The Singing Machine Company, Inc. announced two officers from BitNile Holdings, Inc. (“BitNile”) (NYSE American: NILE) have been appointed to join the Company's Board of Directors (the “Board”). The new Board members are Kenneth S. Cragun, BitNile's Chief Financial Officer, and James M. Turner, Deputy General Counsel and VP of Legal Affairs. The Company is also adding a senior member of management, Bernardo Melo, its Chief Revenue Officer, to the Board.

Gary Atkinson, Company CEO, will serve as Chairman of the newly formed Board of Directors. Messrs. Cragun, Turner and Melo all bring industry-leading experience from their respective financial, legal and sales expertise to the Company.

Mr. Cragun currently serves as Chief Financial Officer of BitNile and has been the CFO of two NASDAQ-listed companies, Local Corporation, and Modtech Holdings, Inc. and currently serves on the board as Chairman of the Audit Committee of Verb Technology Company, Inc. Mr. Cragun holds a Bachelor of Science degree in accounting from Colorado State University-Pueblo. Mr. Cragun's industry experience is vast with extensive experience in fast-growth environments and building teams in more than 20 countries. Mr. Cragun has led multiple financing transactions, including IPOs, PIPEs, convertible debt, term loans, and lines of credit.

Mr. Turner currently serves as the Deputy General Counsel and VP of Legal Affairs at BitNile and Alzamend Neuro, Inc. Prior to joining BitNile, Mr. Turner spent approximately 19 years, including the last 10 as a partner, at a boutique securities law firm in New York. Mr. Turner has significant practice involving corporate and securities law, including public and private equity and debt offerings, mergers and acquisitions, corporate governance and securities law compliance. Mr. Turner received B.A. degrees from Elmira College in political science and international relations, and his J.D. degree from American University, Washington College of Law, where he was a member of the American University International Law Review.

Mr. Melo has been with the Company since February 2003. Mr. Melo was appointed as Chief Revenue Officer on April 22, 2022 and has served as the Vice President of Global Sales and Marketing (“VP of Sales”) since 2008. During his tenure at the Singing Machine, Mr. Melo has overseen the sales and operations of the music division as well as managed the customer service department.

Before taking over the responsibility of VP of Sales, Mr. Melo held dual roles with the Company managing the operations, licensing and sales of the music division while concentrating on hardware sales for the Latin America and Canada market as well as key U.S. accounts such as Walmart. There will be no change to the existing Board members. The newly constituted Board of Directors will consist of eight (8) board members, Messrs.

Foreman, Kling, Peloquin, Judkowitz, Melo, Cragun, and Turner, with Mr. Atkinson acting as Chairman.