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Shareholder Group Led by Adrenalina Announces Nomination of Four Director Candidates for Election to the Pacific Sunwear Board at the 2009 Annual Meeting
Business Wire, Feb 12, 2009
Delivers Letter Criticizing PacSun's Chairman & CEO for the Company's Disastrous Performance and For Failing to Meet With a Substantial Shareholder to Discuss Ideas For Enhancing Shareholder Value
Calls for PacSun Chairman and CEO's Immediate Resignation
MIAMI -- Adrenalina (OTCBB:AENA) announced today that it has nominated a slate of four director nominees for election to the Board of Directors of Pacific Sunwear of California Inc. (Nasdaq: PSUN; "PacSun"), at the Company's 2009 Annual Meeting of Shareholders. The Adrenalina Group, which beneficially owns 2,097,313 shares in the aggregate, or approximately 3.2% of the outstanding shares of the Company, detailed its intention in a written notice to the Corporate Secretary of PacSun.
The Adrenalina Group also announced today that it sent a letter to the CEO and Chairman of the Board of PacSun, Sally Frame-Kasaks, criticizing her for the massive deterioration in shareholder value at PacSun and for rejecting all attempts by the Adrenalina Group to set up a meeting with the PacSun Board to discuss its platform for enhancing shareholder value at the Company. The letter calls for Ms. Frame-Kasaks' immediate resignation.
The full text of a letter dated February 12, 2009 from Ilia Lekach, Chairman and CEO of Adrenalina, is attached.
About Adrenalina
Adrenalina pioneered and branded "The Extreme Store" concept, which showcases top-quality athletic apparel, equipment and accessories in a fun, engaging retail entertainment format. Building on the popularity of the Adrenalina TV program, Adrenalina stores feature the FlowRider[R] wave machines for which it has exclusivity in retail locations. With over 1 million visitors to the stores per year, Adrenalina locations average 10,000 square feet and carry the best in extreme sports apparel, footwear, equipment and accessories from industry leaders and fashion brands such as Quiksilver, Billabong, Volcom, O'Neil, Reef, Crocs and Ed Hardy. Adrenalina has retail locations in Miami, FL; Orlando, FL; and Tampa, FL; and locations under construction in Denver, CO; Alpharetta, GA; Plano, TX; and Houston, TX. The Company has also secured an additional prime location in the New York Metro market. Adrenalina (AENA) is quoted on the Over The Counter: Bulletin Board. For more information, please visit www.adrenalinastore.com.
Disclosure Regarding Forward-Looking Statements
This news release contains forward-looking statements. All statements other than statements of historical fact made herein are forward looking. In particular, the statements herein regarding industry prospects and future results of operations or financial position are forward-looking statements. These forward-looking statements can be identified by the use of words such as "believes," "estimates," "could," "possibly," "probably," anticipates," "projects," "expects," "may," "will," or "should" or other variations or similar words. No assurances can be given that the future results anticipated by the forward-looking statements will be achieved. Forward-looking statements reflect management's current expectations and are inherently uncertain. Our actual results may differ significantly from management's expectations.
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