LOS ANGELES, June 21 /PRNewswire-FirstCall/ -- Guess?, Inc. (NYSE: GES) announced today that in connection with their ongoing program of asset diversification, the Company's two Co-Chairmen and Co-CEOs, Maurice Marciano and Paul Marciano, have each established a plan to sell shares of the Company's common stock in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934. Under the plans, Messrs. Marciano will each sell under pre-arranged terms up to 1,000,000 shares owned by them in open market transactions through March 31, 2005.
Rule 10b5-1 allows officers and directors, at a time when they are not in possession of material nonpublic information, to adopt written plans to sell shares on a regular basis under pre-arranged terms, regardless of any subsequent nonpublic information they may receive. Sales of common stock by Messrs. Marciano pursuant to the terms of the plans or otherwise will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission.
At the time of the plans' adoption, Mr. Paul Marciano beneficially owned 12.4 million shares of Guess?, Inc. common stock, representing approximately 28.1% of the Company's issued and outstanding stock, and Mr. Maurice Marciano owned 16.2 million shares, or approximately 36.8% of the Company's issued and outstanding stock.
Guess?, Inc. designs, markets, distributes and licenses a lifestyle collection of contemporary apparel, accessories and related consumer products. At May 29, 2004 the Company owned and operated 264 retail stores in the United States and Canada. The Company also distributes its products through better department and specialty stores around the world. For more information about the Company, please visit www.guess.com.
Except for historical information contained herein, certain matters discussed in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are only expectations, and involve known and unknown risks and uncertainties, which may cause actual results in future periods and other future events to differ materially from what is currently anticipated. Factors which may cause actual results in future periods to differ from current expectations include, among other things, the continued availability of sufficient working capital, the successful integration of new stores into existing operations, the continued desirability and customer acceptance of existing and future product lines (including licensed product lines), possible cancellations of wholesale orders, the success of competitive products, and the availability of adequate sources of capital. In addition to these factors, the economic and other factors identified in the Company's most recent annual report on Form 10-K for the fiscal year ended December 31, 2003 including but not limited to the risk factors discussed therein, could affect the forward-looking statements contained herein and in the Company's other public documents.
For further information please contact: Carlos Alberini, President & Chief Operating Officer, +1-213-765-3582, or Frederick G. Silny, SVP & Chief Financial Officer, +1-213-765-3289, both of Guess?, Inc.; or Wendi Kopsick of Kekst and Company, +1-212-521-4800, for Guess?, Inc.
SOURCE Guess?, Inc.
-0- 06/21/2004
/CONTACT: Carlos Alberini, President & Chief Operating Officer,
+1-213-765-3582, or Frederick G. Silny, SVP & Chief Financial Officer,
+1-213-765-3289, both of Guess?, Inc.; or Wendi Kopsick of Kekst and Company,
+1-212-521-4800, for Guess?, Inc./
/Web site: http://www.guess.com /
(GES)
CO: Guess?, Inc.
ST: California
IN: FAS REA TEX
SU:
MV
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1464 06/21/2004 16:56 EDT http://www.prnewswire.com