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New Deals: Heelys To Source Production From TGB

April 27, 2010 (FinancialWire) – Heelys, Inc. (NASDAQ: HLYS) said it has entered into a new sourcing agreement with TGB, a subsidiary of Anthony L & S, to produce their product. The agreement will be effective on all orders beginning May 1.

According to Tom Hansen, Heelys president and CEO, TGB is currently sourcing over 10 million pairs of shoes each year in a range of factories. He said that this kind of volume, “results in more materials buying clout, preferred access and overall pricing improvements that our volume of just over a million new pairs of shoes can’t deliver.”

He said that Heelys would also have “full access” to TGB’s internal design team, licensing expertise and “years of experience making many different kinds of shoes in many different places.”

Heelys said it will close its sourcing office in northern China after transitioning through current orders in process. It added that some key personnel will be retained going forward.

Texas-based Heelys designs, markets and distributes action sports-inspired products under the Heelys 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.

TGB is the sourcing arm of Anthony L & S and produces footwear for Adio, DGK, Greedy Genius, U.S. Polo Association and Cadillac among others.

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