DALLAS, Oct. 23, 2012 (GLOBE NEWSWIRE) -- Heelys, Inc. (Nasdaq: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"). "After a thorough analysis of various strategic alternatives, the Board has determined that this all-cash transaction represents a great outcome for the Company and its stockholders," said Tom Hansen, Heelys' President and CEO. "Heelys is an iconic brand recognized around the world for its innovative skate shoes. The brand embodies an active, social, fun lifestyle that we value highly. I've seen the joy these shoes bring to kids of all ages – it's truly magical, and we are incredibly excited to build on that foundation with product innovation, licenses and creative partnerships," stated Jim Wagner, Manager of Evergreen. The purchase agreement contains a 30-day period (the "go-shop period") during which the Company, with the assistance of its financial and legal advisors, will actively solicit, and potentially receive, evaluate and enter into negotiations with third-parties that offer alternative transaction proposals. There can be no assurance that this process will result in the Company receiving a superior proposal. The Company does not intend to disclose developments with respect to its solicitation process unless and until the Board has made a decision with respect to any potential superior proposal, subject to the Company's reporting obligations with the Securities and Exchange Commission. The go-shop period commences on the date of the purchase agreement.