence and spending, could interrupt production and distribution of product and raw materials and could, as a result, adversely affect the company's operations and financial performance; the ability of the company to integrate acquisitions and licensing arrangements without adversely affecting operations; the ability to continue to develop and produce innovative new products and introduce them in a timely manner; the acceptance in the marketplace of the company's new products and changes in consumer preferences; reductions in sales of products, either as the result of economic or other conditions or reduced consumer acceptance of a product, could result in a buildup of inventory; the ability to source raw materials and finished products at favorable prices to the company; the potential impact of periodic power crises on the company's operations including temporary blackouts at the company's facilities; foreign currency exchange rate fluctuations; earthquakes or other natural disasters concentrated in Southern California where substantially all of the companies operations are based; the company's ability to identify and execute successfully cost control initiatives; and other risks outlined in the company's SEC filings, including but not limited to the Annual Report on Form 10-K for the year ended December 31, 2003 and other filings made periodically by the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The company undertakes no obligation to update this forward-looking information. Nonetheless, the Company reserves the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this press release. No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates.
