CARLSBAD, Calif.--(BUSINESS WIRE)--Aug. 26, 2008--Orange 21 Inc.
(NASDAQ:ORNG), a leading developer of brands that produce premium
products for the action sports and youth lifestyle markets, today made
an announcement regarding its Board of Directors (the "Board") and
On August 20, 2008, the Board appointed A. Stone Douglass to
Chairman of the Board. Mr. Douglass joined the Board on August 7,
2008. Mr. Douglass is an experienced merchant banker and business
management consultant who 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 more than twenty
companies. He is a Managing Director of Compass Partners, L.L.C., a
merchant bank specializing in restructuring activities. Mark Simo, the
Company's Chief Executive Officer, commented, "We look forward to
working with Stone as we continue our turnaround efforts. His
extensive experience working with companies in trying economic
environments will be a significant asset to the Company." John Pound,
a member of the Board who recently stepped down as its Co-Chairman,
commented, "I'm delighted that Stone has agreed to bring his broad
experience to this position as we continually strive to build
shareholder value." Mr. Douglass commented, "I look forward to this
opportunity and I am confident that our Board and management team will
succeed in achieving the Company's full potential."
In addition, on August 20, 2008, the Board appointed the following
directors to the Board's committees, effective as of that date. The
Audit Committee will consist of Harry Casari, as chairman, John Pound
and Mr. Douglass. The Compensation Committee will include David
Mitchell, as chairman, Theodore Roth and Mr. Casari. The Nominating
and Corporate Governance Committee will be comprised of Mr. Roth, as
chairman, Mr. Mitchell and Mr. Douglass.
Also on August 20, 2008, the Board reappointed the Company's
executive officers, effective as of that date. Mark Simo was
reappointed as the Company's Chief Executive Officer, Jerry Collazo
was reappointed as the Company's Chief Financial Officer and
Secretary, and Barry Buchholtz was reappointed as the Company's
President, Italian Operations.
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.
Safe Harbor Statement
This press release contains forward looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934. These
statements relate to future events or future financial performance and
are subject to risks and uncertainties. In some cases, you can
identify forward-looking statements by terminology such as "may,"
"will," "should," "expect," "plan," "anticipate," "believe," "feel,"
"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. Although
the Company believes that the expectations reflected in the
forward-looking statements are reasonable, the Company can not
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.
Jerry Collazo, Chief Financial Officer
SOURCE: Orange 21 Inc.