Orange 21’s Q3 Sales Fall 27% . Although sales struggle Orange 21 attempts to minimize their losses.
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Orange 21, the parent company of Spy Optic, received a warning letter from Nasdaq yesterday that unless its stock price climbs above $1.00 in the next 180 days it will be delisted from the Nasdaq Capital Market
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Orange 21 announced a global licensing deal today with O’Neill to design and develop O’Neill Eyewear, including sunglasses and snow goggles.
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Despite a substantial decline in sales, the company was able to reduce its net loss for the period by nearly 7%.
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Spy Optic’s parent company posted a Q1 net loss of $804,000, beating last year’s decline, despite drastically lower sales.
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Spy’s parent company announced it received approval to transfer its listing from the Nasdaq Global Market to the Nasdaq Capital Market.
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Orange 21 is applying to transfer its Nasdaq listing from the Nasdaq Global Market to the Nasdaq Capital Market after failing to meet the Global Market’s minimum equity requirements.
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Despite increased sales of 2 percent, Spy Optic’s parent company reported losses for 2008 rose to $15.2 million from $8 million in 2007.
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In its 8K filing, Orange 21 Inc. announced that it will reduce compensation for U.S. employees - including executive officers - by ten percent for approximately the next three months, according to an article published today by Yahoo Business.
“Pursuant to the Reduction, the annual base salaries of the Company’s salaried employees were reduced by ten percent (10%) and the Company’s hourly employees were put on reduced work schedules that resulted in their compensation being reduced by ten percent (10%).
Additionally, the Company’s wholly-owned subsidiary in Italy, LEM, S.r.l. (”LEM”), implemented a government-subsidized leave program (the “Program”) pursuant to which certain employees’ work schedules will be reduced by twenty to fifty percent (20-50%) for approximately thirteen weeks.”
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Orange 21 Inc. (NASDAQ:ORNG), parent company of Spy Optic, announced today that Seth W. Hamot has joined its Board of Directors (the “Board”).
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