Orange 21 Inc. announced a series of changes in management and its Board of Directors. Barry Buchholtz, current Chief Executive Officer, will leave his current position in order to focus his efforts on Orange 21's European operations, including the Company's manufacturing division, LEM, and its European sales operations, effective immediately. Mr. Buchholtz has been named President of Orange 21's European Operations; he will be based in the Company's Italy office.
Mark Simo, the Company's Chairman of the Board and one of the Company's founders, has been named Chief Executive Officer. He will oversee strategy to improve operations, as well as to drive the brand and pursue new growth strategies for the core Spy Optic business. In connection with this appointment, Mr. Simo is stepping down as Chief Executive Officer of No Fear, Inc.
John Pound, the Manager of The Integrity Brands Fund, a Boston-based investment partnership which owns approximately 9.28% of the Company, has joined the Board, and will serve as Co-Chairman. In that capacity, he will work with Mark Simo, and the management team, to oversee operational improvements and growth strategies. Integrity Brands, founded in 1999, pursues investments in consumer brand and specialty retail companies through The Integrity Brands Fund; Mr. Pound also serves on the Boards of RedEnvelope and Gymboree, both Nasdaq listed companies.
Mark Simo commented, “I believe that the changes that we have announced today will create new leverage for our organization as we work to improve operations and drive growth at Orange 21. Barry has led the company tirelessly through its initial growth phase. He has spent considerable amounts of time in Italy over the last year working to integrate the acquisition of LEM and improve the Company's manufacturing capabilities. Now, given where we are, we are fortunate that we can have him there full-time to oversee our continuing integration and growth of that business. For my part, I am excited to be able to devote my time to driving the brand, which I deeply believe in, and to growing Orange 21 for all our stockholders.”
John Pound commented, “I am enthusiastic about the Spy Optic brand and am delighted to have the opportunity to partner with the company to drive the business forward. I look forward to partnering with Mark, whose energy and creative vision have been central to the development of the brand, and with Barry on the European side of the business. I think that there are exciting opportunities both to improve efficiency and drive growth for shareholders.”
