-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SqZLl4SnfTxUOmEXYSz5sSm3A4KQ2zCElewPpENDD4dGXCdxHLaufA/KpOARblyv lS5RyfkzcpAm/9fOX9hiVg== 0000950134-08-019231.txt : 20081104 0000950134-08-019231.hdr.sgml : 20081104 20081104124511 ACCESSION NUMBER: 0000950134-08-019231 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20081104 DATE AS OF CHANGE: 20081104 GROUP MEMBERS: BRIAN SIMO GROUP MEMBERS: MARK SIMO SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Orange 21 Inc. CENTRAL INDEX KEY: 0000932372 STANDARD INDUSTRIAL CLASSIFICATION: OPHTHALMIC GOODS [3851] IRS NUMBER: 330580186 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-80727 FILM NUMBER: 081159943 BUSINESS ADDRESS: STREET 1: 2070 LAS PALMAS DRIVE CITY: CARLSBAD STATE: CA ZIP: 92009 BUSINESS PHONE: (760) 804-8420 MAIL ADDRESS: STREET 1: 2070 LAS PALMAS DRIVE CITY: CARLSBAD STATE: CA ZIP: 92009 FORMER COMPANY: FORMER CONFORMED NAME: SPY OPTIC, INC DATE OF NAME CHANGE: 20040916 FORMER COMPANY: FORMER CONFORMED NAME: SPY OPTIC INC DATE OF NAME CHANGE: 19941103 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: No Fear, Inc. CENTRAL INDEX KEY: 0001310858 IRS NUMBER: 931037856 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 2251 FARADAY AVENUE CITY: CARLSBAD STATE: CA ZIP: 92008 BUSINESS PHONE: (760) 931-9550 MAIL ADDRESS: STREET 1: 2251 FARADAY AVENUE CITY: CARLSBAD STATE: CA ZIP: 92008 SC 13D/A 1 v50366sc13dza.htm AMENDMENT TO SCHEDULE 13D sc13dza
Table of Contents

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Orange 21 Inc.
 
(Name of Issuer)
Common Stock, par value $0.0001 per share
 
(Title of Class of Securities)
685317109
 
(CUSIP Number)
     
    With a copy to:
No Fear, Inc.
1812 Aston Avenue
Carlsbad, California 92008
Attention: Mark Simo / Scott Benjamin
(760) 930 1704 		  Cary K. Hyden, Esq.
Latham & Watkins LLP
650 Town Center Drive, 20th Floor
Costa Mesa, California 92626
(714) 540-1235
 
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
November 3, 2008
 
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box: o
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
 
 

 

TABLE OF CONTENTS

Item 4. Purpose of Transaction.
Item 7. Material to be Filed as Exhibits.
SIGNATURES
INDEX OF EXHIBITS
EX-99.4

Table of Contents

This Amendment No. 1 (“Amendment No. 1”) is being filed by No Fear, Inc., a California Corporation (“No Fear”), Mark Simo and Brian Simo (collectively, the “Reporting Persons”) to amend and supplement the statement on Schedule 13D (the “Original Statement”) previously filed on November 3, 2008 by the Reporting Persons relating to the Common Stock, par value $0.0001 per share (the “Common Stock”), of Orange 21 Inc., a Delaware corporation (the “Issuer”). Capitalized terms used herein shall have the meanings ascribed to them in the Original Statement.
Item 4. Purpose of Transaction.
Item 4 of the Original Statement is hereby amended to add the following:
On November 3, 2008, No Fear Retail sent a letter to the Board of Directors of the Issuer, a copy of which is attached hereto as Exhibit 4 and is incorporated by reference herein.
Item 7. Material to be Filed as Exhibits.
Item 7 of the Original Statement is hereby amended to add the following:
     
Exhibit No.   Description
 
    
4
  Letter sent by No Fear Retail Stores, Inc. to the Members of the Board of Directors of Orange 21 Inc., dated November 3, 2008

 

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SIGNATURES
     After reasonable inquiry and to the best of its knowledge and belief, each of the undersigned certify that the information set forth in this Statement is true, complete and correct.
Date: November 4, 2008
         
  NO FEAR, INC.
 		  
  By:   /s/ Mark Simo    
    Name:   Mark Simo   
    Title:   Chief Executive Officer   
 
  MARK SIMO
 		  
  By:   /s/ Mark Simo    
    Name:   Mark Simo   
       
 
  BRIAN SIMO
 		  
  By:   /s/ Brian Simo    
    Name:   Brian Simo   
       

3

Table of Contents

         
INDEX OF EXHIBITS
     
Exhibit No.   Description
 
    
1
  Letter sent by No Fear Retail Stores, Inc. to the Members of the Board of Directors of Orange 21 Inc., dated October 16, 2008 *
 
    
2
  Letter sent by No Fear Retail Stores, Inc. to Stone Douglass, Ted Roth and David Mitchell as Members of the Board of Directors of Orange 21 Inc., dated October 29, 2008 *
 
    
3
  Joint Filing Agreement *
 
    
4
  Letter sent by No Fear Retail Stores, Inc. to the Members of the Board of Directors of Orange 21 Inc., dated November 3, 2008 +
 
*   previously filed on Schedule 13D on November 3, 2008
 
+   filed herewith

 

EX-99.4 2 v50366exv99w4.htm EX-99.4 exv99w4
Exhibit 4
(NO FEAR STORE LOGO)
November 3, 2008
Board of Directors
Orange 21, Inc.
2070 Las Palmas Drive
Carlsbad, California 92011
To the Board of Directors of Orange 21, Inc.:
     It is with great disappointment that I am forced to write again to the Board of Directors (“Board”) of Orange 21, Inc. (“Orange 21” or the “Company”). As outlined in the proposal dated October 16, 2008, my goal as founder and a significant shareholder of the Company is to maximize stockholder value while preserving the Spy Optic brand and simultaneously addressing the unprecedented economic challenges facing Orange 21. To that end, No Fear, Inc. (“No Fear”) submitted a proposal that was intended to bring the two parties together to have a constructive dialogue in good faith regarding a proposed combination between Orange 21 and No Fear Retail Stores, Inc. (“No Fear Retail”). This proposed combination has compelling strategic advantages that will help maximize Orange 21 stockholder value. Unfortunately, the Company’s response to our proposal has been anemic, and repeated attempts to contact members of the Board and to set a meeting to discuss this proposed strategic transaction have gone unanswered. Last Friday, we contacted you with the request for a meeting to discuss how we can maximize Orange 21 stockholder value through this proposal. Your refusal even to respond to our request left us with no alternative but to make our proposal public.
     We continue to hope that the Board will satisfy its fiduciary duties and attempt to maximize stockholder value by discussing the strategic advantages of our proposed combination, but we are, frankly, shocked at the Board’s paralysis given (i) the current economic environment, and (ii) the Company’s significant and longstanding commercial relationship with No Fear. With rapidly deteriorating consumer confidence as a backdrop, Orange 21 has made no genuine effort to explore a potential transaction that would address many of the issues currently faced by the Company. In addition, Orange 21 has shut off communication with one of its most important business partners. When combined with our international operations, No Fear is the single largest customer globally for Orange 21. Despite that fact, Orange 21 has not shipped product to No Fear since I resigned my position on August 26, 2008 and no individual at Orange 21 has reached out to No Fear to discuss the situation. If that is how you are treating your largest customer, I am dismayed as to what that could mean for other customers and the resulting potential negative impact on the business.
     Given your lack of response, I feel it is important to revisit and expand on my thoughts regarding a combination of the two businesses for the benefit of all shareholders. Below I have
NO FEAR RETAIL STORES, INC.
1812 Aston Avenue, Carlsbad, CA 92008

 

 

Board of Directors of Orange 21, Inc.
November 3, 2008
Page 2
outlined the strategic rationale for the transaction, updated thoughts on the financing of the combined entity and our initial thoughts on relative valuation in a stock-for-stock merger.
Strategic Rationale
     As stated in my previous letter, I believe the combination of the two businesses has the following significant advantages given Orange 21’s current situation:
  •   Increases overall size of the combined entity in the public markets with revenue approaching $100 million;
 
  •   Spreads the cost of running a public entity across a larger revenue base;
 
  •   Generates significant cost savings through the combination of the two entities, in particular with respect to general and administrative functions;
 
  •   Provides opportunity to raise funds to appropriately capitalize the combined entity for growth;
 
  •   Increases public float, providing a path to liquidity for all shareholders;
 
  •   Opens additional avenues for growth including wholesale and retail channels, mitigating Orange 21’s dependence on third party retailers for growth; and
 
  •   Capitalizes on steady stream of licensing revenue generated by No Fear with the opportunity to leverage licensing expertise to benefit Orange 21.
     I would like to expand on our thoughts regarding the cost savings of combining the two businesses. As you have seen in the diligence information provided, No Fear Retail is roughly equivalent in terms of sales to Orange 21 while generating positive EBITDA for the last three fiscal years. It is important to note that these numbers do not include sales from www.nofear.com or royalties generated from the No Fear brand which were consolidated into No Fear Retail on August 31, 2008. Based on public filings, Orange 21 generated revenue of $50.7 million in the twelve month period ended June 30, 2008. Operating expenses of $26.3 million consisted of primarily $13.2 million of sales and marketing expense and $9.7 million of general and administrative expense. We believe savings of several million dollars or more could be achieved in several key support functions including accounting, human resources, information technology, warehousing and distribution. In addition, we believe Orange 21 is currently operating in a building that is leased on a month-to-month basis at rates above market. We feel combining the two businesses would create a Company with over $80 million in revenue and, as a result of the synergies discussed above, well more than $2 million of EBITDA.
Financing
     As I recognize the need to fund the combined businesses, we are in discussions with numerous parties to obtain such financing. We expect the financing to consist of a combination of debt and equity, appropriately leveraging the assets of the combined businesses while creating a capital structure to allow the combined entity to weather the current economic conditions. In order

 

 

Board of Directors of Orange 21, Inc.
November 3, 2008
Page 3
to move those discussions forward, No Fear needs the cooperation of Orange 21 on two key items. First, the Board must be willing to consider a stock-for-stock transaction. The Board’s unwillingness to negotiate a stock-for-stock transaction in good faith will limit the Company’s ability to execute a transaction. Second, it is critical to identify and quantify the synergies outlined above. All companies in today’s economy are seeking ways to reduce costs and, as stated previously, we believe there are numerous synergies by bringing the two entities together. Should those two items be addressed, we remain confident in our ability to finance the combined business despite the current climate.
Valuation
     As a major shareholder, I recognize the current stock price of Orange 21 or even a significant premium over the current stock price is not an acceptable price for the business. Unlike many entities that may be looking to capitalize on the current stock price, we are more focused on the long term value that can be created by combining the two entities. As such, we view the valuation of Orange 21 as a relative valuation between the two entities. By contributing assets in roughly a merger of equals, we would be willing to value Orange 21 at a significant relative premium to No Fear Retail in order to effect a transaction. We would contribute assets to the combined businesses that are significantly more profitable than Orange 21’s current business under the belief that the combined businesses can outperform the two businesses on a standalone basis. We believe our transaction places a significant premium on Orange 21 and provides the most long term value to shareholders while providing a path to liquidity.
     As repeated from our previous communication, I would like to enter into good faith negotiations with an independent committee of the Board regarding a merger transaction. Should the Board continue to be unwilling to negotiate in good faith, we will continue to be forced to take our proposal directly to shareholders. I thank you for your time and thoughtful consideration.
Very Truly Yours,
Mark Simo
CEO

 

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