Exhibit 99.1
Heelys, Inc. Announces CEO Change
Former CFO Michael W. Hessong Named Interim President and CEO
CARROLLTON, Feb 10, 2009 (BUSINESS WIRE) — The board of directors of Heelys, Inc. (NASDAQ: HLYS) has accepted the resignation of Donald K. Carroll, Heelys’ CEO since May 20, 2008, effective today. Michael W. Hessong was named Interim President and Chief Executive Officer until the board designates a full-time replacement. Mr. Hessong formerly served as the company’s Chief Financial Officer for many years until leaving in May 2008.
Gary Martin, Chairman of the Board, commented that “Mike was one of Heelys’ initial employees and was a key contributor to the company’s growth from its infancy. During his tenure, Mike consistently demonstrated considerable senior leadership and managerial responsibilities and we are delighted to have him back to assist us during this period.”
About Heelys, Inc.
Heelys, Inc. designs, markets and distributes innovative, action sports-inspired products under the HEELYS(R) brand targeted to the youth market. The Company’s primary product, HEELYS-wheeled footwear, is patented dual purpose footwear that incorporates a stealth, removable wheel in the heel. HEELYS-wheeled footwear allows the user to seamlessly transition from walking or running to skating by shifting weight to the heel. Users can transform HEELYS-wheeled footwear into street footwear by removing the wheel. HEELYS-wheeled footwear provides users with a unique combination of fun and style that differentiates it from other footwear and wheeled sports products.
Forward Looking Statements
Certain statements in this press release and oral statements made from time to time by representatives of the Company are “forward-looking statements” for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995, including in particular, statements regarding our guidance, outlook for future events, financial performance, customer demand, growth and profitability. In some cases, you can identify forward-looking statements by terminology such as “subject to,” “believes,” “anticipates,” “plans,” “expects,” “intends,” “estimates,” “may,” “will,” “should,” “can,” the negatives thereof, variations thereon, similar expressions, or discussions of strategy. All forward-looking statements are based upon management’s current expectations and various assumptions, but they are inherently uncertain, and the Company may not realize its expectations and the underlying assumptions may not prove correct. The Company’s actual results and the timing of events could differ materially from those described in or implied by the forward-looking statements as a result of risks and uncertainties, including, without limitation, the fact that substantially all of the Company’s net sales are generated by one product, the Company may not be able to successfully introduce new product categories, the Company’s intellectual property may not restrict competing products that infringe on its patents from being sold, the Company’s dependence on independent manufacturers, continued changes in fashion trends and consumer preferences and general economic conditions, the outcome of lawsuits filed against the Company, which could have a material adverse effect on us, and additional factors which are detailed in the Company’s filings with the Securities and Exchange Commission, including the Risk Factors contained in the Company’s Annual Report on Form 10-K. Investors, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
SOURCE: Heelys, Inc.
Heelys, Inc.
Lisa Peterson, 214-390-1831
Chief Financial Officer
or
Investor Relations:
Integrated Corporate Relations, Inc.
John Rouleau / Brendon Frey
203-682-8200
