CARLSBAD, Calif.--(BUSINESS WIRE)--Sep. 17, 2009--
Orange 21 Inc. (NASDAQ:ORNG), a leading designer, producer and
distributor of sunglasses, snow and motocross goggles, and branded
apparel and accessories for the action sports, motorsports, snowsports
and youth lifestyle markets, announced today that on September 16, 2009,
it received a letter from Nasdaq indicating that, for the last 30
consecutive business days preceding the date of the letter, the bid
price of the Company’s common stock had closed below the $1.00 minimum
bid price required for continued listing on the Nasdaq Capital Market
under Rule 5550(a)(2). The notification has no effect on the listing of
the Company’s common stock at this time.
In accordance with Rule 5810(c)(3)(A), the Company has 180 calendar days
from the date of the Nasdaq letter, or until March 15, 2010, to regain
compliance with the minimum bid price rule. To regain compliance, the
closing bid price of the Company’s common stock must be at or above
$1.00 per share for a minimum of 10 consecutive business days. If the
Company does not regain compliance by March 15, 2010, Nasdaq will
provide written notification to the Company that the Company’s common
stock is subject to delisting. Alternatively, the Company may be
eligible for an additional grace period if it meets the initial listing
criteria on March 15, 2010 for the Nasdaq Capital Market, with the
exception of the bid price requirement. If it meets the initial
criteria, Nasdaq will notify the Company that it has been granted an
additional 180 calendar day compliance period.
The Company intends to actively monitor the bid price for its common
stock between now and March 15, 2010, and will consider available
options to resolve the deficiency and regain compliance with the Nasdaq
minimum bid price requirement.
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 our ability to resolve the deficiency and regain
compliance with the minimum bid price requirement or our potential
eligibility for an additional grace period 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 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. Moreover,
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.
Jerry Collazo, Chief Financial Officer