LRAD Corporation announced it has reached an agreement with Iroquois Master Fund Ltd. with regard to the 2016 Annual Meeting of Stockholders. Iroquois had previously nominated two new independent nominees to LRAD's Board of Directors. In the investors agreement, it was agreed that Iroquois' two nominees, Scott L. Anchin and Daniel H. McCollum, will be appointed to the board immediately and will be nominated for election at the 2016 Annual Meeting.

Scott L. Anchin is a restructuring professional with more than 19 years of leadership experience spanning a variety of industries. Until recently, Mr. Anchin worked for Alvarez & Marsal North America, LLC (A & M). Daniel H. McCollum is a Managing Director in the Investment Office of Brown University in Providence, RI, a position he has held since 2013.

The Investment Office of Brown University is responsible for managing the University's endowment. The company also announced that Tom Brown, the company's President and Chief Executive Officer, is resigning from the company effective June 30, 2016. The company's Board of Directors has initiated a replacement search.

Mr. Brown joined the Company as a member of the Board in March 2006 and became President and Chief Executive Officer in August 2006.