LOUD Technologies (CE) (USOTC:LTEC)
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From Jun 2019 to Jun 2024
LOUD Technologies Inc. (OTCBB:LTEC) announced today that
its board of directors has authorized a 1-for-5 reverse split of the
Company's outstanding common stock. Shareholder approval of the
reverse stock split is not required.
"During the past couple of years we believe we have come a long
way toward building the high-performance organization we need to
efficiently leverage LOUD Technologies' expanding global distribution
capability, growing portfolio of well-known branded products, and
enviable reputation for quality and innovation in the professional
audio and music industries," said Chairman and CEO Jamie Engen. "We
have reduced operating costs, eliminated excess manufacturing
capacity, rationalized our corporate structure, established
high-quality relationships with proven overseas contract
manufacturers, enhanced our distribution network, and financed and
completed a major acquisition which we believe added important new
brands to our product family and increased both our current revenue
base and our long-term growth potential."
Engen continued, "We believe these improvements to our operating
platform have improved LOUD Technologies' financial performance, cash
flow and revitalized our balance sheet. Following the reverse stock
split, we believe that the Company will be in a position to list on
the NASDAQ Capital Market, and we plan to file a listing application
as soon as possible. We believe such a listing would be an additional
positive step in our program to increase LOUD Technologies' visibility
in the financial community, expand trading volume, and build long-term
value for our shareholders."
The 1-for-5 reverse stock split will be effective after the close
of the market on November 17, 2005. Fractional shares of stock will
not be issued as a result of the reverse split. Shareholders who would
otherwise receive a fractional share of common stock will be entitled
to receive cash in lieu of fractional shares. Mellon Investor Services
LLC is LOUD Technologies' transfer agent and will act as the exchange
agent for the purpose of implementing the exchange of stock
certificates in connection with the reverse split. The exchange or
conversion price and/or the number of shares of common stock issuable
under the Company's outstanding warrants and options will be
proportionately adjusted to reflect the reverse stock split.
About LOUD Technologies Inc.
LOUD Technologies Inc. (www.loudtechinc.com) is one of the world's
largest manufacturers and distributors of professional audio and music
products. As the corporate parent for world-recognized brands
including Alvarez, Ampeg, Crate, EAW, Knilling, Mackie, SIA and TAPCO,
LOUD Technologies produces and distributes a wide range of digital
recording products, loudspeakers, commercial audio systems, audio and
music software, guitars, guitar and bass amplifiers, and orchestral
string instruments. LOUD Technologies' brands can be found in
professional and project recording studios, video and broadcast
suites, post-production facilities, sound reinforcement applications
including churches and nightclubs, and retail locations and on major
musical tours.
Forward-Looking Statements
Certain statements contained in this release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. The words - "believe", "expect", "anticipate",
"intend", "will" and similar expressions are examples of words that
identify forward-looking statements. These forward-looking statements
are based on current expectations and assumptions based on information
currently available to us. These forward-looking statements may be
affected by the risks and uncertainties associated with our business
and are qualified in their entirety by the cautionary statements and
risk factor disclosure contained in our filings with the Securities
and Exchange Commission, including our annual report on Form 10-K for
the year ended December 31, 2004. We do not assume, and expressly
disclaim, any obligation to update these forward-looking statements to
conform them to actual results or changes in the Company's
expectations.