Notes: Phoenix Footwear Announces Filing to Voluntarily Delist Its Common Stock From NYSE Amex CARLSBAD, Calif., February 28, 2011 -- Phoenix Footwear Group, Inc. (Amex: PXG), (the "Company") announced today that it has filed with the Securities and Exchange Commission (the "SEC") a Form 25 "Notification of Removal from Listing" relating to the delisting of its common stock, par value $0.01 per share (the "Common Stock") from the NYSE Amex ("Amex"), with the delisting of the Common Stock to be effective ten days thereafter. Accordingly, the Company anticipates that the last day of trading of the Common Stock on Amex will be Thursday, March 10, 2011. Following delisting from Amex, it is expected that the Common Stock will trade on the Pink OTC Market. Following its delisting from Amex the Company intends to file a Form 15 to deregister the Common Stock under Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Company's stock is traded Over-the-Counter ("OTCmarkets.com") under the symbol PXFG