As part of this initiative, the Company intends to explore corporate transactions that expand the existing business model beyond its current legacy consumer electronics karaoke business. In particular, the Committee has prioritized disruptive software solutions, emerging sustainability-centric technologies, and other high-impact business models. To pursue these new growth opportunities, the Company has evaluated the process for a reverse merger, acquisitions, and merger of equals transactions.
“This decision represents a major shift in our overall corporate strategy,” commented
“With that said, our Board is extremely focused on delivering greater near term shareholder value. Since our uplisting to the Nasdaq two years ago, our Company has struggled to sustain shareholder value in a challenging retail environment. Recently, we have received numerous unsolicited inquiries regarding our willingness to consider a possible corporate transaction.”
“Our highest priority today is to transform the value creation potential of our Company. We are very proud to have built a Company worthy of listing on a national exchange. This is a potentially powerful asset for us to leverage to better unlock value for our shareholders in the near term,” concluded
About
Investor Relations Contact:
investors@singingmachine.com
www.singingmachine.com
www.singingmachine.com/investors
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "may", "could", "expects", "projects," "intends", "plans", "believes", "predicts", "anticipates", "hopes", "estimates" and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon several assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the Company's control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the risk factors described in the Company's filings with the
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