Orange 21 confirms preliminary discussions with No Fear Inc

20 Jul '07

2 min read

Orange 21 Inc a leading developer of brands that produce premium products for the action sports and youth lifestyle markets confirmed that an independent special committee of its board of directors (the “Special Committee”) is in preliminary discussions with No Fear Inc. (“No Fear”) regarding a possible strategic transaction involving the acquisition of No Fear Retail Stores, Inc. (“NFRS”), a subsidiary of No Fear, and certain limited related intellectual property rights.

NFRS currently operates 40 stores in five states that sell apparel and accessories for the action sports and youth lifestyle markets primarily under the No Fear brand and leading third party brands including Spy Optic.

There is no binding agreement or any other binding obligation between Orange 21 and No Fear with respect to any potential transaction other than a customary non-disclosure agreement, and Orange 21 and No Fear have no obligation to continue to negotiate or to negotiate in good faith with respect to any such transaction.

Any binding agreement will be set forth in one or more separate definitive agreements signed by the parties. The discussions are at a stage where there can be no assurance that any such agreement will ever be reached.

Mark Simo, Chairman and Chief Executive Officer of Orange 21, is also the founder, a director and a stockholder of No Fear. Mr. Simo is not representing Orange 21 in any discussions regarding the transaction and is not a member of the Special Committee.

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