Heelys, Inc. HLYS (the
"Company" or "Heelys") and The Evergreen Group Ventures, LLC ("Evergreen")
announced today that on October 22, 2012, they entered into a definitive asset
purchase agreement under which an affiliate of Evergreen will acquire
substantially all of the operating assets and assume substantially all of the
operating liabilities of Heelys and its subsidiaries for $13.9 million in
cash, subject to customary pre- and post-closing adjustments (the
"Transaction"). Heelys' cash and marketable securities, which totaled
approximately $58.2 million as of June 30, 2012, will not be included in the
assets to be acquired in the Transaction. The Transaction was unanimously
approved by Heelys' board of directors (the "Board").
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