Sterling Shoes Announces Extension of CCAA Order

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 15, 2012) - Sterling Shoes Inc. announces that it and Sterling Shoes GP Inc. (general partner of Sterling Shoes Limited Partnership) (collectively, the "Company") obtained an order on June 14, 2012 (the "Extension Order") from the Supreme Court of British Columbia under the Companies' Creditors Arrangement Act (Canada) (the "CCAA") extending the stay of proceedings initially granted pursuant to the Initial Order obtained by the Company on October 21, 2011.

The Extension Order extends the stay period until October 15, 2012, to be further extended as required and approved by the Court. During this period, all proceedings on the part of the Company's creditors continue to be stayed.

Alvarez & Marsal Canada Inc. has been appointed Monitor pursuant to the Initial Order. All inquiries regarding the CCAA proceedings affecting the Company should be directed to the Monitor. A copy of the Initial Order is available and may be viewed on the Monitor's website at www.alvarezandmarsal.com/sterling or on request from the Monitor at: (+1) 604-639-0846.

Forward-Looking Statements and Disclaimer

Certain statements included in this press release may constitute "forward-looking statements" within the meaning of the Canadian securities legislation. Forward-looking statements are based on the best estimates available to the Company at the time and involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Additional information about the Company can be found in the disclosure documents filed by Sterling Shoes Inc. with the securities regulatory authorities, available at www.sedar.com.

No assurance can be given that any events anticipated by the forward-looking information in this press release will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. In particular, no assurance can be given as to the future financial performance of the Company. Undue reliance should not be placed on these forward-looking statements, which are made only as of the date of this press release. The Company disclaims any intention or obligation to update or revise any forward-looking statements in order to account for any new information or any other event.