CARLSBAD, Calif.--(BUSINESS WIRE)--May 7, 2007--Orange 21 Inc.
(NASDAQ:ORNG) today announced that the United States District Court
for the Southern District of California issued an order approving the
Company's agreement to settle the consolidated securities class action
that was pending in the Court against certain of the Company's current
and former officers and directors and dismissing the action with
prejudice. This action has been pending since March 2005. Under the
settlement, $1.4 million will be paid to the class of plaintiffs and
for plaintiffs' attorneys' fees from proceeds of the Company's
directors' and officers' insurance. No amounts will be paid by the
Mark Simo, Orange 21's Chief Executive Officer, commented on the
dismissal, "We are very happy to have this distraction behind us. With
this distraction removed we look forward to contributing even more
time and attention to our current business initiatives."
About Orange 21 Inc.
Orange 21 develops brands that produce premium products for the
action sport and youth lifestyle markets. Orange 21's primary brand,
Spy Optic(TM), manufactures sunglasses and goggles targeted towards
the action sports and youth lifestyle markets.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements relate to future events and are made based on the best
estimates and assumptions of management at the time the statement is
made. In some cases, you can identify forward-looking statements by
terminology such as "may," "should," "expect," "plan," "anticipate,"
"believe," "estimate," "predict," "potential" or "continue," the
negative of such terms or other comparable terminology. In the present
case, forward-looking statements include statements about the court's
approval of the settlement agreements. These statements are only
predictions. Actual events or results may differ materially from these
forward-looking statements. Risks that affect the outcome of such
statements include, but are not limited to the risk that either or
both of the courts with jurisdiction over the litigation determine not
to approve the respective settlement agreements. None of the Company
or 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
CONTACT: Orange 21 Inc.
Jerry Collazo, CFO, 760-804-8420
SOURCE: Orange 21 Inc.