CARLSBAD, Calif.--(BUSINESS WIRE)--Apr. 27, 2009--
Orange 21 Inc. (NASDAQ:ORNG) announced today that it is applying to
transfer its Nasdaq listing from the Nasdaq Global Market to the Nasdaq
Capital Market. Orange 21 no longer meets the continued listing
standards for the Nasdaq Global Market because, as reported in its Form
10-K for the year ended December 31, 2008, it no longer satisfies the
$10 million stockholders’ equity requirement set forth in the Nasdaq
Listing Rules 5450(b)(1)(A). We received a Nasdaq Staff Deficiency
Letter from the Nasdaq Stock Market regarding our failure to meet the
minimum stockholders’ equity requirement on April 21, 2009. After
evaluating the Nasdaq Staff Deficiency Letter, we determined that at
this time it is more advantageous to pursue a transfer to the Nasdaq
Capital Market than attempt to maintain listing on the Nasdaq Global
Market because we meet all of the currently effective continued listing
requirements for the Nasdaq Capital Market and the proceedings involved
in attempting to maintain our Nasdaq Global Market listing are costly,
time consuming and a distraction to management. Additionally, listing on
the Nasdaq Capital Market will result in a minor cost savings and we do
not believe that stockholders’ liquidity will be adversely impacted by a
transfer to the Nasdaq Capital Market.
About Orange 21 Inc.
Orange 21 designs, develops, markets and produces premium products for
the action sport, motorsports, snowsports and youth lifestyle markets.
Orange 21's primary brand, Spy Optic (TM), manufactures sunglasses and
goggles targeted toward the action sports, motorsports, snowsports and
youth lifestyle markets.
Safe Harbor Statement
This press release contains forward-looking statements. 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. Specifically, comments in this press
release regarding the possible cost savings from transferring to the
Nasdaq Capital Market and the impact that the transfer might have on our
stockholders’ liquidity are forward-looking statements and are subject
to inherent risks. 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: the general conditions of
the domestic and global economy; changes in consumer discretionary
spending; changes in the value of the U.S. dollar, Canadian Dollar and
Euro; changes in commodity prices; our ability to source raw materials
and finished products at favorable prices; risks related to the limited
visibility of future orders; our ability to continue to develop, produce
and introduce innovative new products in a timely manner; our ability to
identify and execute successfully cost-control initiatives without
adversely impacting sales; the performance of new products and continued
acceptance of current products; our execution of strategic initiatives
and alliances; uncertainties associated with intellectual property
protection for our products; and other risks identified from time to
time in our filings made with the U.S. Securities and Exchange
Commission. Although, we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee future
results. We assume no responsibility for the accuracy or completeness of
such forward-looking statements and undertake no obligation to update
any of these forward-looking statements.
Source: Orange 21 Inc.
Orange 21 Inc.
A. Stone Douglass, Chief Executive Officer