SPY Brand Leverages Leadership Resources to Support Growth Strategy
CARLSBAD, CA, Nov 01, 2011 (MARKETWIRE via COMTEX) --
Orange 21 Inc. (OTCBB: ORNG) today announced that, effective
December 15, 2011, Carol Montgomery will join the Company's Board of
Directors, making way for current President Michael Marckx to assume
the additional role of CEO. In addition, Michael Angel will assume
the roles of CFO, Treasurer and Secretary as an employee, having
functioned in a consultant capacity as Interim CFO and Treasurer.
Greg Hagerman has accepted the newly created position of Executive
Vice President, Sales and Operations, commencing December 1, 2011, in
which capacity he will oversee day-to-day sales and operations of SPY
eyewear and other interests of Orange 21.
"The past several months have been very positive for Orange 21 and
SPY. Carol was consulting for the Board when we appointed her CEO in
April 2011. She completed her mission ahead of schedule and above
expectation," said Seth Hamot, Orange 21 Chairman of the Board.
"Carol will continue to play a strategic role as a member of The
Board. Michael Marckx was instrumental as President in reinvigorating
the SPY brand and developing innovative sales strategies and product
extensions. Michael Angel's contributions have helped us put the
Company on a more solid foundation."
Hamot concluded: "We thank Carol for her diligent work in guiding the
business. With recent advents in our strategy, the development of our
SPY Rx ophthalmic program and the restructuring of our management,
her insight was indispensible."
"Helping to facilitate the transition of the Company has been
enormously rewarding," commented Montgomery. "The team is talented,
focused and invigorated. Michael has transformed the Company's
marketing focus and is ready to dynamically lead the Company as CEO.
I look forward to my new role as a director."
Said Marckx: "The addition of Greg Hagerman substantially deepens our
management team and we are very pleased to welcome him. I believe
that our ability to recruit someone of his experience is a strong
testament regarding our Company and its brands."
Hagerman's professional history spans 20 years in senior executive
roles in the footwear, apparel and snowboard divisions of Vans, Inc.,
a division of VF Outdoor Corporation, where he spent the final four
years of his tenure as vice president of sales for the company's
Lifestyle division. At Vans, Hagerman also developed the business
plan and launch strategy for the Vault line.
From 2008 and immediately prior to joining Orange 21, Hagerman was
chief operating officer at GMI-USA, Inc., a footwear licensing
company specializing in upscale men's and women's brands with
distribution in 22 countries and offices in New York, Los Angeles,
London, Milano and Hong Kong.
About Orange 21 Inc.:
Orange 21 designs, develops, markets and
produces premium products for the action sports, motorsports,
snowsports and lifestyle markets under the brands SPY Optic(TM),
O'Neil(TM), Margaritaville(TM) and Melodies by MJB(TM).
Safe Harbor Statement:
This press release contains forward-looking
statements. These statements relate to future events or future
financial performance, including the expected growth of the company,
and are subject to risks and uncertainties. In some cases, you can
identify forward-looking statements by terminology such as "will,"
"expect," "believe," "suspect," or other comparable terminology.
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; failure to successfully benefit from market and business
opportunities; our outstanding indebtedness; our ability to continue
to develop, produce and introduce innovative new products in a timely
manner 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.
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SOURCE: Orange 21 Inc.