CARLSBAD, Calif.--(BUSINESS WIRE)--
Orange 21 Inc. (NASDAQ:ORNG), a leading developer of brands that
produce premium products for the action sports and youth lifestyle
markets, announced today that Mark Simo has resigned as Chief
Executive Officer effective as of September 29, 2008 and that the
Board has appointed A. Stone Douglass to replace him.
Mr. Douglass will immediately commence a comprehensive strategic
review of Orange 21's business and various options to build value.
Orange 21 also intends to streamline operations and rework its
executive compensation scheme to align it with the goal of increasing
shareholder value. Orange 21 will report back to investors regarding
the results of this review and its progress.
Mr. Douglass joined the Board on August 7, 2008 and was appointed
Chairman of the Board effective August 20, 2008. Mr. Douglass has
extensive turnaround and restructuring experience. He is a merchant
banker and business management consultant with 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.
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.
Source: Orange 21 Inc.