Adrenalina to solicit proxies for election of dissident slate to PacSun board

By Lisa Kerner

Charlotte, N.C., Feb. 13 - Adrenalina announced its slate of four director nominees for election to the board of directors of Pacific Sunwear of California Inc. at the company's 2009 annual meeting of shareholders.

In addition to notifying PacSun of its intent to run a proxy contest, Adrenalina called for the immediate resignation of PacSun chairman and chief executive officer Sally Frame Kasaks in the wake of the company's "disastrous performance."

Adrenalina's director nominees are:

• Rob Gordon, senior vice president of marketing at Warner Bros. Records Inc.;

• Craig Lark, president, CEO and managing member of Hoven Sunglasses and Ammon Watches;

• Scott Oshry, partner in and founder of Zorbit Resources, a branding, design and manufacturing company for the beauty and cosmetic industry; and

• Vanessa Rousso, a professional poker player and game theory expert.

"We are delighted that this talented group of individuals has joined our quest to increase PacSun shareholder value through a merger between Adrenalina and PacSun," Adrenalina CEO and chairman Ilia Lekach said in a company news release.

"Enlisting their talents is a clear indication of the kind of fresh thinking we would bring to our efforts to improve the overall performance of PacSun."

In December, PacSun called Adrenalina's pursuit of a business combination with PacSun a "distraction" to the company's management and employees.

PacSun's board of directors rejected the Miami-based retailer's offers to buy the company for $5.00 per share and $4.50 per share.

Anaheim, Calif.-based PacSun is a specialty retailer of action-sport-inspired casual apparel, accessories and footwear for teens and young adults.

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