America’s Phoenix Footwear Group, Inc. has signed a definitive asset purchase agreement to acquire Chambers Belt Company, a manufacturer of men's and women's belts and accessories.

Under the terms of the agreement, Phoenix Footwear will pay $21.5 million for the assets of Chambers Belt, which will be funded through a combination of cash and Phoenix Footwear common stock and is expected to be finalised by mid-year.

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