CARLSBAD, Calif.--(BUSINESS WIRE)--Aug. 11, 2006--In BW5347 issued
Aug. 11, 2006: Add Safe Harbor Statement after last graph of release.
The corrected release reads:
SPY OPTIC, INC. SIGNS TWO AUSTRALIAN DISTRIBUTION AGREEMENTS
Spy Optic, Inc., a wholly owned subsidiary of Orange 21 Inc.
(NASDAQ:ORNG), a leading developer of brands that produce premium
products for the action sport and youth lifestyle markets, announced
today that it has signed two separate distributions agreements in
Australia with Quattro Sports, a leading distributor of U.S. youth and
board sports brands, and GAS Imports Australia Pty Ltd, a leading
distributor for the motocross and motorcycle markets, to specifically
target the Action Sports and Motorsports distribution channels. The
new distributors will replace Marmalade, Spy's previous distributor.
Spy and Marmalade have worked together over the past few months to
find the best solution for Spy products in Australia, and both parties
have agreed that it would be best to split the distribution into
"We are very excited about our recent distribution agreements as
both play a significant role in broadening the awareness of the Spy
Optic brand in this important market," said Barry Buchholtz, Chief
Executive Officer of Orange 21. "Quattro Sports and GAS Imports both
have long and successful track records in their respective
specialties, and we welcome them to the Spy Optic distribution
Quattro Sports will distribute Orange 21's Spy Optic products to
Australia's action sports market. Quattro Sports is entrenched in the
youth and board sports culture, and has successfully serviced the
Australian surf, skate, BMX, and snow market for the past 12 years.
Spy will be added to Quattro's current portfolio of four leading U.S.
footwear brands: Etnies, eS, Emerica and Thirty Two.
"We feel Spy has just scratched the surface of the Aussie market,"
said Kevin Wadham, Quattro Sports Managing Director. "Spy Optic is a
high quality product, yet remains true to its roots in the action
sports industry. Spy is a remarkable addition to our existing
portfolio of strong U.S. brands, and we are confident that this will
be a very successful collaboration." Mr. Wadham has over 25 years
experience importing and distributing board sports products.
GAS Imports Australia will focus on distribution of the Spy
products to the motorsports market in Australia. GAS has been serving
the motocross and motorcycle markets for 15 years, serving as the
exclusive Australian Distributor for Thor MX motocross products and
Michelin motorcycle tires. Owners Sean Gallagher and Doug Sharp have
both been involved in the motorcycle industry on the racing and
business sides for the last 30 years.
"We believe that this distribution agreement is an important step
in achieving future success within the motor sports industry for the
Spy Optic brand," said Doug Sharp, owner of GAS Imports Australia. "We
look forward to building on Spy Optics' current success as we help to
further grow the brand within the Australian marketplace."
About Orange 21 Inc.
Orange 21 develops brands that produce premium 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
This press release contains forward-looking statements. These
statements relate to future events or future financial performance. In
some cases, you can identify forward-looking statements by terminology
such as "may," "should," "expect," "plan," "anticipate," "believe,"
"estimate," "predict," "potential," or "continue," the negative of
such terms or other comparable terminology. These statements are only
predictions. Actual events or results may differ materially. Factors
that could cause actual results to differ materially from those
contained in the forward-looking statements include, but are not
limited to: risks related to the Company's ability to manage growth;
risks related to the limited visibility of future orders; the ability
to identify and work with qualified manufacturing partners and
consultants; the ability to expand distribution channels and retail
operations in a timely manner; unanticipated changes in general market
conditions or other factors, which may result in cancellation of
advance orders or a reduction in the rate of reorders placed by
retailers; the ability to continue to develop, product and introduce
innovative new products in timely manner; the ability to source raw
materials and finished products at favorable prices; the ability to
identify and execute successfully cost control initiatives;
uncertainties associated with the Company's ability to maintain a
sufficient supply of products and to manufacture successfully
products; the integration of the LEM acquisition the performance of
new products and continued acceptance of current products; the
execution of strategic initiatives and alliances; the impact of
ongoing litigation; uncertainties associated with intellectual
property protection for the Company's products; matters generally
affected the domestic and global economy, such as changes in interest
and currency rates; and other factors described under the caption
"Risk Factors" in the Company's Form 10-Q for the quarter ended March
31, 2006 and other filings made with the U.S. Securities and Exchange
Although the Company believes that the expectations reflected in
the forward-looking statements are reasonable, the Company cannot
guarantee future results, levels of activity, performance or
achievements. Moreover, neither the Company, nor any other person,
assumes responsibility for the accuracy or completeness of such
forward-looking statements. The Company undertakes no obligation to
update any of the forward looking statements.
CONTACT: Orange 21, Inc.
Barry Buchholtz, 760-804-8420
Integrated Corporate Relations (Investor Relations)
Andrew Greenebaum, firstname.lastname@example.org
Allyson Pooley, email@example.com
SOURCE: Orange 21 Inc.