CARLSBAD, Calif., Aug 11, 2008 (BUSINESS WIRE) -- Orange 21 Inc. (NASDAQ:ORNG), a leading developer of brands that
produce premium products for the action sports and youth lifestyle
markets, today announced certain changes to its Board of Directors
Jeffrey Theodosakis, a member of the Board, informed Orange 21
Inc. (the "Company") that he would be resigning from the Board
effective August 7, 2008 for personal reasons. On August 7, 2008, the
Board appointed A. Stone Douglass to fill the vacancy created by Mr.
Theodosakis' departure. As of the date of this press release, Mr.
Douglass has not been appointed to a committee of the Board. In
connection with his appointment to the Board, Mr. Douglass was granted
options to purchase 15,000 shares of the Company's common stock under
the Company's 2004 Stock Incentive Plan at a price per share of $3.23.
Mr. Douglass is currently President, Chief Executive Officer and
Secretary, of Steakhouse Partners, Inc. which operates 23 full-service
steakhouse restaurants located in seven states. Mr. Douglass is an
experienced merchant banker and business management consultant. Mr.
Douglass has over 30 years of experience in finance and managing
public and private companies, including acting as director and/or
interim chief executive officer of several companies. Mr. Douglass is
a Managing Director of Compass Partners, L.L.C., a merchant bank
specializing in restructuring activities. Additionally, Mr. Douglass
is a director of Home Director, Inc., a structural wiring company.
From July 2002 to May 2003, Mr. Douglass was Chief Operating
Officer of ACE Audiovisual, Inc., a commercial integrator of
audiovisual products. From June 2001 to June 2002, Mr. Douglass was
President of Inline Orthodontix, an orthodontic productions
distribution company. From October 2000 to August 2001, Mr. Douglass
was President and Chief Executive Officer of VisionAmerica, Inc.
(AMEX: VISN), an optometric physicians practice management company.
From August 1998 to May 2001, Mr. Douglass was also President and
Chief Executive Officer of Apple Orthodontix, Inc. (AMEX: AOI), an
orthodontic practice management company. Since August 2004, Mr.
Douglass has served as Chairman of the Board of Directors and Chief
Executive Officer of Neocork Technologies, Inc. In addition, Mr.
Douglass has served as a director of John Forsyth, an apparel
manufacturer, since February 2000. Mr. Douglass earned a Bachelor of
Science degree in Business Management from Farleigh Dickinson
University in 1970.
Mark Simo, the Company's Chief Executive Officer, commented, "We
are saddened that Beaver Theodosakis will not be able to continue
serving on our board. As one of our founders, Beaver has been
instrumental in the development of Spy. We understand, however, that
he has several current business demands that necessitate that he take
a less demanding role at Spy at this time. Nevertheless, we expect
Beaver will remain part of the Spy family and we look forward to
continuing to have access to Beaver's brand and marketing knowledge
and expertise." On Mr. Douglass' appointment, Mr. Simo said, "We are
very pleased to welcome Stone to the Board. Stone is a well qualified
and seasoned executive who can add value to the Board. We believe that
Stone's experience will be an asset to the Company."
Mr. Douglass commented, "I am delighted to join Orange 21 Inc.'s
Board of Directors and look forward to contributing to the growth of
About Orange 21 Inc.
Orange 21 designs, develops, markets and produces premium products
for the action sport and youth lifestyle markets. Orange 21's primary
brand, Spy Optic (TM), manufactures sunglasses and goggles targeted
toward the action sports and youth lifestyle markets.
SOURCE: Orange 21 Inc.
Orange 21 Inc.
Jerry Collazo, Chief Financial Officer