Industry News 5/2/2007

IPATH Announces Acquisition by Timberland

IPATH Announces Acquisition by Timberland

TORRANCE, California -- IPATH announced today that substantially all of its assets have been acquired by the Timberland Company.

IPATH, which began in 1999, will continue operations through IPATH
Footwear Inc., a newly-formed Timberland subsidiary. The IPATH brand mantra is "Follow Your Path" and the brand represents a melting pot of youth lifestyles, drawing strong influences from music, art and culture. Born from skateboarding, IPATH will continue to be dedicated to the sport and led by its founders Brian Krauss and Matt Field with the current management team based out of the company’s headquarters in Torrance, Southern California.

Brian Krauss, IPATH’s founder, shared, “Most importantly, this partnership with Timberland gives us increased strength to better serve and support our retailers while maintaining the integrity and spirit of what IPATH is all about.” 

Jeffrey B. Swartz, Timberland's President and Chief Executive Officer, stated, "We are very excited to welcome IPATH into our business enterprise. IPATH brings a unique and authentic brand, business and consumer relationship, rooted in a distinctive persona that extends far beyond  sateboarding. We believe that a combination of highest quality product, a commitment to environmental sustainability, and a unique consumer "voice" make IPATH a powerful source of new growth and excitement."

The joining of these companies is even more relevant as both are committed to the same environmental ethics. Added Krauss, “IPATH has been humbly Green since 1999 and shares a common ground
with Timberland in prioritizing corporate and social values.”

The terms of the transaction were not disclosed. For additional information on IPATH please visit
www.ipath.comor call 310-787-6600.