Spy Inc. Announces CFO Transition

CARLSBAD, CA--(Marketwired - May 17, 2013) - SPY Inc. (OTCBB: XSPY), a leading eyewear company known for its patent-pending lens technology the Happy Lens™, announced today that its Chief Financial Officer, Michael D. Angel, has announced his intention to resign from his position in order to facilitate a return to his permanent home in the Bay Area. Mr. Angel has indicated his willingness to be available to the Company as a full time interim CFO consultant until the appointment of a successor CFO in order to assist the Company with the transition. SPY has commenced a search for a new CFO.

"The entire SPY team is very appreciative of Mike's leadership and major contributions as our finance and business partner to the success of SPY's turnaround over the last two years, to becoming an exciting brand again and a much stronger business," said Michael Marckx, president and CEO. "He has worked with tremendous energy, superb execution and a decisive leadership style in finance and operations that has earned him the respect of the entire management team. We understand his decision to return to his home in the Bay Area where his entire family lives, after having tirelessly commuted to SPY on a weekly basis for more than two years."

Mr. Angel, added, "It has been an honor and great pleasure to work with Michael and the entire SPY team through the turnaround and SPY brand transition over the course of the last two years, and we believe that the strong financial and business trends of our most recent quarter are a credible indication of how far we have moved forward together. I look forward to working with the team to ensure a smooth transition."

SPY Inc.:
We have a HAPPY disrespect for the usual way of looking (at life). This mindset helps drive us to design, market and distribute premium products for people who "live" to be outdoors, doing intense action sports, motorsports, snow sports, cycling and multi-sports -- the things that make them HAPPY. We actively support the lifestyle subcultures that surround these pursuits, and as a result our products serve the broader fashion, music and entertainment markets of the youth culture. Our reason for being is to create the unusual, and this is what helps us deliver distinctive products to people who are active, fun and a bit irreverent, like us. It's what makes us HAPPY, and our customers, too. Our principal products -- sunglasses, goggles and prescription frames -- are happily marketed with fun and creativity under the SPY® brand. More information about SPY may be obtained from: www.spyoptic.com, www.facebook.com/spyoptic, Twitter @spyoptic and Instagram @spyoptic.

Safe Harbor Statement:
This press release contains forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to future events or future financial performance and are subject to inherent risks and uncertainties. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "feel," "estimate," "predict," "hope," the negative of such terms, expressions of optimism or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. Factors that could cause actual results to differ from those contained in our forward-looking statements include, but are not limited to the continuity of our management team, the viability of our brand, progress on our turnaround and recent trends, and the other risks identified from time to time in our annual report on Form 10-K, our quarterly reports on Form 10-Q, and other reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.