Orange 21 Inc. (NASDAQ:ORNG), parent company of Spy Optic, announced today that Seth W. Hamot has joined its Board of Directors (the "Board").
Here’s the press release:
On February 12, 2009, the Board appointed Mr. Hamot to fill a vacancy on the Board. Mr. Hamot has extensive experience in the financial world. He has served as Managing Member of Roark, Rearden & Hamot Capital Management, LLC ("RRHCM") since 1997 and was the owner of its corporate predecessor, Roark, Rearden & Hamot, Inc. RRHCM is the investment manager to Costa Brava Partnership III L.P. ("Costa Brava"), an investment fund, whose principal business is to make investments in, buy, sell, hold, pledge and assign securities. Mr. Hamot is also President of Roark, Rearden & Hamot Capital Management, LLC, the general partner of Costa Brava. Prior to 1997, Mr. Hamot was one of the partners of the Actionvest entities. Mr. Hamot is currently on the board of directors, audit committee and compensation committee of CCA Industries, Inc., an AMEX listed manufacturer of health and beauty aids, and on the board of directors of Telos Corporation, a networking and security products and services provider. Mr. Hamot graduated from Princeton University in 1983 with a degree in Economics.
Prior to the Company's currently pending rights offering, Costa Brava and its affiliates owned approximately 19.8% of the Company's outstanding common stock. Costa Brava participated in the rights offering up to its full pro rata share purchasing an additional 1,622,271 shares of the Company's common stock.
Stone Douglass, the Company's Chief Executive Officer and Chairman of the Board, commented, "We are delighted that Seth has agreed to bring his broad experience to the Board and look forward to working with him as we continue our turnaround efforts." Ted Roth, chairman of the Nominating and Corporate Governance Committee of the Board, commented further, “We are excited to be working with Seth and believe he will be a great asset to the Company and our shareholders as we continue our efforts to build shareholder value."