FOOTHILL RANCH, Calif., March 28, 2006 (PRIMEZONE) -- Oakley, Inc. (NYSE:OO) today announced the upcoming release of a new wristwatch called Oakley TIME TANK(tm). Further expanding the company's premium line, Oakley TIME TANK(tm) is a Swiss made chronograph that blends the precision of 13-jewel Swiss movement with definitive Oakley design.
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"When it comes to authentic design, Oakley TIME TANK(tm) leaves tracks the world can't ignore," said Colin Baden, president, Oakley, Inc. "Many wristwatch buyers want a look of refinement yet the industry keeps giving them the same, recycled ideas. Oakley TIME TANK(tm) combines sophistication with outspoken styling and is assertive enough to throw some weight around -- even if gravity barely takes notice because it's made of ultra-lightweight titanium."
"Our goal is to turn instruments of timekeeping into objects of art while remaining true to our heritage as a technology company. The computer numeric control (CNC) machined case is sculpted from impact forged titanium and fused with the craftsmanship of Swiss engineering creating another Oakley original," continued Baden. "The drive behind all of our products is to elevate physics to the level of art. That means delivering the unexpected, and refusing to let style walk a beaten path. Oakley TIME TANK(tm) makes its mark on a road less traveled."
Oakley TIME TANK(tm) is available with a genuine leather strap or a titanium bracelet with the fit of micro-adjusting links and the flexibility of self-lubricating thrust washers, reinforced with carbon fiber. The hardest crystal utilized in timepiece creation, pure sapphire, protects the six-hand display and is augmented by an anti-reflective coating designed to improve readability in various light conditions. A screw-down crown seals the case against water pressure equivalent to 330 feet (100 meters) beneath the surface.
The intuitive analog display includes three separate sub dials measuring cumulative time, intermediate time and split time, all down to a tenth of a second. Luminous phosphors on the minute and hour hands improve visibility in low light, and the large date display can be read at a glance. A quartz oscillator cycles 32,768 times per second to calibrate the two-pole step motor, and the drive system is powered with the endurance of a 48-month battery. Oakley TIME TANK(tm) is expected to be available during the second quarter in four styles:
BRACELET CASE DIAL M.S.R.P
Black Leather Titanium Black $995
Brown Leather Titanium Silver $995
Titanium Titanium Black $1,195
Titanium Titanium Silver $1,195
About Oakley, Inc.
Oakley, Inc. designs, manufactures and distributes high-performance sunglasses, prescription lenses and frames, goggles and technology-enabled eyewear that utilize the company's High Definition Optics(r) (HDO(r)), a collective platform of patented technologies that offer unbeatable optical performance. The company also produces technical and active apparel, footwear and accessories. Trailing-12-month net sales through December 31, 2005 totaled US $648.1 million. Oakley, Inc. press releases, SEC filings and the company's annual report are available at investor.oakley.com.
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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," "plan," "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 but not limited to: the acceptance in the marketplace of the company's new product introductions; the company's ability to maintain approved vendor status and continue to receive product orders from the U.S. military; the company's ability to integrate and operate acquisitions, 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 Luxottica Group S.p.A, which, as a major competitor, could materially alter or terminate its relationship with the company; the company's ability to expand and grow its distribution channels and its own retail operations; 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; a weakening of economic conditions could continue to reduce demand for products sold by the company and could adversely affect profitability, especially of the company's retail operations; terrorist acts, or the threat thereof, could 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 licensing arrangements without adversely affecting operations and the success of such initiatives; the ability to continue to develop and produce innovative new products and introduce them in a timely manner; 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 a significant portion of the company's 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, 2004 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.
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