VANCOUVER, Canada--(BUSINESS WIRE)--
lululemon athletica inc. (NASDAQ:LULU; TSX:LLL) announced today
that, pursuant to obligations under the stockholder-sponsored
stock-based compensation plans created by founder and Chairman, Dennis
J. Wilson, Mr. Wilson has indicated through regulatory filings an
intention to transfer or otherwise sell, through his control of
LIPO Investments USA, Inc. ("LIPO USA"), approximately 625,000 shares
of lululemon common stock.
In accordance with the LIPO USA Option Plan created prior to
our initial public offering, Mr. Wilson will transfer shares of
lululemon common stock to certain founding employees of the Company
upon the exercise of awards. The shares of lululemon common stock
transferred by LIPO USA to the employees will be restricted from sale
for a period of six months. In connection with such transfers, LIPO
USA will sell a number of shares on the open market to satisfy tax and
withholding obligations. Further details of the stockholder-sponsored
plan are provided in note 11-Stock-Based Compensation in the Company's
2007 Annual Report on Form 10-K. Additional transfers will
continue periodically until all obligations under the LIPO USA option
plan are fulfilled.
Mr. Wilson stated, "I am very pleased to have had the opportunity
to reward a founding group of employees for their hard work and
dedication to lululemon, and the execution of this transfer will allow
these employees to monetize their ownership as they choose over time.
We all remain highly committed to the lululemon organization."
About lululemon athletica inc.
lululemon athletica (NASDAQ:LULU; TSX:LLL) is a yoga-inspired
athletic apparel company that creates components for people to live
longer, healthier and more fun lives. By producing products that help
keep people active and stress free, lululemon believes that the world
will be a better place. Setting the bar in technical fabrics and
functional designs, lululemon works with yogis and athletes in local
communities for continuous research and product feedback. For more
information, http://www.lululemon.com.
Forward-Looking Statements:
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934 that involve risks,
uncertainties and assumptions, such as statements regarding our future
financial condition. In many cases, you can identify forward-looking
statements by terms such as "may," "will," "should," "expects,"
"plans," "anticipates," "believes," "intends," "estimates,"
"predicts," "potential" or the negative of these terms or other
comparable terminology. These forward-looking statements are based on
management's current expectations but they involve a number of risks
and uncertainties. Actual results and the timing of events could
differ materially from those anticipated in the forward-looking
statements as a result of risks and uncertainties, which include,
without limitation, those risk factors detailed in our filings with
the Securities and Exchange Commission, including risk factors
contained in our Annual Report on Form 10-K for our 2007 fiscal year,
and other filings we make with the SEC. Our filings with the SEC are
available at www.sec.govhttp://www.sec.gov. You are urged to consider
these factors carefully in evaluating the forward-looking statements
herein and are cautioned not to place undue reliance on such
forward-looking statements, which are qualified in their entirety by
this cautionary statement. The forward-looking statements made herein
speak only 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: lululemon athletica inc.