CARLSBAD, Calif.--(BUSINESS WIRE)--March 31, 2006--Orange 21 Inc.
(NASDAQ:ORNG), a leading developer of premium eyewear products for the
action sport and youth lifestyle markets, today announced that it will
file an extension notification with the Securities and Exchange
Commission (SEC) for its Annual Report on Form 10-K until April 15,
2006. The Company announced earlier today that it had recently
completed a contract with an Australian distributor. The combination
of the management resources dedicated to this effort, the financial
impact from the Australian transition, as well as the added resources
necessary to audit the recently acquired manufacturer, LEM S.r.l. and
meeting its year-end audit requirements has necessitated this delay.
The Company will file for this extension to allow time to complete the
work required to finalize the Company's Annual Report on Form 10-K.
The Company will release its fourth quarter 2005 earnings and hold
its conference call concurrent with the filing of its Form 10-K in
mid-April, and specify the exact date next week. The Company expects
to report fourth quarter results that are consistent with the
preliminary estimates outlined in its February 21, 2006 press release.
About Orange 21 Inc.
Orange 21 is a leading developer of premium eyewear products for
the action sport and youth lifestyle markets. Orange 21's primary
brand, Spy Optic(TM), manufactures sunglasses and goggles targeted
towards the action sports and youth lifestyle markets.
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This press release contains forward-looking
statements and forecasts about Orange 21 and its business, such as
management's estimates of net sales and profitability for 2005 and
2006. Because forecasts are inherently estimates that cannot be made
with precision, the Company's performance may at times differ from its
estimates and targets.
Statements in this press release regarding the timing of the
filing of the 10K and the completion of the audit, as well as the
financial guidance are forward-looking statements. All forward-looking
statements in this press release reflect Orange 21's current analysis
of existing trends and information and represent Orange 21's judgment
only as of the date of this press release. Actual results may differ
from current expectations based on a number of factors affecting
Orange 21's business, including but not limited to, adjustments which
may be necessary upon completion of the final audit by its outside
auditors; and other factors described in the Company's filings with
the Securities and Exchange Commission, including its most recent
quarterly report on Form 10-Q. Therefore, the reader is cautioned not
to rely on these forward-looking statements. Orange 21 disclaims any
intent or obligation to update these forward-looking statements.
CONTACT: Orange 21 Inc.
Michael Brower, 760-804-8420
Integrated Corporate Relations
Andrew Greenebaum or Allyson Pooley, 310-395-2215
SOURCE: Orange 21 Inc.