West 49 Inc. to be acquired by Billabong International Limited

West 49 Inc., Canada's leading action sport retailer, announced today that it has entered into an acquisition agreement with Billabong International Limited, the Australia-based boardsports company. Under the agreement, Billabong will acquire all of the outstanding common shares and preferred shares of the Company for cash at a price of C$1.30 per share. The transaction is expected to close in late August or early September 2010.

"This transaction delivers a significant premium and an excellent liquidity opportunity to our shareholders that is unanimously supported by the Company's board of directors," said Lucio Di Clemente, Chairman of the special committee. "Furthermore, Billabong will strengthen the Company's future growth prospects and provide new business opportunities to the benefit of both our customers and our employees."

"This is a proud day not only for myself as founder of the Company but for all of our employees who have contributed to the growth and success of the Company over the past 15 years," said Sam Baio, President and Chief Executive Officer, West 49 Inc. "Becoming part of the global Billabong family will create new opportunities for our business and, just as importantly, new opportunities for our valued employees throughout the organization."

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