In a letter to Stone Douglass, Chairman of Orange 21 dated December 16, 2008, and recently filed with the SEC, Spy Optic and No Fear founder Mark Simo announced his resignation from the board of directors of the company. It appears to be mostly over the Orange 21 board’s rejection of Simo’s repeated attempts to get the company to buy (or merge with) No Fear’s retail business.
I am convinced, as much as I ever have been, that real opportunities exist for enhancing shareholder value while at the same time doing right by the company’s employees and business partners. I believe that, in this radically changing environment, the merger I have proposed with No Fear Retail Stores offers the best opportunity to achieve those goals. There may be other options that the board also should consider, but the one thing this company cannot afford is to do nothing. That, unfortunately, is the course this board has chosen to take.
We’re going to guess that this came neither as a surprise nor a disappointment to the Orange 21 board. But that’s just a guess.
[Link: Edgar Online]
