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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font SIZE=2>UNITED STATES</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Washington, D.C. 20549</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font SIZE=2>FORM S-8 </font></b></p>

<p style=' margin-bottom:18pt; margin-top:12pt;text-align:center;'><b><font SIZE=2>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font SIZE=2>TRUE RELIGION APPAREL, INC.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Exact name of registrant as specified in its charter)</font></p>


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            <p  align=center style='text-align:center'><b><font size=2>Nevada</font></b><br> <font size=2>(State or other jurisdiction of incorporation or organization)</font></p> </td>
        <td width="319" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><b><font size=2>98-0352633</font></b><br> <font size=2>(I.R.S. Employer Identification No.)</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font size=2>1525 Rio Vista Avenue</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Los Angeles, CA  90023</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Address of Principal Executive Offices and Zip Code)</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font SIZE=2>N/A</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Full title of the plan)</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font size=2>The President</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>True Religion Apparel Inc.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>1525 Rio Vista Avenue</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Los Angeles, CA  90023</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Name and address of agent for service)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>323.266.3072</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>(Telephone number, including area code, of agent for service)</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><font size=2>Copies of all communications, including all communications sent to the agent for service, should be sent to:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Ethan Minsky</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Clark, Wilson </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Barristers &amp; Solicitors </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>800 - 885 West Georgia Street, Vancouver, British Columbia, Canada  V6C 3H1</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Telephone: 604.687.5700</font></b></p>

<p style=' margin-bottom:18pt; margin-top:0pt;text-align:center;'><u><b><font size=2>Facsimile: 604.687.6314</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>- 2 -</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:18pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>CALCULATION OF REGISTRATION FEE</font></b></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:12.0pt;margin-bottom:0pt'><b><font size=2>Title of Securities to</font></b><br> <b><font size=2>be Registered</font><sup><font size=2>(1)</font></sup></b><b></b></p> </td>
        <td width="120" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:41.35pt'>
            <p  align=center style='text-align:center'><b><font size=2>Amount to be</font></b><br> <b><font size=2>Registered</font></b><b></b></p> </td>
        <td width="125" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:41.35pt'>
            <p  align=center style='text-align:center'><b><font size=2>Proposed</font></b><br> <b><font size=2>Maximum</font></b><br> <b><font size=2>Offering</font></b><br> <b><font size=2>Price Per Share</font></b><b></b></p> </td>
        <td width="133" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:41.35pt'>
            <p  align=center style='text-align:center'><b><font size=2>Proposed</font></b><br> <b><font size=2>Maximum</font></b><br> <b><font size=2>Aggregate</font></b><br> <b><font size=2>Offering Price</font></b><b></b></p> </td>
        <td width="108" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:41.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:12.0pt;margin-bottom:0pt'><b><font size=2>Amount of </font></b><br> <b><font size=2>Registration</font></b><br> <b><font size=2>Fee</font></b><b></b></p> </td> </tr>
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        <td width="145" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.5in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:12.0pt;margin-bottom:0pt'><font size=2>Common Shares Underlying Options</font><sup><font size=2>(2)</font></sup></p> </td>
        <td width="120" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.5in'>
            <p  align=center style='margin-right:-.9pt;text-align:center'><font size=2>1,933,333</font></p> </td>
        <td width="125" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.5in'>
            <p  align=center style='text-align:center'><font size=2>$14.90</font></p> </td>
        <td width="133" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.5in'>
            <p  align=center style='text-align:center'><font size=2>$28,806,661.70</font></p> </td>
        <td width="108" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.5in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:12.0pt;margin-bottom:0pt'><font size=2>$3,390.54</font><sup><font size=2>(3)</font></sup></p> </td> </tr>
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        <td width="145" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.5in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:12.0pt;margin-bottom:0pt'><font size=2>Common Shares</font></p> </td>
        <td width="120" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.5in'>
            <p  align=center style='margin-right:-.9pt;text-align:center'><font size=2>50,000</font></p> </td>
        <td width="125" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.5in'>
            <p  align=center style='text-align:center'><font size=2>$14.90</font></p> </td>
        <td width="133" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.5in'>
            <p  align=center style='text-align:center'><font size=2>$745,000</font></p> </td>
        <td width="108" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.5in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:12.0pt;margin-bottom:0pt'><font size=2>$87.69</font></p> </td> </tr>
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        <td width="145" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.5in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:12.0pt;margin-bottom:0pt'><b><font size=2>Total</font></b><b></b></p> </td>
        <td width="120" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.5in'>
            <p  align=center style='margin-right:-.9pt;text-align:center'><b><font size=2>1,983,333</font></b><b></b></p> </td>
        <td width="125" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.5in'>
            <p  align=center style='text-align:center'><b><font size=2>$14.90</font></b><b></b></p> </td>
        <td width="133" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.5in'>
            <p  align=center style='text-align:center'><b><font size=2>$29,551,661.70</font></b><b></b></p> </td>
        <td width="108" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.5in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:12.0pt;margin-bottom:0pt'><b><font size=2>$3,478.23</font></b><b></b></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:0.25in;text-align:left;'><sup><font size=2>(1)</font></sup><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>We are registering 400,000 common shares underlying share purchase options that we granted to one of the selling security holders on July 19, 2003, prior to the adoption of our 2004 Stock Option Plan, and 1,533,333 common shares underlying share purchase options that we granted under our 2004 Stock Option Plan to the selling security holders on July 22, 2004 and on August 13, 2004, after the date of adoption of our 2004 Stock Option Plan but prior to October 7, 2004, which is the date that we filed a registration statement on Form S-8 registering all of the then unissued shares and options available for issuance under our 2004 Stock Option Plan.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:0.25in;text-align:left;'><sup><font size=2>(2)</font></sup><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>An indeterminate number of additional shares of common stock shall be issuable pursuant to Rule 416 to prevent dilution resulting from stock splits, stock dividends or similar transactions and in such an event the number of shares registered shall automatically be increased to cover the additional shares in accordance with Rule 416 under the Securities Act.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:0.25in;text-align:left;'><sup><font size=2>(3)</font></sup><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>The price is estimated in accordance with Rule 457(h)(1) under the Securities Act of 1933, as amended, solely for the purpose of calculating the registration fee.  Our estimate is based on the average of the high and low prices for our common stock as reported on the National Association of Securities Dealers Inc.&#146;s OTC Bulletin Board on May 2, 2005.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font SIZE=2>EXPLANATORY NOTE</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>We prepared this registration statement in accordance with the requirements of Form S-8 under the Securities Act of 1933, to register:</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>up to 1,400,000 common shares of our company that may be issued upon the exercise of 1,400,000 share purchase options that we granted on July 22, 2004 to three accredited investors, two of whom are directors of our company and all three of whom are executive officers of our company, in a private placement in which we relied on the exemption from registration provided for in Section 4(2) and/or Section 4(6) of the Securities Act of 1933;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>up to 133,333 common shares of our company that may be issued upon the exercise of 133,333 share purchase options that we granted on August 13, 2004 to one accredited investor, who is a director of our company, in a private placement in which we relied on the exemption from registration provided for in Section 4(2) and/or Section 4(6) of the Securities Act of 1933; and</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>up to 400,000 common shares of our company that may be issued upon the exercise of 400,000 share purchase options that we issued on July 19, 2003 to one accredited investor, who is an executive officer of our company, in a private placement in which we relied on the exemption from registration provided under Section 4(2) and/or Section 4(6) of the Securities Act of 1933.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>- 3 -</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>50,000 common shares that we issued to one accredited investor on January 13, 2005, upon the exercise of 50,000 share purchase options that we originally granted to him on July 19, 2003, in a private placement in which we relied on the exemption from registration provided under Section 4(2) and/or Section 4(6) of the Securities Act of 1933.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>Under cover of this registration statement on Form S-8 is our Reoffer Prospectus prepared in accordance with Part I of Form S-3 under the 1933 Act.  The Reoffer Prospectus has been included in this registration statement on Form S-8 so that the selling security holders may resell the shares of common stock registered by this registration statement.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>On July 19, 2003, prior to the date of adoption of our 2004 Stock Option Plan, we granted 450,000 share purchase options to Charles Lesser, our Chief Financial Officer.  Mr. Lesser exercised 50,000 of these share purchase options on January 13, 2005.  On July 22, 2004, we granted 950,000 share purchase options to Jeffrey Lubell, our Chief Executive Officer and a director of our company; 250,000 share purchase options to Kymberly Lubell, our Corporate Secretary and a director of our company, and 200,000 share purchase options to Charles Lesser, our Chief Financial Officer.  All of these July 22, 2004 share purchase options were granted pursuant to our 2004 Stock Option Plan.  On August 13, 2004, we granted 200,000 share purchase options to Mark Saltzman, one of our directors and the Chief Operating Officer of our wholly-owned subsidiary, Guru Denim, Inc.  This August 13, 2004 grant was also pursuant to our
2004 Stock Option Plan.  Mr. Saltzman exercised 66,667 of these share purchase options on January 20, 2005.  Because all of the share purchase options that we are registering on this registration statement were granted prior to October 7, 2004, which is the date that we registered all of the options issuable pursuant to our 2004 Stock Option Plan (and the underlying common shares that could be issued upon the exercise of those options), all of these share purchase options (and the underlying common shares) are considered "restricted securities" for the purposes of Instruction C of Form S-8 and therefore we are registering such shares of common stock for resale on this registration statement.  Accordingly, we have included in the Reoffer Prospectus the names of the persons who hold these options and we have described the nature and the number of securities to be reoffered by them.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>Our Reoffer Prospectus has been prepared pursuant to Instruction C of Form S-8, in accordance with the requirements of Part I of Form S-3, and may be used for reofferings and resales on a continuous or delayed basis in the future of up to an aggregate of 1,983,333 shares of our common stock which have been or may be issued upon exercise of the options issued on July 19, 2003, August 13, 2004 and July 22, 2004.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font SIZE=2>PART I</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font size=2>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font size=2>Item</font></b><font size=2>&nbsp;</font><b><font size=2>1.  Plan Information</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>Not applicable.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><b><font size=2>Item</font></b><font size=2>&nbsp;</font><b><font size=2>2.  Registrant Information and Employee Plan Annual Information</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>We will provide, without charge, to each person to whom a copy of the Section 10(a) prospectus is delivered, upon oral or written request, a copy of any or all documents incorporated by reference in Item 3 of Part II of this registration statement (which documents are incorporated by reference in the Section 10(a) prospectus).  Requests should be directed to Charles Lesser, Chief Financial Officer, True Religion Apparel Inc., 1525 Rio Vista Avenue, Los Angeles, California, 90023.  Our telephone number is 323.266.3072. </font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>- 4 -</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>REOFFER PROSPECTUS</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>The date of this prospectus is May 2, 2005</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>True Religion Apparel Inc.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>1525 Rio Vista Avenue</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Los Angeles, CA  90023</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>1,983,333 Shares of Common Stock</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>This Reoffer Prospectus relates to:</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>up to 1,400,000 common shares of our company that may be issued upon the exercise of 1,400,000 share purchase options that we granted on July 22, 2004 to three accredited investors, two of whom are directors of our company and all three of whom are executive officers of our company, in a private placement in which we relied on the exemption from registration provided for in Section 4(2) and/or Section 4(6) of the Securities Act of 1933;</font></p> </td> </tr>
    <tr>
        <td width="48" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>up to 133,333 common shares of our company that may be issued upon the exercise of 133,333 share purchase options that we granted on August 13, 2004 to one accredited investor, who is a director of our company, in a private placement in which we relied on the exemption from registration provided for in Section 4(2) and/or Section 4(6) of the Securities Act of 1933; and</font></p> </td> </tr>
    <tr>
        <td width="48" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>up to 400,000 common shares of our company that may be issued upon the exercise of 400,000 share purchase options that we issued on July 19, 2003 to one accredited investor, who is an executive officer of our company, in a private placement in which we relied on the exemption from registration provided under Section 4(2) and/or Section 4(6) of the Securities Act of 1933.</font></p> </td> </tr>
    <tr>
        <td width="48" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>50,000 common shares that we issued to one accredited investor on January 13, 2005, upon the exercise of 50,000 share purchase options that we originally granted to him on July 19, 2003, in a private placement in which we relied on the exemption from registration provided under Section 4(2) and/or Section 4(6) of the Securities Act of 1933.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>These common shares may be offered and resold from time to time by the selling security holders identified in this Reoffer Prospectus.  We anticipate that the selling security holders will offer shares for sale at prevailing prices on the OTC Bulletin Board on the date of sale.  Although we will receive payment of the exercise price from those of the selling security holders holding options when they exercise those options, we will receive no part of the proceeds from sales made under this Reoffer Prospectus.  The selling security holders will bear all sales commissions and similar expenses. We will however pay for all of the costs associated with the filing of this registration statement.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The selling security holders and any brokers executing selling orders on their behalf may be deemed to be "underwriters" within the meaning of the Securities Act of 1933, in which event commissions received by such brokers may be deemed to be underwriting commissions under the Securities Act of 1933.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Our common shares are quoted on the OTC Bulletin Board under the trading symbol "TRLG".  On May 2, 2005, the last reported closing price of our common stock was $14.60 per share on the OTCBB.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Our principal executive offices are located at 1525 Rio Vista Avenue, Los Angeles, California, 90023 and our telephone number is 323.266.3072.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>- 5 -</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT;TEXT-ALIGN:LEFT;'><B><FONT SIZE=2>THE COMMON SHARES OFFERED PURSUANT TO THIS REOFFER PROSPECTUS INVOLVE A HIGH DEGREE OF RISK.  FOR MORE INFORMATION, PLEASE SEE THE SECTION OF THE SECTION OF THIS REOFFER PROSPECTUS TITLED "RISK FACTORS", BEGINNING ON PAGE 7.</FONT></B></P>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2>NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS.  ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE.</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=2>REOFFER PROSPECTUS</font></b><br> <b><font SIZE=2>TABLE OF CONTENTS</font></b><b></b></p> </td> </tr>
    <tr>
        <td width="541" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>&nbsp;<b></b></p> </td>
        <td width="97" style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Page Number</font></b><b></b></p> </td> </tr>
    <tr>
        <td width="541" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='margin-top:5.0pt;text-align:left'><font SIZE=2>PROSPECTUS SUMMARY</font></p> </td>
        <td width="97" style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='margin-top:5.0pt;text-align:center'><font size=2>6</font></p> </td> </tr>
    <tr>
        <td width="541" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='margin-top:5.0pt;text-align:left'><font SIZE=2>FORWARD LOOKING STATEMENTS</font></p> </td>
        <td width="97" style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='margin-top:5.0pt;text-align:center'><font size=2>6</font></p> </td> </tr>
    <tr>
        <td width="541" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='margin-top:5.0pt;text-align:left'><font SIZE=2>RISK FACTORS</font></p> </td>
        <td width="97" style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='margin-top:5.0pt;text-align:center'><font size=2>7</font></p> </td> </tr>
    <tr>
        <td width="541" style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='margin-top:5.0pt;text-align:left'><font SIZE=2>INFORMATION ABOUT THE OFFERING</font></p> </td>
        <td width="97" style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='margin-top:5.0pt;text-align:center'><font size=2>12</font></p> </td> </tr>
    <tr>
        <td width="541" style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='margin-top:5.0pt;text-align:left'><font SIZE=2>USE OF PROCEEDS</font></p> </td>
        <td width="97" style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='margin-top:5.0pt;text-align:center'><font size=2>12</font></p> </td> </tr>
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        <td width="541" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='margin-top:5.0pt;text-align:left'><font SIZE=2>SELLING SECURITY HOLDERS</font></p> </td>
        <td width="97" style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='margin-top:5.0pt;text-align:center'><font size=2>12</font></p> </td> </tr>
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            <p  align=left style='margin-top:5.0pt;text-align:left'><font SIZE=2>PLAN OF DISTRIBUTION</font></p> </td>
        <td width="97" style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='margin-top:5.0pt;text-align:center'><font size=2>13</font></p> </td> </tr>
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        <td width="541" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='margin-top:5.0pt;text-align:left'><font SIZE=2>EXPERTS</font></p> </td>
        <td width="97" style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='margin-top:5.0pt;text-align:center'><font size=2>14</font></p> </td> </tr>
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        <td width="541" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='margin-top:5.0pt;text-align:left'><font SIZE=2>LEGAL MATTERS</font></p> </td>
        <td width="97" style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='margin-top:5.0pt;text-align:center'><font size=2>14</font></p> </td> </tr>
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            <p  align=left style='margin-top:5.0pt;text-align:left'><font SIZE=2>MATERIAL CHANGES</font></p> </td>
        <td width="97" style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='margin-top:5.0pt;text-align:center'><font size=2>14</font></p> </td> </tr>
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            <p  align=left style='margin-top:5.0pt;text-align:left'><font SIZE=2>AVAILABLE INFORMATION</font></p> </td>
        <td width="97" style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='margin-top:5.0pt;text-align:center'><font size=2>15</font></p> </td> </tr>
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            <p  align=left style='margin-top:5.0pt;text-align:left'><font SIZE=2>DISCLOSURE OF COMMISSION POSITION FOR SECURITIES ACT LIABILITIES</font></p> </td>
        <td width="97" style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='margin-top:5.0pt;text-align:center'><font size=2>15</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font SIZE=2>PROSPECTUS SUMMARY</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>The following summary is qualified in its entirety by the more detailed information and financial statements and notes thereto appearing elsewhere in this Reoffer Prospectus.  Consequently, this summary does not contain all of the information that you should consider before investing in our common stock.  You should carefully read the entire Reoffer Prospectus, including the "Risk Factors" section, and the documents and information incorporated by reference into this Reoffer Prospectus.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>This Reoffer Prospectus relates to:</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>up to 1,400,000 common shares of our company that may be issued upon the exercise of 1,400,000 share purchase options that we granted on July 22, 2004 to three accredited investors, two of whom are directors of our company and all three of whom are executive officers of our company, in a private placement in which we relied on the exemption from registration provided for in Section 4(2) and/or Section 4(6) of the Securities Act of 1933;</font></p> </td> </tr>
    <tr>
        <td width="48" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>up to 133,333 common shares of our company that may be issued upon the exercise of 133,333 share purchase options that we granted on August 13, 2004 to one accredited investor, who is a director of our company, in a private placement in which we relied on the exemption from registration provided for in Section 4(2) and/or Section 4(6) of the Securities Act of 1933; and</font></p> </td> </tr>
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        <td width="48" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>up to 400,000 common shares of our company that may be issued upon the exercise of 400,000 share purchase options that we issued on July 19, 2003 to one accredited investor, who is an executive officer of our company, in a private placement in which we relied on the exemption from registration provided under Section 4(2) and/or Section 4(6) of the Securities Act of 1933.</font></p> </td> </tr>
    <tr>
        <td width="48" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>50,000 common shares that we issued to one accredited investor on January 13, 2005, upon the exercise of 50,000 share purchase options that we originally granted to him on July 19, 2003, in a private placement in which we relied on the exemption from registration provided under Section 4(2) and/or Section 4(6) of the Securities Act of 1933.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>These common shares may be offered and resold from time to time by the selling security holders identified in this Reoffer Prospectus.  We anticipate that the selling security holders will offer shares for sale at prevailing prices on the OTC Bulletin Board on the date of sale.  Although we will receive payment of the exercise price from those of the selling security holders holding options when they exercise those options, we will receive no part of the proceeds from sales made under this Reoffer Prospectus.  The selling security holders will bear all sales commissions and similar expenses. We will however pay for all of the costs associated with the filing of this registration statement.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><i><font size=2>A Brief History of our Company</font></i></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>We were incorporated under the laws of the State of Nevada on April 25, 2001 under the name Gusana Explorations Inc. On June 24, 2003, we acquired all of the issued and outstanding shares of Guru Denim, Inc., and, on August 18, 2003, we changed our name to True Religion Apparel, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>From inception on April 25, 2001, until our company&#146;s acquisition of Guru Denim, Inc., on June 24, 2003, our company was engaged in the exploration and acquisition of mineral properties. Our principal capital resources were acquired through issuance of common stock and from shareholder loans.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>We had insufficient capital to fully explore and develop our mineral properties and we were unable to obtain additional financing in the form of a private placement or shareholder loans to obtain the capital necessary to survive and exploit our resources. As a result, we were unsuccessful in fully implementing our business plan in regards to the exploration and development of our mineral properties. Our board of directors subsequently conducted an in-depth analysis of our business plan and related future prospects for mineral exploration companies. They decided </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>that it was in our company&#146;s best interest to concurrently pursue initiatives in the clothing industry as an extension to our existing business. Accordingly, we began researching business opportunities in the clothing industry, including potential acquisitions and arrangements with suitable business partners that might assist us in realizing our overall objective of engaging in a profitable business. Our board of directors felt that this was in our best interests because they determined that it was not likely that our mineral properties could be successfully explored and developed without a source of revenue to sustain these activities. Since that time, our board of directors decided that the continuation of the program of exploration of our mineral properties was too costly and the prospects of profitability were too remote, and they resolved to let these mining claims lapse.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>On June 23, 2003, we entered into a formal Share Purchase Agreement with Jeffrey Lubell and Guru Denim, Inc. pursuant to which we agreed to acquire all 1,000 of the issued and outstanding shares of Guru Denim, Inc. Eight hundred of these shares were owned by Mr.&nbsp;Lubell, the other 200 shares were owned by Indigo Group U.S.A., Inc. In consideration for all of the shares of Guru Denim, Inc., our company agreed to issue 14,571,305 shares of our common stock to Mr.&nbsp;Lubell and to pay $300,000 in cash to Indigo Group U.S.A., Inc. The transactions contemplated in this Share Purchase Agreement closed on June 24, 2003.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>This share exchange transaction was treated, for accounting purposes, as a reverse merger.  Mr. Lubell, who became our President and Chief Executive Officer upon closing, has 25 years of experience in the clothing and textile industries.  He has designed, marketed and distributed specialized denim and high fashion jeans in Los Angeles since 1978.  Guru Denim Inc. makes and distributes high fashion jeans under the trademark name "True Religion Brand Jeans".  Mr. Lubell executed a management agreement with us on closing providing him with a percentage of our net sales in addition to salary, options and other compensation.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><i><font size=2>A Brief Description of our Business</font></i></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Through our wholly-owned subsidiary Guru Denim, Inc., we design, develop, manufacture, market, distribute and sell high fashion jeans and other apparel. We currently manufacture, market, distribute and sell apparel under the brand name &#147;True Religion Brand Jeans&#148;  including jeans, skirts, denim jackets and tops in the United States, Canada, the United Kingdom, Europe,  Mexico and Japan.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Our offices are located at 1525 Rio Vista Avenue, Los Angeles, California 90023 and consist of approximately 19,300 square feet of combined office and warehouse space that we rent at a rate of $0.78 per square foot per year. Through our operating subsidiary, Guru Denim, Inc., we conduct all of our executive and administrative functions and ship True Religion Brand Jeans to our customers from this facility. Our telephone number, which we share with Guru Denim, Inc., is (323) 266-3072.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>We market and distribute our products by attendance at industry and trade shows and by entering into sales agency or distribution agreements with independent agents, each of whom is granted exclusive rights to market and sell our products in its respective territory. We currently have agreements in place with commissioned sales agents in the United States earning sales commissions at 10%. We currently have distribution agreements with distributors in Italy, Germany, Switzerland, Japan, Holland, France, Scandinavia, Spain, South Africa, Mexico, Canada and the United Kingdom. Our distributors purchase products from our company at a discount for resale to their customers in their respective territories. Our distributors warehouse our products at their expense and they ship to and collect payment from their customers directly.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>As used in this Reoffer Prospectus, the terms "we", "us", "our" and "True Religion" means True Religion Apparel, Inc. and our subsidiary, Guru Denim, Inc., unless otherwise indicated.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font SIZE=2>RISK FACTORS</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font size=2>Forward Looking Statements</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>This Reoffer Prospectus contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995.  These statements relate to future events or our future financial performance.  In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>&nbsp;</font></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>- 9 -</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>"plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology.  These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks described in this section, that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.  Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>Those forward-looking statements also involve certain risks and uncertainties.  Factors, risks and uncertainties that could cause or contribute to such differences include those specific risks and uncertainties discussed below and those discussed in our Annual Report on Form 10-KSB, filed with the Securities and Exchange Commission on March 31, 2005.  The cautionary statements made in this document should be read as being applicable to all related forward-looking statements wherever they appear in this document.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>Our common shares are considered speculative during the growth of our new business operations. Prospective investors should consider carefully the risk factors set out below.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font SIZE=2>WE ARE IN THE EARLY STAGES OF OUR GROWTH AND WE HAVE ONLY JUST BEGUN TO EARN SIGNIFICANT REVENUE, WHICH MAKES IT DIFFICULT TO EVALUATE WHETHER WE WILL OPERATE PROFITABLY</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>We are in the early stages of the growth of our company, which is involved primarily in the production and processing of high fashion denim apparel. As a result, we do not have a meaningful historical record of sales and revenues nor an established business track record. We have only recently begun to earn significant profits.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Unanticipated problems, expenses and delays are frequently encountered in ramping up production and sales and developing new products, especially in the current stage of our business. Our ability to continue to successfully develop, produce and sell our products and to generate significant operating revenues will depend on our ability to, among other things:</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Continue to successfully develop and operate production facilities or maintain existing or new agreements with third parties to perform these functions on our behalf;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>successfully market, distribute and sell our products or enter into agreements with third parties to perform these functions on our behalf; and</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>obtain the financing required to implement our business plan.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Given our limited operating history, lack of long-term sales history and other sources of revenue, there can be no assurance that we will be able to achieve any of these goals and develop a sufficiently large customer base to continue to be profitable.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>During the year ended December 31, 2004 we raised $2,000,000 of equity capital in a private placement and our management believes that we can sustain our operations for the next year from a combination of the proceeds of this private placement, existing working capital and from operating revenue. The future of our company will depend upon our ability to continue to obtain adequate orders for our products, prompt payment for our products and, as and when needed, sufficient financing and continuing support from our factor Merchant Factors Corp., and to continue to maintain profitable operations. To the extent that we cannot achieve our plans and generate revenues which exceed expenses on a consistent basis and in a timely manner, our business, results of operations, financial condition and prospects could be materially adversely affected.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>- 10 -</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font SIZE=2>OUR CONTINUED OPERATIONS DEPEND ON CURRENT FASHION TRENDS. IF OUR PRODUCTS AND DESIGN DO NOT CONTINUE TO BE FASHIONABLE, OUR BUSINESS COULD BE ADVERSELY AFFECTED.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>The novelty and the design of our True Religion Brand Jeans apparel is  important to our success and competitive position, and the inability to continue to develop and offer such unique products to our customers could harm our business. We cannot be certain that high fashion denim apparel will continue to be fashionable. Should the trend steer away from high fashion denim apparel, sales could decrease and  our business could be adversely affected. In addition, there are no assurances that our future designs will be successful, and any unsuccessful designs could adversely affect our business.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font SIZE=2>WE DEPEND ON THIRD PARTIES FOR SIGNIFICANT ELEMENTS OF OUR SALES AND DISTRIBUTION EFFORTS. IF THESE THIRD PARTIES DO NOT CONTINUE TO ASSIST US IN OUR SALES AND DISTRIBUTION, OUR REVENUE COULD DECREASE, WHICH WOULD HAVE AN ADVERSE IMPACT ON OUR BUSINESS</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>We limit our marketing efforts to participation at trade shows where we showcase our products. We depend substantially upon third parties for several critical elements of our business including, among other things, sales and distribution activities. There can be no assurance that we or these third parties will be able to establish or maintain adequate sales and distribution capabilities, that we will be able to enter into agreements or relationships with third parties in additional territories on financially acceptable terms or that any third parties with whom we enter into such arrangements will be successful in selling or distributing our products. If they are not, our business could be negatively impacted. Also, if we are unable to maintain our relationships with these sales agents and distributors or if these sales agents and distributors begin selling our competitors products, then our ability to
generate revenues through the sale of our products could be negatively impacted.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font SIZE=2>OUR BUSINESS COULD SUFFER IF WE NEED TO ADD OR REPLACE MANUFACTURERS.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Although we design and market our products, we outsource manufacturing to third party manufacturers. Outsourcing the manufacturing component of our business is common in the apparel industry, as we compete with other companies for the production capacity of our manufacturers. Because we are a small enterprise and many of the companies with which we compete have greater financial and other resources than we have, they may have an advantage in the competition for production capacity. We currently outsource our production to only three manufacturers. If we experience a significant increase in demand, or if we need to replace any of the manufacturers that we currently use, we may have to expand our third party manufacturing capacity. We cannot be assured that this capacity will be available to us, or that if available it will be available on terms that are acceptable to us. If we cannot produce a sufficient
quantity of our products to meet demand or delivery schedules, our customers might reduce demand, reduce the purchase price they are willing to pay for our products or replace our product with the product of a competitor, any of which could have a material adverse effect on our financial condition and operations.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font SIZE=2>OUR BUSINESS COULD SUFFER FROM THE FINANCIAL INSTABILITY OF OUR CUSTOMERS.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>We sell our product primarily to retail and distribution companies in the United States on open account with 30 to 45 day payment terms. In foreign markets, we try to obtain a letter of credit or wire transfer upon shipment, but these arrangements are not always possible. Financial difficulties with a customer could result in serious losses for our company.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>THE LOSS OF MR.&nbsp;JEFFREY LUBELL OR OTHER KEY MANAGEMENT PERSONNEL WOULD HAVE AN ADVERSE IMPACT ON OUR FUTURE DEVELOPMENT AND COULD IMPAIR OUR ABILITY TO SUCCEED.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Our performance is substantially dependent upon the expertise of our President, Mr.&nbsp;Jeffrey Lubell, and other key management personnel, and our ability to continue to hire and retain there personnel. Mr.&nbsp;Lubell spends all of his working time working with our company and our wholly-owned subsidiary. It may be difficult to find sufficiently qualified individuals to replace Mr.&nbsp;Lubell or other key management personnel if we were to lose any one or more of </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>&nbsp;</font></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>- 11 -</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>them. The loss of Mr.&nbsp;Lubell or any of our key management personnel could have a material adverse effect on our business, development, financial condition, and operating results.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>We do not maintain &#147;key person&#148; life insurance on any of our directors or senior executive officers.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font SIZE=2>COMPETITION IN THE APPAREL INDUSTRY IS FIERCE</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>The apparel industry, in general, and the designer denim sector, in particular, is intensely competitive and fragmented. We compete against a large number of well-established companies with greater product and name recognition and with substantially greater financial, marketing and distribution capabilities than ours, as well as against a large number of small specialty producers. Our competitors include, by way of example, Levi Strauss &amp; Co., Giorgio Armani, Polo Ralph Lauren Corporation, Calvin Klein and other well known and respected brands. There can be no assurance that we can compete successfully in this complex and changing market. If we cannot, our business will be adversely affected.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font SIZE=2>GOVERNMENT REGULATION AND SUPERVISION COULD RESTRICT OUR BUSINESS.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Any negative changes to international trade agreements and regulations such as NAFTA or any agreements affecting international trade such as those made by the World Trade Organization which  result in a rise in trade quotas, duties, taxes and similar impositions or which has the result of limiting the countries from whom we can purchase our fabric or other component materials, or limiting the countries where we might market and sell our products, could have an adverse effect on our business.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font SIZE=2>IF OUR COMPETITORS MISAPPROPRIATE OUR PROPRIETARY KNOW-HOW AND TRADE SECRETS, IT COULD HAVE A MATERIAL ADVERSE AFFECT ON OUR BUSINESS.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>The loss of or inability to enforce our trademark &#147;True Religion Brand Jeans&#148; and the trademarked &#147;Buddah&#148; logo and other proprietary know-how and trade secrets could adversely affect our business. </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>We depend heavily on trade secrets and the design expertise of Jeffrey and Kymberly Lubell. If any of our competitors copies or otherwise gains access to our trade secrets or develops similar products independently, we would not be able to compete as effectively. The measures we take to protect our trade secrets and designs may not be adequate to prevent their unauthorized use. Further, the laws of foreign countries may provide inadequate protection of such intellectual property rights. We may need to bring legal claims to enforce or protect such intellectual property rights. Any litigation, whether successful or unsuccessful, could result in substantial costs and diversions of resources. In addition, notwithstanding the rights we have secured in our intellectual property, other persons may bring claims against us that we have infringed on their intellectual property rights or claims that our intellectual
property right interests are not valid. Any claims against us, with or without merit, could be time consuming and costly to defend or litigate and therefore could have an adverse affect on our business.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>TRADING OF OUR STOCK MAY BE RESTRICTED BY THE SEC&#146;S PENNY STOCK REGULATIONS WHICH MAY LIMIT A STOCKHOLDER&#146;S ABILITY TO BUY AND SELL OUR STOCK.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>The United States Securities and Exchange Commission (&#147;SEC&#148;) has adopted regulations which generally define &#147;penny stock&#148; to be any equity security that has a market price (as defined) less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exceptions. During the year ended December 31, 2004, our securities were covered by the penny stock rules, which impose additional sales practice requirements on broker-dealers who sell to persons other than established customers and &#147;accredited investors&#148;. Although our securities are not currently subject to the penny stock rules, they will be so if the price of our stock declines below $5.00 per share.  The term &#147;accredited investor&#148; refers generally to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000 or annual income exceeding
$200,000 or $300,000 jointly with their spouse. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document in a form prepared by the SEC which provides information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>&nbsp;</font></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>- 12 -</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>salesperson in the transaction and monthly account statements showing the market value of each penny stock held in the customer&#146;s account. The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer&#146;s confirmation. In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from these rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser&#146;s written agreement to the transaction. These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for the stock that is subject to these penny stock rules.
Consequently, these penny stock rules may affect the ability of broker-dealers to trade our securities. We believe that the penny stock rules could, if they were to apply to our securities, discourage investor interest in, and limit the marketability of, our common stock.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font SIZE=2>WE DO NOT EXPECT TO DECLARE OR PAY ANY DIVIDENDS.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>We have not declared or paid any dividends on our common stock since our inception, and we do not anticipate paying any such dividends for the foreseeable future.</font></p>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>- 13 -</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font SIZE=2>INFORMATION ABOUT THE OFFERING</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>This Reoffer Prospectus relates to:</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>up to 1,400,000 common shares of our company that may be issued upon the exercise of 1,400,000 share purchase options that we granted on July 22, 2004 to three accredited investors, two of whom are directors of our company and all three of whom are executive officers of our company, in a private placement in which we relied on the exemption from registration provided for in Section 4(2) and/or Section 4(6) of the Securities Act of 1933;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>up to 133,333 common shares of our company that may be issued upon the exercise of 133,333 share purchase options that we granted on August 13, 2004 to one accredited investor, who is a director of our company, in a private placement in which we relied on the exemption from registration provided for in Section 4(2) and/or Section 4(6) of the Securities Act of 1933; and</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>up to 400,000 common shares of our company that may be issued upon the exercise of 400,000 share purchase options that we issued on July 19, 2003 to one accredited investor, who is an executive officer of our company, in a private placement in which we relied on the exemption from registration provided under Section 4(2) and/or Section 4(6) of the Securities Act of 1933.</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>50,000 common shares that we issued to one accredited investor on January 13, 2005, upon the exercise of 50,000 share purchase options that we originally granted to him on July 19, 2003, in a private placement in which we relied on the exemption from registration provided under Section 4(2) and/or Section 4(6) of the Securities Act of 1933.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>These common shares may be offered and resold from time to time by the selling security holders identified in this Reoffer Prospectus.  We anticipate that the selling security holders will offer shares for sale at prevailing prices on the OTC Bulletin Board on the date of sale.  Although we will receive payment of the exercise price from those of the selling security holders holding options when they exercise those options, we will receive no part of the proceeds from sales made under this Reoffer Prospectus.  The selling security holders will bear all sales commissions and similar expenses. We will however pay for all of the costs associated with the filing of this registration statement.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font SIZE=2>USE OF PROCEEDS</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>The shares being registered by this prospectus are being registered for the account of the selling security holders named in this Reoffer Prospectus.  As a result, all proceeds from the sales of the common stock will go to the selling security holders and we will not receive any proceeds from the resale of the common stock by the selling security holders.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font SIZE=2>ETERMINATION OF OFFERING PRICE </font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>The selling security holders may sell the Shares from time to time on the OTC Bulletin Board, or otherwise, at prices and terms then prevailing or at prices related to the then current market price, or in negotiated transactions. </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font SIZE=2>DILUTION </font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>Because any selling security holders who offer and sell Shares covered by this Reoffer Prospectus may do so at various times, at prices and at terms then prevailing or at prices related to the then current market price, or in negotiated transactions, we have not included in this Reoffer Prospectus information about the dilution (if any) to the public arising from these sales. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<pAGE>


<table border="0" cellspacing=0 cellpadding=0 width="48" style=' margin-left:223.5pt;border-collapse:collapse'>
    <tr>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>- 14 -</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font SIZE=2>SELLING SECURITY HOLDERS</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>The following table identifies the selling security holders and indicates (i) the nature of any material relationship that such selling security holder has had with us for the past three years, (ii) the number of shares held by the selling security holders, (iii) the amount to be offered for each of the selling security holder's account, and (iv) the number of shares and percentage of outstanding shares of the common shares in our capital to be owned by each selling security holder after the sale of the shares offered by them pursuant to this offering.  The selling security holders are not obligated to sell the shares offered in this Reoffer Prospectus and may choose not to sell any of the shares or only a part of the shares that they receive.  SEC rules require that we assume that the selling security holders sell all of the shares offered with this Reoffer Prospectus.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Under the Securities Exchange Act of 1934, any person engaged in a distribution of the shares offered by this Reoffer Prospectus may not simultaneously engage in market making activities with respect to our common shares during the applicable "cooling off" periods prior to the commencement of such distribution.  In addition, and without limiting the foregoing, the selling security holders will be subject to applicable provisions of the Securities Exchange Act of 1934 and the rules and regulations thereunder, which provisions may limit the timing of purchases and sales of the shares by the selling security holders.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="102%" style=' margin-left:0pt;border-collapse:collapse'>
    <tr style='height:24.0pt'>
        <td width="151" valign=bottom style=' height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Selling security holder</font></b><b></b></p> </td>
        <td width="96" valign=bottom style=' height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Number of</font></b><br> <b><font size=2>Shares</font></b><br> <b><font size=2>Beneficially</font></b><br> <b><font size=2>Owned(1)</font></b><b></b></p> </td>
        <td width="96" valign=bottom style=' height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Number of</font></b><br> <b><font size=2>Shares</font></b><br> <b><font size=2>Subject to</font></b><br> <b><font size=2>Options (2)</font></b><b></b></p> </td>
        <td width="96" valign=bottom style=' height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><br> <b><font size=2>Shares</font></b><br> <b><font size=2>Being</font></b><br> <b><font size=2>Registered</font></b><b></b></p> </td>
        <td  colspan="2" valign=bottom style=' height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Percentage of Shares</font></b><br> <b><font size=2>Beneficially Owned(3)</font></b><b></b></p> </td> </tr>
    <tr style='height:24.0pt'>
        <td width="151" valign=top style=' height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>&nbsp;<b></b></p> </td>
        <td width="96" valign=top style=' height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'>&nbsp;<b></b></p> </td>
        <td width="96" valign=top style=' height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'>&nbsp;<b></b></p> </td>
        <td width="96" valign=top style=' height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'>&nbsp;<b></b></p> </td>
        <td width="96" valign=top style=' height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Before</font></b><br> <b><font size=2>Offering</font></b><b></b></p> </td>
        <td width="102" valign=top style=' height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>After</font></b><br> <b><font size=2>Offering</font></b><b></b></p> </td> </tr>
    <tr>
        <td width="151" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Jeffrey Lubell(4)</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>8,977,667</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>950,000(5)</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>950,000</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>42.49%</font></p> </td>
        <td width="102" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>42.49%</font></p> </td> </tr>
    <tr>
        <td width="151" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Kymberly Lubell(6)</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>83,333</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>250,000(7)</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>250,000</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>0.39%</font></p> </td>
        <td width="102" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>0.39%</font></p> </td> </tr>
    <tr>
        <td width="151" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Mark Saltzman(8)</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>133,333(9)</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>133,333</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Nil</font></p> </td>
        <td width="102" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Nil</font></p> </td> </tr>
    <tr>
        <td width="151" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Charles Lesser(10)</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>353,667</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>600,000(11)</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>650,000</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>1.67%</font></p> </td>
        <td width="102" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>1.67%</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>


<table  border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>
        <td  colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Represents shares owned beneficially by each of Jeffrey Lubell, Kymberly Lubell, Mark Saltzman and Charles Lesser.  This figure includes shares underlying the options held by each of Jeffrey Lubell, Kymberly Lubell, Mark Saltzman and Charles Lesser that may be exercisable as of, or within 60 days after the date of, this Reoffer Prospectus, but does not include any shares underlying those options that cannot be exercised within that period. </font></p> </td> </tr>
    <tr>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(2)</font></p> </td>
        <td  colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Includes shares of our common stock underlying options granted to each of Jeffrey Lubell, Kymberly Lubell, Mark Saltzman and Charles Lesser, whether or not exercisable as of, or within 60 days of, the date of this Reoffer Prospectus.</font></p> </td> </tr>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(3)</font></p> </td>
        <td width="337" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on 21,130,571 shares outstanding as of May 2, 2005.</font></p> </td>
        <td  >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(4)</font></p> </td>
        <td  colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Mr. Lubell is currently a director and the President and Chief Executive Officer of our company.  He has held these positions since June 24, 2003.</font></p> </td> </tr>
    <tr>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(5)</font></p> </td>
        <td  colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>This figure represents stock options granted on July 22, 2004 at an exercise price of $0.77.  These options vest as to 1/3 of the options immediately, 1/3 of the options 12 months from the date of grant and 1/3 of the options 24 months from the date of grant.</font></p> </td> </tr>
    <tr>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(6)</font></p> </td>
        <td  colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Mrs. Lubell is currently a director and the Secretary of our company.  She has held these positions since July 4, 2003.</font></p> </td> </tr>
    <tr>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(7)</font></p> </td>
        <td  colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>This figure represents stock options granted on July 22, 2004 at an exercise price of $0.77.  These options vest as to 1/3 of the options immediately, 1/3 of the options 12 months from the date of grant and 1/3 of the options 24 months from the date of grant.</font></p> </td> </tr>
    <tr>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(8)</font></p> </td>
        <td  colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Mr. Saltzman is currently a director and the Chief Operating Officer of our company.  He has held these positions since July 4, 2003 and August 13, 2004 respectively.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
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<table border="0" cellspacing=0 cellpadding=0 width="48" style=' margin-left:223.5pt;border-collapse:collapse'>
    <tr>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>- 15 -</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table  border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(9)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>This figure represents unexercised stock options granted on August 13, 2004 at an exercise price of $1.20.  These options vest as to 1/3 of the options immediately, 1/3 of the options 12 months from the date of grant and 1/3 of the options 24 months from the date of grant.</font></p> </td> </tr>
    <tr>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(10)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Mr. Lesser is currently the Chief Financial Officer of our company.  He has held this position since September 1, 2003.</font></p> </td> </tr>
    <tr>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(11)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>This figure represents (i) 400,000 unexercised stock options granted on July 19, 2003 at an exercise price of $0.48 which vest as to 12,500 shares every month for a period of three years and (ii) 200,000 stock options granted on July 22, 2004 at an exercise price of $0.77 which vest as to 1/3 of the options immediately, 1/3 of the options 12 months from the date of grant and 1/3 of the options 24 months from the date of grant.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>The information provided in the table above with respect to the selling security holders has been obtained from each of the selling security holders.  Because the selling security holders may sell all or some portion of the shares of common stock beneficially owned by them, only an estimate (assuming the selling security holders sell all of the shares offered hereby) can be given as to the number of shares of common stock that will be beneficially owned by each selling security holder after this offering.  In addition, the selling security holders may have sold, transferred or otherwise disposed of, or may sell, transfer or otherwise dispose of, at any time or from time to time since the date on which he provided the information regarding the shares of common stock beneficially owned by them, all or a portion of the shares of common stock beneficially owned by them in transactions exempt from the registration
requirements of the Securities Act of 1933.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font SIZE=2>PLAN OF DISTRIBUTION</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>The selling security holders may, from time to time, sell all or a portion of their shares of our common stock on any market upon which the common stock may be quoted (currently the OTC Bulletin Board), in privately negotiated transactions or otherwise.  Such sales may be at fixed prices prevailing at the time of sale, at prices related to the market prices or at negotiated prices.  The shares of common stock being offered by this Reoffer Prospectus may be sold by the selling security holder by one or more of the following methods, without limitation:</font></p>


<table  border="0" cellspacing=0 cellpadding=0 style='margin-left:.5in;border-collapse: collapse'>
    <tr>
        <td width="48" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  colspan="8" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>block trades in which the broker or dealer so engaged will attempt to sell the shares of common stock as agent but may position and resell a portion of the block as principal to facilitate the transaction;</font></p> </td> </tr>
    <tr>
        <td width="48" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  colspan="8" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>purchases by broker or dealer as principal and resale by the broker or dealer for its account pursuant to this Reoffer Prospectus;</font></p> </td> </tr>
    <tr >
        <td width="48" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  colspan="3" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>an exchange distribution in accordance with the rules of the applicable exchange;</font></p> </td>
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td width="48" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td  colspan="5" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>ordinary brokerage transactions and transactions in which the broker solicits purchasers;</font></p> </td>
        <td   colspan="3">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td width="48" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(e)</font></p> </td>
        <td width="198" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>privately negotiated transactions;</font></p> </td>
        <td   colspan="7">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td width="48" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(f)</font></p> </td>
        <td  colspan="6" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>market sales (both long and short to the extent permitted under the federal securities laws);</font></p> </td>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td width="48" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(g)</font></p> </td>
        <td  colspan="4" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>at the market to or through market makers or into an existing market for the shares;</font></p> </td>
        <td   colspan="4">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td width="48" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(h)</font></p> </td>
        <td  colspan="7" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>through transactions in options, swaps or other derivatives (whether exchange listed or otherwise); and</font></p> </td>
        <td  >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td width="48" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(i)</font></p> </td>
        <td  colspan="2" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>a combination of any of the aforementioned methods of sale.</font></p> </td>
        <td   colspan="6">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="48" ></td>

        <td width="198" ></td>

        <td width="147" ></td>

        <td width="109" ></td>

        <td width="11" ></td>

        <td width="27" ></td>

        <td width="12" ></td>

        <td width="24" ></td>

        <td  ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>In effecting sales, brokers and dealers engaged by the selling security holders may arrange for other brokers or dealers to participate.  Brokers or dealers may receive commissions or discounts from a selling security holder or, if any of the broker-dealers act as an agent for the purchaser of such shares, from the purchaser in amounts to be negotiated which are not expected to exceed those customary in the types of transactions involved.  Broker-dealers may agree with a selling security holder to sell a specified number of the shares of common stock at a stipulated </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>&nbsp;</font></p>
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        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>- 16 -</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>price per share.  Such an agreement may also require the broker-dealer to purchase as principal any unsold shares of common stock at the price required to fulfil the broker-dealer commitment to the selling security holders if such broker-dealer is unable to sell the shares on behalf of the selling security holder.  Broker-dealers who acquire shares of common stock as principal may thereafter resell the shares of common stock from time to time in transactions which may involve block transactions and sales to and through other broker-dealers, including transactions of the nature described above.  Such sales by a broker-dealer could be at prices and on terms then prevailing at the time of sale, at prices related to the then-current market price or in negotiated transactions.  In connection with such resales, the broker-dealer may pay to or receive from the purchasers of the shares commissions as described above.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>The selling security holders and any broker-dealers or agents that participate with the selling security holders in the sale of the shares of common stock may be deemed to be "underwriters" within the meaning of the Securities Act of 1933 in connection with these sales.  In that event, any commissions received by the broker-dealers or agents and any profit on the resale of the shares of common stock purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act of 1933.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>From time to time, the selling security holders may pledge their shares of common stock pursuant to the margin provisions of their customer agreements with their respective brokers.  Upon a default by a selling security holder, the broker may offer and sell the pledged shares of common stock from time to time.  Upon a sale of the shares of common stock, the selling security holder intends to comply with the prospectus delivery requirements under the Securities Act of 1933 by delivering a prospectus to each purchaser in the transaction.  We intend to file any amendments or other necessary documents in compliance with the Securities Act of 1933 which may be required in the event the selling security holder defaults under any customer agreement with brokers.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>To the extent required under the Securities Act of 1933, a post-effective amendment to this registration statement will be filed, disclosing the name of any broker-dealers, the number of shares of common stock involved, the price at which the common stock is to be sold, the commission paid or discounts or concessions allowed to such broker-dealers, where applicable.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>We and the selling security holders will be subject to applicable provisions of the Securities Exchange Act of 1934 and the rules and regulations under it, including, without limitation, Rule 10b-5 and, insofar as the selling security holders are a distribution participant and we, under certain circumstances, may be a distribution participant, under Regulation M.  All of the foregoing may affect the marketability of the common stock.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>All expenses of the registration statement including, but not limited to, legal accounting, printing and mailing fees are and will be borne by us.  Any commissions, discounts or other fees payable to brokers or dealers in connection with any sale of the shares of common stock will be borne by the selling security holder, the purchasers participating in such transaction, or both.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>Any shares of common stock covered by this Reoffer Prospectus which qualify for sale pursuant to Rule 144 under the Securities Act of 1933 may be sold under Rule 144 rather than pursuant to this Reoffer Prospectus.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font SIZE=2>EXPERTS</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>Our financial statements as at December 31, 2004 and the period from inception (November 7, 2002) through December 31, 2004 incorporated by reference from our Form 10-KSB file with the SEC on March 31, 2005 have been audited by Stonefield Josephson, Inc., independent accountants, as set forth in their report accompanying the financial statements and are included herein in reliance upon the report.  </font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font SIZE=2>MATERIAL CHANGES</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>There have been no material changes to the affairs of our Company since December 31, 2004 which have not previously been described in a report on Form 10-QSB or Form 8-K.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font SIZE=2>INCORPORATION OF DOCUMENTS BY REFERENCE</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>See Part II, Item 3 on page 15 herein for a list of documents filed by our company with the United States Securities and Exchange Commission (the &#147;SEC&#148;) which are incorporated herein by reference.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font SIZE=2>AVAILABLE INFORMATION</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>You should only rely on the information incorporated by reference or provided in this Reoffer Prospectus or any supplement.  We have not authorized anyone else to provide you with different  information.  The common stock is not being offered in any state where the offer is not permitted.  You should not assume that the information in this Reoffer Prospectus or any supplement is accurate as of any date other than the date on the front of this Reoffer Prospectus.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>We file Form 8-K reports and other information with the Securities and Exchange Commission as is required by the Securities Exchange Act of 1934.  You may read and copy any reports, statements or other information we have filed at the Securities and Exchange Commission's Public Reference Room at 450 Fifth Street N.W., Washington, D.C. 20549.  Please call the Securities and Exchange Commission at 1-800-SEC-0330 for further information on the Public Reference Rooms.  Our filings are also available on the Internet at the Securities and Exchange Commission's website at http:\\www.sec.gov.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font SIZE=2>DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or persons controlling our business pursuant to the provision in the section entitled "Indemnification of Directors and Officers" (see below), we have been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is therefore unenforceable.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font SIZE=2>PART II</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><b><font size=2>Item</font></b><font size=2>&nbsp;</font><b><font size=2>3.  Incorporation of Documents by Reference.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>The SEC allows us to "incorporate by reference" information into this registration statement, which means that we can disclose important information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is deemed to be part of this registration statement, except for any information superseded by information in this registration statement.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>The following documents filed by our company with the SEC are incorporated herein by reference:</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>1.</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>The description of our common stock contained in the Registration Statement on Form SB-2 (SEC file number 333-112859), filed with the Securities and Exchange Commission on November 5, 2001, including all amendments and reports for the purpose of updating such description; and</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>2.</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>Our Annual Report on Form 10-KSB, filed on March 31, 2005.  Our financial statements as at December 31, 2004 and the period from inception (November 7, 2002) through December 31, 2004 incorporated by reference from our Form 10-KSB file with the SEC on March 31, 2005 have been audited by Stonefield Josephson, Inc., </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=1></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>&nbsp;</font></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>- 18 -</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>independent accountants, as set forth in their report accompanying the financial statements and are included herein  in reliance upon the report.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>All documents that we subsequently file pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, prior to the filing of a post-effective amendment indicating that all of the securities offered pursuant to this Reoffer Prospectus have been sold or deregistering all securities then remaining unsold, shall be deemed to be incorporated by reference in this registration statement and to be part hereof from the date of filing of such documents.  Any statement contained in a document incorporated by reference in this registration statement shall be deemed to be modified or superseded for purposes of this registration statement to the extent that a statement contained in this Reoffer Prospectus or in any subsequently filed document that is also incorporated by reference in this Reoffer Prospectus modifies or supersedes such statement.  Any statement so modified or superseded shall not
be deemed, except as so modified or superseded, to constitute a part of this registration statement.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>We will provide, without charge, to each person to whom a copy the Section 10(a) prospectus is delivered, upon oral or written request, a copy of any or all documents incorporated by reference in Item 3 of Part II of this registration statement (which documents are incorporated by reference in the Section 10(a) prospectus). Requests should be directed to the President, True Religion Apparel, Inc., 1525 Rio Vista Avenue, Los Angeles, California, 90023.  Our telephone number is 323.266.3072.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>You may read and copy any reports, statements or other information we have filed at the SEC's Public Reference Room at 450 Fifth Street, N.W., Washington, D.C. 20549.  Please call the SEC at 1-800-SEC-0330 for further information on the Public Reference Rooms. Our filings are also available on the Internet at the SEC's website at http:\\www.sec.gov.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><b><font size=2>Item</font></b><font size=2>&nbsp;</font><b><font size=2>4.  Description of Securities.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>We are registering:</font></p>


<table  border="0" cellspacing=0 cellpadding=0 style='margin-left:.5in;border-collapse: collapse'>
    <tr>
        <td width="48" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>up to 1,400,000 common shares of our company that may be issued upon the exercise of 1,400,000 share purchase options that we granted on July 22, 2004 to three accredited investors, two of whom are directors of our company and all three of whom are executive officers of our company, in a private placement in which we relied on the exemption from registration provided for in Section 4(2) and/or Section 4(6) of the Securities Act of 1933;</font></p> </td> </tr>
    <tr>
        <td width="48" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>up to 133,333 common shares of our company that may be issued upon the exercise of 133,333 share purchase options that we granted on August 13, 2004 to one accredited investor, who is a director of our company, in a private placement in which we relied on the exemption from registration provided for in Section 4(2) and/or Section 4(6) of the Securities Act of 1933; and</font></p> </td> </tr>
    <tr>
        <td width="48" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>up to 400,000 common shares of our company that may be issued upon the exercise of 400,000 share purchase options that we issued on July 19, 2003 to one accredited investor, who is an executive officer of our company, in a private placement in which we relied on the exemption from registration provided under Section 4(2) and/or Section 4(6) of the Securities Act of 1933.</font></p> </td> </tr>
    <tr>
        <td width="48" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>50,000 common shares that we issued to one accredited investor on January 13, 2005, upon the exercise of 50,000 share purchase options that we originally granted to him on July 19, 2003, in a private placement in which we relied on the exemption from registration provided under Section 4(2) and/or Section 4(6) of the Securities Act of 1933.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><b><font size=2>Item</font></b><font size=2>&nbsp;</font><b><font size=2>5.  Interests of Named Experts and Counsel.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>Not applicable.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=1></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>- 19 -</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><b><font size=2>Item</font></b><font size=2>&nbsp;</font><b><font size=2>6.  Indemnification of Directors and Officers.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Section 78.7502 of Nevada Revised Statutes provides as follows with respect to indemnification of directors and officers:</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><b><font size=2>NRS 78.7502 Discretionary and mandatory indemnification of officers, directors, employees and agents: General provisions.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>A corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, except an action by or in the right of the corporation, by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with the action, suit or proceeding if he acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or
proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent, does not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and that, with respect to any criminal action or proceeding, he had reasonable cause to believe that his conduct was unlawful.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>A corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses, including amounts paid in settlement and attorneys' fees actually and reasonably incurred by him in connection with the defense or settlement of the action or suit if he acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation. Indemnification may not be made for any claim, issue or matter as to which such a person has been
adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable to the corporation or for amounts paid in settlement to the corporation, unless and only to the extent that the court in which the action or suit was brought or other court of competent jurisdiction determines upon application that in view of all the circumstances of the case, the person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>To the extent that a director, officer, employee or agent of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsections 1 and 2, or in defense of any claim, issue or matter therein, the corporation shall indemnify him against expenses, including attorneys' fees, actually and reasonably incurred by him in connection with the defense.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>When indemnification is discretionary, Section 78.751 of Nevada Revised Statutes provides as follows with respect to the authorization required to carry out the indemnification:</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><b><font size=2>NRS 78.751 Authorization required for discretionary indemnification; advancement of expenses; limitation on indemnification and advancement of expenses.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Any discretionary indemnification under </font><u><font SIZE=2>NRS 78.7502</font></u><font size=2> unless ordered by a court or advanced pursuant to subsection 2, may be made by the corporation only as authorized in the specific case upon a determination that indemnification of the director, officer, employee or agent is proper in the circumstances. The determination must be made:</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>(a) By the stockholders;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>(b) By the board of directors by majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=1></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>- 20 -</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>(c) If a majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding so orders, by independent legal counsel in a written opinion; or</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>(d) If a quorum consisting of directors who were not parties to the action, suit or proceeding cannot be obtained, by independent legal counsel in a written opinion.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>The articles of incorporation, the bylaws or an agreement made by the corporation may provide that the expenses of officers and directors incurred in defending a civil or criminal action, suit or proceeding must be paid by the corporation as they are incurred and in advance of the final disposition of the action, suit or proceeding, upon receipt of an undertaking by or on behalf of the director or officer to repay the amount if it is ultimately determined by a court of competent jurisdiction that he is not entitled to be indemnified by the corporation. The provisions of this subsection do not affect any rights to advancement of expenses to which corporate personnel other than directors or officers may be entitled under any contract or otherwise by law.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>3. The indemnification and advancement of expenses authorized in or ordered by a court pursuant to this section:</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>(a) Does not exclude any other rights to which a person seeking indemnification or advancement of expenses may be entitled under the articles of incorporation or any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, for either an action in his official capacity or an action in another capacity while holding his office, except that indemnification, unless ordered by a court pursuant to </font><u><font SIZE=2>NRS 78.7502</font></u><font size=2> or for the advancement of expenses made pursuant to subsection 2, may not be made to or on behalf of any director or officer if a final adjudication establishes that his acts or omissions involved intentional misconduct, fraud or a knowing violation of the law and was material to the cause of action.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>(b) Continues for a person who has ceased to be a director, officer, employee or agent and inures to the benefit of the heirs, executors and administrators of such a person.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>Article VII of our Bylaws provide that we must indemnify any director, officer, employee or agent of our company who becomes a party to an action against expenses including attorney fees, judgments, fines and amounts paid in settlement if that person acted in good faith and reasoned his conduct or action to be in the best interest of our company.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><b><font size=2>Item</font></b><font size=2>&nbsp;</font><b><font size=2>7.  Exemption from Registration Claimed.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>Not Applicable.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><b><font size=2>Item</font></b><font size=2>&nbsp;</font><b><font size=2>8.  Exhibits.</font></b></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5</font></p> </td>
        <td width="157" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Opinion of Clark, Wilson</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>23.1</font></p> </td>
        <td  colspan="3" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Consent of Clark, Wilson (included in Exhibit 5)</font></p> </td>
        <td  width="212">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>23.2</font></p> </td>
        <td  colspan="4" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Consent of Independent Registered Public Accounting Firm (Stonefield Josephson, Inc.)</font></p> </td> </tr>
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        <td width="36" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>24</font></p> </td>
        <td  colspan="2" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Power of Attorney (included in signature page)</font></p> </td>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
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        <td width="8" ></td>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=1></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>- 21 -</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><b><font size=2>Item</font></b><font size=2>&nbsp;</font><b><font size=2>9.  Undertakings.</font></b></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td width="137" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>We hereby undertake:</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:0.5in;text-align:left;'><font size=2>(1)</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:1in;text-align:left;'><font size=2>(i)</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:1in;text-align:left;'><font size=2>(ii)</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>to reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent post-effective amendment hereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement; and</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:1in;text-align:left;'><font size=2>(iii)</font><font size=1>&nbsp;&nbsp;&nbsp;</font><font size=2>to include any material information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in this registration statement;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>PROVIDED, HOWEVER, that undertakings set forth in paragraphs (i) and (ii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed by the Registrant pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in this registration statement.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:0.5in;text-align:left;'><font size=2>(2)</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at the time shall be deemed to be the initial bona fide offering thereof.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:0.5in;text-align:left;'><font size=2>(3)</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>(b)</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>We hereby undertake that, for purposes of determining any liability under the Securities Act of 1933, each filing of our annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>(c)</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and persons controlling our company pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by our company of expenses incurred or paid by a director, officer or controlling person of our company in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, our company will, unless in the opinion of our counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by us is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=1></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>- 22 -</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font SIZE=2>SIGNATURES</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Los Angeles, State of California, on May 2, 2005.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><b><font SIZE=2>TRUE RELIGION APPAREL, INC.</font></b></p>


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            <p  align=left style='margin-top:0in;text-align:left; page-break-after:avoid'><u><font size=2>/s/ Jeffrey Lubell</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>By:  Jeffrey Lubell, President, CEO and Director</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>(Principal Executive Officer)</font></p>


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            <p  align=left style='margin-top:0in;text-align:left; page-break-after:avoid'><u><font size=2>/s/ Charles Lesser</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>By: Charles Lesser, Chief Financial Officer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>(Principal Financial and Accounting Officer)</font></p>

<p style=' margin-bottom:0pt; margin-top:30pt;text-align:center;'><b><font SIZE=2>POWER OF ATTORNEY</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt; text-indent:0.5in;text-align:left;'><font size=2>KNOW ALL PERSONS BY THESE PRESENTS, that each person who signature appears below constitutes and appoints Charles Lesser as his true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or any of them, or of their substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; text-indent:0.5in;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates stated.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font size=2>Signatures</font></b></p>


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            <p  align=left style='margin-top:0in;text-align:left'><u><font size=2>/s/ Jeffrey Lubell</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Jeffrey Lubell, President, CEO and Director</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>May 2, 2005</font></p>


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            <p  align=left style='margin-top:0in;text-align:left'><u><font size=2>/s/ Charles Lesser</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Charles Lesser, Chief Financial Officer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>May 2, 2005</font></p>


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            <p  align=left style='margin-top:0in;text-align:left'><u><font size=2>/s/ Kymberly Lubell</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Kymberly Lubell, Secretary and Director</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>May 2, 2005</font></p>


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            <p  align=left style='margin-top:0in;text-align:left'><u><font size=2>/s/ Mark Saltzman</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Mark Saltzman, Director</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>May 2, 2005</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=1></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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{"company-data": {"conformed-name": "TRUE RELIGION APPAREL INC", "cik": "0001160858", "assigned-sic": "2300", "irs-number": "980352633", "state-of-incorporation": "NV", "fiscal-year-end": "0831"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-124603", "film-number": "05796141"}, "business-address": {"street1": "1525 RIO VISTA AVENUE", "city": "LOS ANGELES", "state": "CA", "zip": "90023", "phone": "323.266.3072"}, "mail-address": {"street1": "1525 RIO VISTA AVENUE", "city": "LOS ANGELES", "state": "CA", "zip": "90023"}, "former-company": {"former-conformed-name": "GUSANA EXPLORATIONS INC", "date-changed": "20011015"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
TRUE RELIGION APPAREL, INC.
(Exact name of registrant as specified in its charter)
Nevada
(State or other jurisdiction of incorporation or organization)
98-0352633
(I.R.S. Employer Identification No.)
1525 Rio Vista Avenue
Los Angeles, CA  90023
(Address of Principal Executive Offices and Zip Code)
N/A
(Full title of the plan)
The President
True Religion Apparel Inc.
1525 Rio Vista Avenue
Los Angeles, CA  90023
(Name and address of agent for service)
323.266.3072
(Telephone number, including area code, of agent for service)
Copies of all communications, including all communications sent to the agent for service, should be sent to:
Ethan Minsky
Clark, Wilson
Barristers & Solicitors
800 - 885 West Georgia Street, Vancouver, British Columbia, Canada  V6C 3H1
Telephone: 604.687.5700
Facsimile: 604.687.6314
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CALCULATION OF REGISTRATION FEE
Title of Securities to
be Registered
(1)
Amount to be
Registered
Proposed
Maximum
Offering
Price Per Share
Proposed
Maximum
Aggregate
Offering Price
Amount of
Registration
Fee
Common Shares Underlying Options
(2)
1,933,333
$14.90
$28,806,661.70
$3,390.54
(3)
Common Shares
50,000
$14.90
$745,000
$87.69
Total
1,983,333
$14.90
$29,551,661.70
$3,478.23
(1)
We are registering 400,000 common shares underlying share purchase options that we granted to one of the selling security holders on July 19, 2003, prior to the adoption of our 2004 Stock Option Plan, and 1,533,333 common shares underlying share purchase options that we granted under our 2004 Stock Option Plan to the selling security holders on July 22, 2004 and on August 13, 2004, after the date of adoption of our 2004 Stock Option Plan but prior to October 7, 2004, which is the date that we filed a registration statement on Form S-8 registering all of the then unissued shares and options available for issuance under our 2004 Stock Option Plan.
(2)
An indeterminate number of additional shares of common stock shall be issuable pursuant to Rule 416 to prevent dilution resulting from stock splits, stock dividends or similar transactions and in such an event the number of shares registered shall automatically be increased to cover the additional shares in accordance with Rule 416 under the Securities Act.
(3)
The price is estimated in accordance with Rule 457(h)(1) under the Securities Act of 1933, as amended, solely for the purpose of calculating the registration fee.  Our estimate is based on the average of the high and low prices for our common stock as reported on the National Association of Securities Dealers Inc.'s OTC Bulletin Board on May 2, 2005.
EXPLANATORY NOTE
We prepared this registration statement in accordance with the requirements of Form S-8 under the Securities Act of 1933, to register:
(a)
up to 1,400,000 common shares of our company that may be issued upon the exercise of 1,400,000 share purchase options that we granted on July 22, 2004 to three accredited investors, two of whom are directors of our company and all three of whom are executive officers of our company, in a private placement in which we relied on the exemption from registration provided for in Section 4(2) and/or Section 4(6) of the Securities Act of 1933;
(b)
up to 133,333 common shares of our company that may be issued upon the exercise of 133,333 share purchase options that we granted on August 13, 2004 to one accredited investor, who is a director of our company, in a private placement in which we relied on the exemption from registration provided for in Section 4(2) and/or Section 4(6) of the Securities Act of 1933; and
(c)
up to 400,000 common shares of our company that may be issued upon the exercise of 400,000 share purchase options that we issued on July 19, 2003 to one accredited investor, who is an executive officer of our company, in a private placement in which we relied on the exemption from registration provided under Section 4(2) and/or Section 4(6) of the Securities Act of 1933.
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(d)
50,000 common shares that we issued to one accredited investor on January 13, 2005, upon the exercise of 50,000 share purchase options that we originally granted to him on July 19, 2003, in a private placement in which we relied on the exemption from registration provided under Section 4(2) and/or Section 4(6) of the Securities Act of 1933.
Under cover of this registration statement on Form S-8 is our Reoffer Prospectus prepared in accordance with Part I of Form S-3 under the 1933 Act.  The Reoffer Prospectus has been included in this registration statement on Form S-8 so that the selling security holders may resell the shares of common stock registered by this registration statement.
On July 19, 2003, prior to the date of adoption of our 2004 Stock Option Plan, we granted 450,000 share purchase options to Charles Lesser, our Chief Financial Officer.  Mr. Lesser exercised 50,000 of these share purchase options on January 13, 2005.  On July 22, 2004, we granted 950,000 share purchase options to Jeffrey Lubell, our Chief Executive Officer and a director of our company; 250,000 share purchase options to Kymberly Lubell, our Corporate Secretary and a director of our company, and 200,000 share purchase options to Charles Lesser, our Chief Financial Officer.  All of these July 22, 2004 share purchase options were granted pursuant to our 2004 Stock Option Plan.  On August 13, 2004, we granted 200,000 share purchase options to Mark Saltzman, one of our directors and the Chief Operating Officer of our wholly-owned subsidiary, Guru Denim, Inc.  This August 13, 2004 grant was also pursuant to our
2004 Stock Option Plan.  Mr. Saltzman exercised 66,667 of these share purchase options on January 20, 2005.  Because all of the share purchase options that we are registering on this registration statement were granted prior to October 7, 2004, which is the date that we registered all of the options issuable pursuant to our 2004 Stock Option Plan (and the underlying common shares that could be issued upon the exercise of those options), all of these share purchase options (and the underlying common shares) are considered "restricted securities" for the purposes of Instruction C of Form S-8 and therefore we are registering such shares of common stock for resale on this registration statement.  Accordingly, we have included in the Reoffer Prospectus the names of the persons who hold these options and we have described the nature and the number of securities to be reoffered by them.
Our Reoffer Prospectus has been prepared pursuant to Instruction C of Form S-8, in accordance with the requirements of Part I of Form S-3, and may be used for reofferings and resales on a continuous or delayed basis in the future of up to an aggregate of 1,983,333 shares of our common stock which have been or may be issued upon exercise of the options issued on July 19, 2003, August 13, 2004 and July 22, 2004.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item
1.  Plan Information
Not applicable.
Item
2.  Registrant Information and Employee Plan Annual Information
We will provide, without charge, to each person to whom a copy of the Section 10(a) prospectus is delivered, upon oral or written request, a copy of any or all documents incorporated by reference in Item 3 of Part II of this registration statement (which documents are incorporated by reference in the Section 10(a) prospectus).  Requests should be directed to Charles Lesser, Chief Financial Officer, True Religion Apparel Inc., 1525 Rio Vista Avenue, Los Angeles, California, 90023.  Our telephone number is 323.266.3072.
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REOFFER PROSPECTUS
The date of this prospectus is May 2, 2005
True Religion Apparel Inc.
1525 Rio Vista Avenue
Los Angeles, CA  90023
1,983,333 Shares of Common Stock
This Reoffer Prospectus relates to:
(a)
up to 1,400,000 common shares of our company that may be issued upon the exercise of 1,400,000 share purchase options that we granted on July 22, 2004 to three accredited investors, two of whom are directors of our company and all three of whom are executive officers of our company, in a private placement in which we relied on the exemption from registration provided for in Section 4(2) and/or Section 4(6) of the Securities Act of 1933;
(b)
up to 133,333 common shares of our company that may be issued upon the exercise of 133,333 share purchase options that we granted on August 13, 2004 to one accredited investor, who is a director of our company, in a private placement in which we relied on the exemption from registration provided for in Section 4(2) and/or Section 4(6) of the Securities Act of 1933; and
(c)
up to 400,000 common shares of our company that may be issued upon the exercise of 400,000 share purchase options that we issued on July 19, 2003 to one accredited investor, who is an executive officer of our company, in a private placement in which we relied on the exemption from registration provided under Section 4(2) and/or Section 4(6) of the Securities Act of 1933.
(d)
50,000 common shares that we issued to one accredited investor on January 13, 2005, upon the exercise of 50,000 share purchase options that we originally granted to him on July 19, 2003, in a private placement in which we relied on the exemption from registration provided under Section 4(2) and/or Section 4(6) of the Securities Act of 1933.
These common shares may be offered and resold from time to time by the selling security holders identified in this Reoffer Prospectus.  We anticipate that the selling security holders will offer shares for sale at prevailing prices on the OTC Bulletin Board on the date of sale.  Although we will receive payment of the exercise price from those of the selling security holders holding options when they exercise those options, we will receive no part of the proceeds from sales made under this Reoffer Prospectus.  The selling security holders will bear all sales commissions and similar expenses. We will however pay for all of the costs associated with the filing of this registration statement.
The selling security holders and any brokers executing selling orders on their behalf may be deemed to be "underwriters" within the meaning of the Securities Act of 1933, in which event commissions received by such brokers may be deemed to be underwriting commissions under the Securities Act of 1933.
Our common shares are quoted on the OTC Bulletin Board under the trading symbol "TRLG".  On May 2, 2005, the last reported closing price of our common stock was $14.60 per share on the OTCBB.
Our principal executive offices are located at 1525 Rio Vista Avenue, Los Angeles, California, 90023 and our telephone number is 323.266.3072.
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THE COMMON SHARES OFFERED PURSUANT TO THIS REOFFER PROSPECTUS INVOLVE A HIGH DEGREE OF RISK.  FOR MORE INFORMATION, PLEASE SEE THE SECTION OF THE SECTION OF THIS REOFFER PROSPECTUS TITLED "RISK FACTORS", BEGINNING ON PAGE 7.
NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS.  ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE.
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REOFFER PROSPECTUS
TABLE OF CONTENTS
Page Number
PROSPECTUS SUMMARY
6
FORWARD LOOKING STATEMENTS
6
RISK FACTORS
7
INFORMATION ABOUT THE OFFERING
12
USE OF PROCEEDS
12
SELLING SECURITY HOLDERS
12
PLAN OF DISTRIBUTION
13
EXPERTS
14
LEGAL MATTERS
14
MATERIAL CHANGES
14
AVAILABLE INFORMATION
15
DISCLOSURE OF COMMISSION POSITION FOR SECURITIES ACT LIABILITIES
15
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PROSPECTUS SUMMARY
The following summary is qualified in its entirety by the more detailed information and financial statements and notes thereto appearing elsewhere in this Reoffer Prospectus.  Consequently, this summary does not contain all of the information that you should consider before investing in our common stock.  You should carefully read the entire Reoffer Prospectus, including the "Risk Factors" section, and the documents and information incorporated by reference into this Reoffer Prospectus.
This Reoffer Prospectus relates to:
(a)
up to 1,400,000 common shares of our company that may be issued upon the exercise of 1,400,000 share purchase options that we granted on July 22, 2004 to three accredited investors, two of whom are directors of our company and all three of whom are executive officers of our company, in a private placement in which we relied on the exemption from registration provided for in Section 4(2) and/or Section 4(6) of the Securities Act of 1933;
(b)
up to 133,333 common shares of our company that may be issued upon the exercise of 133,333 share purchase options that we granted on August 13, 2004 to one accredited investor, who is a director of our company, in a private placement in which we relied on the exemption from registration provided for in Section 4(2) and/or Section 4(6) of the Securities Act of 1933; and
(c)
up to 400,000 common shares of our company that may be issued upon the exercise of 400,000 share purchase options that we issued on July 19, 2003 to one accredited investor, who is an executive officer of our company, in a private placement in which we relied on the exemption from registration provided under Section 4(2) and/or Section 4(6) of the Securities Act of 1933.
(d)
50,000 common shares that we issued to one accredited investor on January 13, 2005, upon the exercise of 50,000 share purchase options that we originally granted to him on July 19, 2003, in a private placement in which we relied on the exemption from registration provided under Section 4(2) and/or Section 4(6) of the Securities Act of 1933.
These common shares may be offered and resold from time to time by the selling security holders identified in this Reoffer Prospectus.  We anticipate that the selling security holders will offer shares for sale at prevailing prices on the OTC Bulletin Board on the date of sale.  Although we will receive payment of the exercise price from those of the selling security holders holding options when they exercise those options, we will receive no part of the proceeds from sales made under this Reoffer Prospectus.  The selling security holders will bear all sales commissions and similar expenses. We will however pay for all of the costs associated with the filing of this registration statement.
A Brief History of our Company
We were incorporated under the laws of the State of Nevada on April 25, 2001 under the name Gusana Explorations Inc. On June 24, 2003, we acquired all of the issued and outstanding shares of Guru Denim, Inc., and, on August 18, 2003, we changed our name to True Religion Apparel, Inc.
From inception on April 25, 2001, until our company's acquisition of Guru Denim, Inc., on June 24, 2003, our company was engaged in the exploration and acquisition of mineral properties. Our principal capital resources were acquired through issuance of common stock and from shareholder loans.
We had insufficient capital to fully explore and develop our mineral properties and we were unable to obtain additional financing in the form of a private placement or shareholder loans to obtain the capital necessary to survive and exploit our resources. As a result, we were unsuccessful in fully implementing our business plan in regards to the exploration and development of our mineral properties. Our board of directors subsequently conducted an in-depth analysis of our business plan and related future prospects for mineral exploration companies. They decided
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that it was in our company's best interest to concurrently pursue initiatives in the clothing industry as an extension to our existing business. Accordingly, we began researching business opportunities in the clothing industry, including potential acquisitions and arrangements with suitable business partners that might assist us in realizing our overall objective of engaging in a profitable business. Our board of directors felt that this was in our best interests because they determined that it was not likely that our mineral properties could be successfully explored and developed without a source of revenue to sustain these activities. Since that time, our board of directors decided that the continuation of the program of exploration of our mineral properties was too costly and the prospects of profitability were too remote, and they resolved to let these mining claims lapse.
On June 23, 2003, we entered into a formal Share Purchase Agreement with Jeffrey Lubell and Guru Denim, Inc. pursuant to which we agreed to acquire all 1,000 of the issued and outstanding shares of Guru Denim, Inc. Eight hundred of these shares were owned by Mr. Lubell, the other 200 shares were owned by Indigo Group U.S.A., Inc. In consideration for all of the shares of Guru Denim, Inc., our company agreed to issue 14,571,305 shares of our common stock to Mr. Lubell and to pay $300,000 in cash to Indigo Group U.S.A., Inc. The transactions contemplated in this Share Purchase Agreement closed on June 24, 2003.
This share exchange transaction was treated, for accounting purposes, as a reverse merger.  Mr. Lubell, who became our President and Chief Executive Officer upon closing, has 25 years of experience in the clothing and textile industries.  He has designed, marketed and distributed specialized denim and high fashion jeans in Los Angeles since 1978.  Guru Denim Inc. makes and distributes high fashion jeans under the trademark name "True Religion Brand Jeans".  Mr. Lubell executed a management agreement with us on closing providing him with a percentage of our net sales in addition to salary, options and other compensation.
A Brief Description of our Business
Through our wholly-owned subsidiary Guru Denim, Inc., we design, develop, manufacture, market, distribute and sell high fashion jeans and other apparel. We currently manufacture, market, distribute and sell apparel under the brand name "True Religion Brand Jeans"  including jeans, skirts, denim jackets and tops in the United States, Canada, the United Kingdom, Europe,  Mexico and Japan.
Our offices are located at 1525 Rio Vista Avenue, Los Angeles, California 90023 and consist of approximately 19,300 square feet of combined office and warehouse space that we rent at a rate of $0.78 per square foot per year. Through our operating subsidiary, Guru Denim, Inc., we conduct all of our executive and administrative functions and ship True Religion Brand Jeans to our customers from this facility. Our telephone number, which we share with Guru Denim, Inc., is (323) 266-3072.
We market and distribute our products by attendance at industry and trade shows and by entering into sales agency or distribution agreements with independent agents, each of whom is granted exclusive rights to market and sell our products in its respective territory. We currently have agreements in place with commissioned sales agents in the United States earning sales commissions at 10%. We currently have distribution agreements with distributors in Italy, Germany, Switzerland, Japan, Holland, France, Scandinavia, Spain, South Africa, Mexico, Canada and the United Kingdom. Our distributors purchase products from our company at a discount for resale to their customers in their respective territories. Our distributors warehouse our products at their expense and they ship to and collect payment from their customers directly.
As used in this Reoffer Prospectus, the terms "we", "us", "our" and "True Religion" means True Religion Apparel, Inc. and our subsidiary, Guru Denim, Inc., unless otherwise indicated.
RISK FACTORS
Forward Looking Statements
This Reoffer Prospectus contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995.  These statements relate to future events or our future financial performance.  In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects",
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"plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology.  These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks described in this section, that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.  Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.
Those forward-looking statements also involve certain risks and uncertainties.  Factors, risks and uncertainties that could cause or contribute to such differences include those specific risks and uncertainties discussed below and those discussed in our Annual Report on Form 10-KSB, filed with the Securities and Exchange Commission on March 31, 2005.  The cautionary statements made in this document should be read as being applicable to all related forward-looking statements wherever they appear in this document.
Our common shares are considered speculative during the growth of our new business operations. Prospective investors should consider carefully the risk factors set out below.
WE ARE IN THE EARLY STAGES OF OUR GROWTH AND WE HAVE ONLY JUST BEGUN TO EARN SIGNIFICANT REVENUE, WHICH MAKES IT DIFFICULT TO EVALUATE WHETHER WE WILL OPERATE PROFITABLY
We are in the early stages of the growth of our company, which is involved primarily in the production and processing of high fashion denim apparel. As a result, we do not have a meaningful historical record of sales and revenues nor an established business track record. We have only recently begun to earn significant profits.
Unanticipated problems, expenses and delays are frequently encountered in ramping up production and sales and developing new products, especially in the current stage of our business. Our ability to continue to successfully develop, produce and sell our products and to generate significant operating revenues will depend on our ability to, among other things:
•
Continue to successfully develop and operate production facilities or maintain existing or new agreements with third parties to perform these functions on our behalf;
•
successfully market, distribute and sell our products or enter into agreements with third parties to perform these functions on our behalf; and
•
obtain the financing required to implement our business plan.
Given our limited operating history, lack of long-term sales history and other sources of revenue, there can be no assurance that we will be able to achieve any of these goals and develop a sufficiently large customer base to continue to be profitable.
During the year ended December 31, 2004 we raised $2,000,000 of equity capital in a private placement and our management believes that we can sustain our operations for the next year from a combination of the proceeds of this private placement, existing working capital and from operating revenue. The future of our company will depend upon our ability to continue to obtain adequate orders for our products, prompt payment for our products and, as and when needed, sufficient financing and continuing support from our factor Merchant Factors Corp., and to continue to maintain profitable operations. To the extent that we cannot achieve our plans and generate revenues which exceed expenses on a consistent basis and in a timely manner, our business, results of operations, financial condition and prospects could be materially adversely affected.
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OUR CONTINUED OPERATIONS DEPEND ON CURRENT FASHION TRENDS. IF OUR PRODUCTS AND DESIGN DO NOT CONTINUE TO BE FASHIONABLE, OUR BUSINESS COULD BE ADVERSELY AFFECTED.
The novelty and the design of our True Religion Brand Jeans apparel is  important to our success and competitive position, and the inability to continue to develop and offer such unique products to our customers could harm our business. We cannot be certain that high fashion denim apparel will continue to be fashionable. Should the trend steer away from high fashion denim apparel, sales could decrease and  our business could be adversely affected. In addition, there are no assurances that our future designs will be successful, and any unsuccessful designs could adversely affect our business.
WE DEPEND ON THIRD PARTIES FOR SIGNIFICANT ELEMENTS OF OUR SALES AND DISTRIBUTION EFFORTS. IF THESE THIRD PARTIES DO NOT CONTINUE TO ASSIST US IN OUR SALES AND DISTRIBUTION, OUR REVENUE COULD DECREASE, WHICH WOULD HAVE AN ADVERSE IMPACT ON OUR BUSINESS
We limit our marketing efforts to participation at trade shows where we showcase our products. We depend substantially upon third parties for several critical elements of our business including, among other things, sales and distribution activities. There can be no assurance that we or these third parties will be able to establish or maintain adequate sales and distribution capabilities, that we will be able to enter into agreements or relationships with third parties in additional territories on financially acceptable terms or that any third parties with whom we enter into such arrangements will be successful in selling or distributing our products. If they are not, our business could be negatively impacted. Also, if we are unable to maintain our relationships with these sales agents and distributors or if these sales agents and distributors begin selling our competitors products, then our ability to
generate revenues through the sale of our products could be negatively impacted.
OUR BUSINESS COULD SUFFER IF WE NEED TO ADD OR REPLACE MANUFACTURERS.
Although we design and market our products, we outsource manufacturing to third party manufacturers. Outsourcing the manufacturing component of our business is common in the apparel industry, as we compete with other companies for the production capacity of our manufacturers. Because we are a small enterprise and many of the companies with which we compete have greater financial and other resources than we have, they may have an advantage in the competition for production capacity. We currently outsource our production to only three manufacturers. If we experience a significant increase in demand, or if we need to replace any of the manufacturers that we currently use, we may have to expand our third party manufacturing capacity. We cannot be assured that this capacity will be available to us, or that if available it will be available on terms that are acceptable to us. If we cannot produce a sufficient
quantity of our products to meet demand or delivery schedules, our customers might reduce demand, reduce the purchase price they are willing to pay for our products or replace our product with the product of a competitor, any of which could have a material adverse effect on our financial condition and operations.
OUR BUSINESS COULD SUFFER FROM THE FINANCIAL INSTABILITY OF OUR CUSTOMERS.
We sell our product primarily to retail and distribution companies in the United States on open account with 30 to 45 day payment terms. In foreign markets, we try to obtain a letter of credit or wire transfer upon shipment, but these arrangements are not always possible. Financial difficulties with a customer could result in serious losses for our company.
THE LOSS OF MR. JEFFREY LUBELL OR OTHER KEY MANAGEMENT PERSONNEL WOULD HAVE AN ADVERSE IMPACT ON OUR FUTURE DEVELOPMENT AND COULD IMPAIR OUR ABILITY TO SUCCEED.
Our performance is substantially dependent upon the expertise of our President, Mr. Jeffrey Lubell, and other key management personnel, and our ability to continue to hire and retain there personnel. Mr. Lubell spends all of his working time working with our company and our wholly-owned subsidiary. It may be difficult to find sufficiently qualified individuals to replace Mr. Lubell or other key management personnel if we were to lose any one or more of
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them. The loss of Mr. Lubell or any of our key management personnel could have a material adverse effect on our business, development, financial condition, and operating results.
We do not maintain "key person" life insurance on any of our directors or senior executive officers.
COMPETITION IN THE APPAREL INDUSTRY IS FIERCE
The apparel industry, in general, and the designer denim sector, in particular, is intensely competitive and fragmented. We compete against a large number of well-established companies with greater product and name recognition and with substantially greater financial, marketing and distribution capabilities than ours, as well as against a large number of small specialty producers. Our competitors include, by way of example, Levi Strauss & Co., Giorgio Armani, Polo Ralph Lauren Corporation, Calvin Klein and other well known and respected brands. There can be no assurance that we can compete successfully in this complex and changing market. If we cannot, our business will be adversely affected.
GOVERNMENT REGULATION AND SUPERVISION COULD RESTRICT OUR BUSINESS.
Any negative changes to international trade agreements and regulations such as NAFTA or any agreements affecting international trade such as those made by the World Trade Organization which  result in a rise in trade quotas, duties, taxes and similar impositions or which has the result of limiting the countries from whom we can purchase our fabric or other component materials, or limiting the countries where we might market and sell our products, could have an adverse effect on our business.
IF OUR COMPETITORS MISAPPROPRIATE OUR PROPRIETARY KNOW-HOW AND TRADE SECRETS, IT COULD HAVE A MATERIAL ADVERSE AFFECT ON OUR BUSINESS.
The loss of or inability to enforce our trademark "True Religion Brand Jeans" and the trademarked "Buddah" logo and other proprietary know-how and trade secrets could adversely affect our business.
We depend heavily on trade secrets and the design expertise of Jeffrey and Kymberly Lubell. If any of our competitors copies or otherwise gains access to our trade secrets or develops similar products independently, we would not be able to compete as effectively. The measures we take to protect our trade secrets and designs may not be adequate to prevent their unauthorized use. Further, the laws of foreign countries may provide inadequate protection of such intellectual property rights. We may need to bring legal claims to enforce or protect such intellectual property rights. Any litigation, whether successful or unsuccessful, could result in substantial costs and diversions of resources. In addition, notwithstanding the rights we have secured in our intellectual property, other persons may bring claims against us that we have infringed on their intellectual property rights or claims that our intellectual
property right interests are not valid. Any claims against us, with or without merit, could be time consuming and costly to defend or litigate and therefore could have an adverse affect on our business.
TRADING OF OUR STOCK MAY BE RESTRICTED BY THE SEC'S PENNY STOCK REGULATIONS WHICH MAY LIMIT A STOCKHOLDER'S ABILITY TO BUY AND SELL OUR STOCK.
The United States Securities and Exchange Commission ("SEC") has adopted regulations which generally define "penny stock" to be any equity security that has a market price (as defined) less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exceptions. During the year ended December 31, 2004, our securities were covered by the penny stock rules, which impose additional sales practice requirements on broker-dealers who sell to persons other than established customers and "accredited investors". Although our securities are not currently subject to the penny stock rules, they will be so if the price of our stock declines below $5.00 per share.  The term "accredited investor" refers generally to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000 or annual income exceeding
$200,000 or $300,000 jointly with their spouse. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document in a form prepared by the SEC which provides information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its
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salesperson in the transaction and monthly account statements showing the market value of each penny stock held in the customer's account. The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer's confirmation. In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from these rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser's written agreement to the transaction. These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for the stock that is subject to these penny stock rules.
Consequently, these penny stock rules may affect the ability of broker-dealers to trade our securities. We believe that the penny stock rules could, if they were to apply to our securities, discourage investor interest in, and limit the marketability of, our common stock.
WE DO NOT EXPECT TO DECLARE OR PAY ANY DIVIDENDS.
We have not declared or paid any dividends on our common stock since our inception, and we do not anticipate paying any such dividends for the foreseeable future.
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INFORMATION ABOUT THE OFFERING
This Reoffer Prospectus relates to:
(a)
up to 1,400,000 common shares of our company that may be issued upon the exercise of 1,400,000 share purchase options that we granted on July 22, 2004 to three accredited investors, two of whom are directors of our company and all three of whom are executive officers of our company, in a private placement in which we relied on the exemption from registration provided for in Section 4(2) and/or Section 4(6) of the Securities Act of 1933;
(b)
up to 133,333 common shares of our company that may be issued upon the exercise of 133,333 share purchase options that we granted on August 13, 2004 to one accredited investor, who is a director of our company, in a private placement in which we relied on the exemption from registration provided for in Section 4(2) and/or Section 4(6) of the Securities Act of 1933; and
(c)
up to 400,000 common shares of our company that may be issued upon the exercise of 400,000 share purchase options that we issued on July 19, 2003 to one accredited investor, who is an executive officer of our company, in a private placement in which we relied on the exemption from registration provided under Section 4(2) and/or Section 4(6) of the Securities Act of 1933.
(d)
50,000 common shares that we issued to one accredited investor on January 13, 2005, upon the exercise of 50,000 share purchase options that we originally granted to him on July 19, 2003, in a private placement in which we relied on the exemption from registration provided under Section 4(2) and/or Section 4(6) of the Securities Act of 1933.
These common shares may be offered and resold from time to time by the selling security holders identified in this Reoffer Prospectus.  We anticipate that the selling security holders will offer shares for sale at prevailing prices on the OTC Bulletin Board on the date of sale.  Although we will receive payment of the exercise price from those of the selling security holders holding options when they exercise those options, we will receive no part of the proceeds from sales made under this Reoffer Prospectus.  The selling security holders will bear all sales commissions and similar expenses. We will however pay for all of the costs associated with the filing of this registration statement.
USE OF PROCEEDS
The shares being registered by this prospectus are being registered for the account of the selling security holders named in this Reoffer Prospectus.  As a result, all proceeds from the sales of the common stock will go to the selling security holders and we will not receive any proceeds from the resale of the common stock by the selling security holders.
ETERMINATION OF OFFERING PRICE
The selling security holders may sell the Shares from time to time on the OTC Bulletin Board, or otherwise, at prices and terms then prevailing or at prices related to the then current market price, or in negotiated transactions.
DILUTION
Because any selling security holders who offer and sell Shares covered by this Reoffer Prospectus may do so at various times, at prices and at terms then prevailing or at prices related to the then current market price, or in negotiated transactions, we have not included in this Reoffer Prospectus information about the dilution (if any) to the public arising from these sales.
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SELLING SECURITY HOLDERS
The following table identifies the selling security holders and indicates (i) the nature of any material relationship that such selling security holder has had with us for the past three years, (ii) the number of shares held by the selling security holders, (iii) the amount to be offered for each of the selling security holder's account, and (iv) the number of shares and percentage of outstanding shares of the common shares in our capital to be owned by each selling security holder after the sale of the shares offered by them pursuant to this offering.  The selling security holders are not obligated to sell the shares offered in this Reoffer Prospectus and may choose not to sell any of the shares or only a part of the shares that they receive.  SEC rules require that we assume that the selling security holders sell all of the shares offered with this Reoffer Prospectus.
Under the Securities Exchange Act of 1934, any person engaged in a distribution of the shares offered by this Reoffer Prospectus may not simultaneously engage in market making activities with respect to our common shares during the applicable "cooling off" periods prior to the commencement of such distribution.  In addition, and without limiting the foregoing, the selling security holders will be subject to applicable provisions of the Securities Exchange Act of 1934 and the rules and regulations thereunder, which provisions may limit the timing of purchases and sales of the shares by the selling security holders.
Selling security holder
Number of
Shares
Beneficially
Owned(1)
Number of
Shares
Subject to
Options (2)
Shares
Being
Registered
Percentage of Shares
Beneficially Owned(3)
Before
Offering
After
Offering
Jeffrey Lubell(4)
8,977,667
950,000(5)
950,000
42.49%
42.49%
Kymberly Lubell(6)
83,333
250,000(7)
250,000
0.39%
0.39%
Mark Saltzman(8)
0
133,333(9)
133,333
Nil
Nil
Charles Lesser(10)
353,667
600,000(11)
650,000
1.67%
1.67%
(1)
Represents shares owned beneficially by each of Jeffrey Lubell, Kymberly Lubell, Mark Saltzman and Charles Lesser.  This figure includes shares underlying the options held by each of Jeffrey Lubell, Kymberly Lubell, Mark Saltzman and Charles Lesser that may be exercisable as of, or within 60 days after the date of, this Reoffer Prospectus, but does not include any shares underlying those options that cannot be exercised within that period.
(2)
Includes shares of our common stock underlying options granted to each of Jeffrey Lubell, Kymberly Lubell, Mark Saltzman and Charles Lesser, whether or not exercisable as of, or within 60 days of, the date of this Reoffer Prospectus.
(3)
Based on 21,130,571 shares outstanding as of May 2, 2005.
(4)
Mr. Lubell is currently a director and the President and Chief Executive Officer of our company.  He has held these positions since June 24, 2003.
(5)
This figure represents stock options granted on July 22, 2004 at an exercise price of $0.77.  These options vest as to 1/3 of the options immediately, 1/3 of the options 12 months from the date of grant and 1/3 of the options 24 months from the date of grant.
(6)
Mrs. Lubell is currently a director and the Secretary of our company.  She has held these positions since July 4, 2003.
(7)
This figure represents stock options granted on July 22, 2004 at an exercise price of $0.77.  These options vest as to 1/3 of the options immediately, 1/3 of the options 12 months from the date of grant and 1/3 of the options 24 months from the date of grant.
(8)
Mr. Saltzman is currently a director and the Chief Operating Officer of our company.  He has held these positions since July 4, 2003 and August 13, 2004 respectively.
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(9)
This figure represents unexercised stock options granted on August 13, 2004 at an exercise price of $1.20.  These options vest as to 1/3 of the options immediately, 1/3 of the options 12 months from the date of grant and 1/3 of the options 24 months from the date of grant.
(10)
Mr. Lesser is currently the Chief Financial Officer of our company.  He has held this position since September 1, 2003.
(11)
This figure represents (i) 400,000 unexercised stock options granted on July 19, 2003 at an exercise price of $0.48 which vest as to 12,500 shares every month for a period of three years and (ii) 200,000 stock options granted on July 22, 2004 at an exercise price of $0.77 which vest as to 1/3 of the options immediately, 1/3 of the options 12 months from the date of grant and 1/3 of the options 24 months from the date of grant.
The information provided in the table above with respect to the selling security holders has been obtained from each of the selling security holders.  Because the selling security holders may sell all or some portion of the shares of common stock beneficially owned by them, only an estimate (assuming the selling security holders sell all of the shares offered hereby) can be given as to the number of shares of common stock that will be beneficially owned by each selling security holder after this offering.  In addition, the selling security holders may have sold, transferred or otherwise disposed of, or may sell, transfer or otherwise dispose of, at any time or from time to time since the date on which he provided the information regarding the shares of common stock beneficially owned by them, all or a portion of the shares of common stock beneficially owned by them in transactions exempt from the registration
requirements of the Securities Act of 1933.
PLAN OF DISTRIBUTION
The selling security holders may, from time to time, sell all or a portion of their shares of our common stock on any market upon which the common stock may be quoted (currently the OTC Bulletin Board), in privately negotiated transactions or otherwise.  Such sales may be at fixed prices prevailing at the time of sale, at prices related to the market prices or at negotiated prices.  The shares of common stock being offered by this Reoffer Prospectus may be sold by the selling security holder by one or more of the following methods, without limitation:
(a)
block trades in which the broker or dealer so engaged will attempt to sell the shares of common stock as agent but may position and resell a portion of the block as principal to facilitate the transaction;
(b)
purchases by broker or dealer as principal and resale by the broker or dealer for its account pursuant to this Reoffer Prospectus;
(c)
an exchange distribution in accordance with the rules of the applicable exchange;
(d)
ordinary brokerage transactions and transactions in which the broker solicits purchasers;
(e)
privately negotiated transactions;
(f)
market sales (both long and short to the extent permitted under the federal securities laws);
(g)
at the market to or through market makers or into an existing market for the shares;
(h)
through transactions in options, swaps or other derivatives (whether exchange listed or otherwise); and
(i)
a combination of any of the aforementioned methods of sale.
In effecting sales, brokers and dealers engaged by the selling security holders may arrange for other brokers or dealers to participate.  Brokers or dealers may receive commissions or discounts from a selling security holder or, if any of the broker-dealers act as an agent for the purchaser of such shares, from the purchaser in amounts to be negotiated which are not expected to exceed those customary in the types of transactions involved.  Broker-dealers may agree with a selling security holder to sell a specified number of the shares of common stock at a stipulated
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price per share.  Such an agreement may also require the broker-dealer to purchase as principal any unsold shares of common stock at the price required to fulfil the broker-dealer commitment to the selling security holders if such broker-dealer is unable to sell the shares on behalf of the selling security holder.  Broker-dealers who acquire shares of common stock as principal may thereafter resell the shares of common stock from time to time in transactions which may involve block transactions and sales to and through other broker-dealers, including transactions of the nature described above.  Such sales by a broker-dealer could be at prices and on terms then prevailing at the time of sale, at prices related to the then-current market price or in negotiated transactions.  In connection with such resales, the broker-dealer may pay to or receive from the purchasers of the shares commissions as described above.
The selling security holders and any broker-dealers or agents that participate with the selling security holders in the sale of the shares of common stock may be deemed to be "underwriters" within the meaning of the Securities Act of 1933 in connection with these sales.  In that event, any commissions received by the broker-dealers or agents and any profit on the resale of the shares of common stock purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act of 1933.
From time to time, the selling security holders may pledge their shares of common stock pursuant to the margin provisions of their customer agreements with their respective brokers.  Upon a default by a selling security holder, the broker may offer and sell the pledged shares of common stock from time to time.  Upon a sale of the shares of common stock, the selling security holder intends to comply with the prospectus delivery requirements under the Securities Act of 1933 by delivering a prospectus to each purchaser in the transaction.  We intend to file any amendments or other necessary documents in compliance with the Securities Act of 1933 which may be required in the event the selling security holder defaults under any customer agreement with brokers.
To the extent required under the Securities Act of 1933, a post-effective amendment to this registration statement will be filed, disclosing the name of any broker-dealers, the number of shares of common stock involved, the price at which the common stock is to be sold, the commission paid or discounts or concessions allowed to such broker-dealers, where applicable.
We and the selling security holders will be subject to applicable provisions of the Securities Exchange Act of 1934 and the rules and regulations under it, including, without limitation, Rule 10b-5 and, insofar as the selling security holders are a distribution participant and we, under certain circumstances, may be a distribution participant, under Regulation M.  All of the foregoing may affect the marketability of the common stock.
All expenses of the registration statement including, but not limited to, legal accounting, printing and mailing fees are and will be borne by us.  Any commissions, discounts or other fees payable to brokers or dealers in connection with any sale of the shares of common stock will be borne by the selling security holder, the purchasers participating in such transaction, or both.
Any shares of common stock covered by this Reoffer Prospectus which qualify for sale pursuant to Rule 144 under the Securities Act of 1933 may be sold under Rule 144 rather than pursuant to this Reoffer Prospectus.
EXPERTS
Our financial statements as at December 31, 2004 and the period from inception (November 7, 2002) through December 31, 2004 incorporated by reference from our Form 10-KSB file with the SEC on March 31, 2005 have been audited by Stonefield Josephson, Inc., independent accountants, as set forth in their report accompanying the financial statements and are included herein in reliance upon the report.
MATERIAL CHANGES
There have been no material changes to the affairs of our Company since December 31, 2004 which have not previously been described in a report on Form 10-QSB or Form 8-K.
INCORPORATION OF DOCUMENTS BY REFERENCE
See Part II, Item 3 on page 15 herein for a list of documents filed by our company with the United States Securities and Exchange Commission (the "SEC") which are incorporated herein by reference.
AVAILABLE INFORMATION
You should only rely on the information incorporated by reference or provided in this Reoffer Prospectus or any supplement.  We have not authorized anyone else to provide you with different  information.  The common stock is not being offered in any state where the offer is not permitted.  You should not assume that the information in this Reoffer Prospectus or any supplement is accurate as of any date other than the date on the front of this Reoffer Prospectus.
We file Form 8-K reports and other information with the Securities and Exchange Commission as is required by the Securities Exchange Act of 1934.  You may read and copy any reports, statements or other information we have filed at the Securities and Exchange Commission's Public Reference Room at 450 Fifth Street N.W., Washington, D.C. 20549.  Please call the Securities and Exchange Commission at 1-800-SEC-0330 for further information on the Public Reference Rooms.  Our filings are also available on the Internet at the Securities and Exchange Commission's website at http:\\www.sec.gov.
DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or persons controlling our business pursuant to the provision in the section entitled "Indemnification of Directors and Officers" (see below), we have been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is therefore unenforceable.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item
3.  Incorporation of Documents by Reference.
The SEC allows us to "incorporate by reference" information into this registration statement, which means that we can disclose important information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is deemed to be part of this registration statement, except for any information superseded by information in this registration statement.
The following documents filed by our company with the SEC are incorporated herein by reference:
1.
The description of our common stock contained in the Registration Statement on Form SB-2 (SEC file number 333-112859), filed with the Securities and Exchange Commission on November 5, 2001, including all amendments and reports for the purpose of updating such description; and
2.
Our Annual Report on Form 10-KSB, filed on March 31, 2005.  Our financial statements as at December 31, 2004 and the period from inception (November 7, 2002) through December 31, 2004 incorporated by reference from our Form 10-KSB file with the SEC on March 31, 2005 have been audited by Stonefield Josephson, Inc.,
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independent accountants, as set forth in their report accompanying the financial statements and are included herein  in reliance upon the report.
All documents that we subsequently file pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, prior to the filing of a post-effective amendment indicating that all of the securities offered pursuant to this Reoffer Prospectus have been sold or deregistering all securities then remaining unsold, shall be deemed to be incorporated by reference in this registration statement and to be part hereof from the date of filing of such documents.  Any statement contained in a document incorporated by reference in this registration statement shall be deemed to be modified or superseded for purposes of this registration statement to the extent that a statement contained in this Reoffer Prospectus or in any subsequently filed document that is also incorporated by reference in this Reoffer Prospectus modifies or supersedes such statement.  Any statement so modified or superseded shall not
be deemed, except as so modified or superseded, to constitute a part of this registration statement.
We will provide, without charge, to each person to whom a copy the Section 10(a) prospectus is delivered, upon oral or written request, a copy of any or all documents incorporated by reference in Item 3 of Part II of this registration statement (which documents are incorporated by reference in the Section 10(a) prospectus). Requests should be directed to the President, True Religion Apparel, Inc., 1525 Rio Vista Avenue, Los Angeles, California, 90023.  Our telephone number is 323.266.3072.
You may read and copy any reports, statements or other information we have filed at the SEC's Public Reference Room at 450 Fifth Street, N.W., Washington, D.C. 20549.  Please call the SEC at 1-800-SEC-0330 for further information on the Public Reference Rooms. Our filings are also available on the Internet at the SEC's website at http:\\www.sec.gov.
Item
4.  Description of Securities.
We are registering:
(a)
up to 1,400,000 common shares of our company that may be issued upon the exercise of 1,400,000 share purchase options that we granted on July 22, 2004 to three accredited investors, two of whom are directors of our company and all three of whom are executive officers of our company, in a private placement in which we relied on the exemption from registration provided for in Section 4(2) and/or Section 4(6) of the Securities Act of 1933;
(b)
up to 133,333 common shares of our company that may be issued upon the exercise of 133,333 share purchase options that we granted on August 13, 2004 to one accredited investor, who is a director of our company, in a private placement in which we relied on the exemption from registration provided for in Section 4(2) and/or Section 4(6) of the Securities Act of 1933; and
(c)
up to 400,000 common shares of our company that may be issued upon the exercise of 400,000 share purchase options that we issued on July 19, 2003 to one accredited investor, who is an executive officer of our company, in a private placement in which we relied on the exemption from registration provided under Section 4(2) and/or Section 4(6) of the Securities Act of 1933.
(d)
50,000 common shares that we issued to one accredited investor on January 13, 2005, upon the exercise of 50,000 share purchase options that we originally granted to him on July 19, 2003, in a private placement in which we relied on the exemption from registration provided under Section 4(2) and/or Section 4(6) of the Securities Act of 1933.
Item
5.  Interests of Named Experts and Counsel.
Not applicable.
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Item
6.  Indemnification of Directors and Officers.
Section 78.7502 of Nevada Revised Statutes provides as follows with respect to indemnification of directors and officers:
NRS 78.7502 Discretionary and mandatory indemnification of officers, directors, employees and agents: General provisions.
A corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, except an action by or in the right of the corporation, by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with the action, suit or proceeding if he acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or
proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent, does not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and that, with respect to any criminal action or proceeding, he had reasonable cause to believe that his conduct was unlawful.
A corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses, including amounts paid in settlement and attorneys' fees actually and reasonably incurred by him in connection with the defense or settlement of the action or suit if he acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation. Indemnification may not be made for any claim, issue or matter as to which such a person has been
adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable to the corporation or for amounts paid in settlement to the corporation, unless and only to the extent that the court in which the action or suit was brought or other court of competent jurisdiction determines upon application that in view of all the circumstances of the case, the person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.
To the extent that a director, officer, employee or agent of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsections 1 and 2, or in defense of any claim, issue or matter therein, the corporation shall indemnify him against expenses, including attorneys' fees, actually and reasonably incurred by him in connection with the defense.
When indemnification is discretionary, Section 78.751 of Nevada Revised Statutes provides as follows with respect to the authorization required to carry out the indemnification:
NRS 78.751 Authorization required for discretionary indemnification; advancement of expenses; limitation on indemnification and advancement of expenses.
Any discretionary indemnification under
NRS 78.7502
unless ordered by a court or advanced pursuant to subsection 2, may be made by the corporation only as authorized in the specific case upon a determination that indemnification of the director, officer, employee or agent is proper in the circumstances. The determination must be made:
(a) By the stockholders;
(b) By the board of directors by majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding;
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(c) If a majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding so orders, by independent legal counsel in a written opinion; or
(d) If a quorum consisting of directors who were not parties to the action, suit or proceeding cannot be obtained, by independent legal counsel in a written opinion.
The articles of incorporation, the bylaws or an agreement made by the corporation may provide that the expenses of officers and directors incurred in defending a civil or criminal action, suit or proceeding must be paid by the corporation as they are incurred and in advance of the final disposition of the action, suit or proceeding, upon receipt of an undertaking by or on behalf of the director or officer to repay the amount if it is ultimately determined by a court of competent jurisdiction that he is not entitled to be indemnified by the corporation. The provisions of this subsection do not affect any rights to advancement of expenses to which corporate personnel other than directors or officers may be entitled under any contract or otherwise by law.
3. The indemnification and advancement of expenses authorized in or ordered by a court pursuant to this section:
(a) Does not exclude any other rights to which a person seeking indemnification or advancement of expenses may be entitled under the articles of incorporation or any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, for either an action in his official capacity or an action in another capacity while holding his office, except that indemnification, unless ordered by a court pursuant to
NRS 78.7502
or for the advancement of expenses made pursuant to subsection 2, may not be made to or on behalf of any director or officer if a final adjudication establishes that his acts or omissions involved intentional misconduct, fraud or a knowing violation of the law and was material to the cause of action.
(b) Continues for a person who has ceased to be a director, officer, employee or agent and inures to the benefit of the heirs, executors and administrators of such a person.
Article VII of our Bylaws provide that we must indemnify any director, officer, employee or agent of our company who becomes a party to an action against expenses including attorney fees, judgments, fines and amounts paid in settlement if that person acted in good faith and reasoned his conduct or action to be in the best interest of our company.
Item
7.  Exemption from Registration Claimed.
Not Applicable.
Item
8.  Exhibits.
5
Opinion of Clark, Wilson
23.1
Consent of Clark, Wilson (included in Exhibit 5)
23.2
Consent of Independent Registered Public Accounting Firm (Stonefield Josephson, Inc.)
24
Power of Attorney (included in signature page)
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Item
9.  Undertakings.
(a)
We hereby undertake:
(1)
To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)
to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended;
(ii)
to reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent post-effective amendment hereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement; and
(iii)
to include any material information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in this registration statement;
PROVIDED, HOWEVER, that undertakings set forth in paragraphs (i) and (ii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed by the Registrant pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in this registration statement.
(2)
That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at the time shall be deemed to be the initial bona fide offering thereof.
(3)
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(b)
We hereby undertake that, for purposes of determining any liability under the Securities Act of 1933, each filing of our annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c)
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and persons controlling our company pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by our company of expenses incurred or paid by a director, officer or controlling person of our company in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, our company will, unless in the opinion of our counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by us is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Los Angeles, State of California, on May 2, 2005.
TRUE RELIGION APPAREL, INC.
/s/ Jeffrey Lubell
By:  Jeffrey Lubell, President, CEO and Director
(Principal Executive Officer)
/s/ Charles Lesser
By: Charles Lesser, Chief Financial Officer
(Principal Financial and Accounting Officer)
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person who signature appears below constitutes and appoints Charles Lesser as his true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or any of them, or of their substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates stated.
Signatures
/s/ Jeffrey Lubell
Jeffrey Lubell, President, CEO and Director
May 2, 2005
/s/ Charles Lesser
Charles Lesser, Chief Financial Officer
May 2, 2005
/s/ Kymberly Lubell
Kymberly Lubell, Secretary and Director
May 2, 2005
/s/ Mark Saltzman
Mark Saltzman, Director
May 2, 2005