AuraSound Inc. Announces Acquisition of ASI Holdings, Ltd., Names New CEO & President
Poster: SySAdmin
Posted on August 16, 2010 at 9:21:01 AM
AuraSound Inc. Announces Acquisition of ASI Holdings, Ltd., Names New CEO & President
SANTA FE SPRINGS, Calif., Aug. 16 -- AuraSound Inc., (BULLETIN BOARD: ARUZ) has completed their acquisition of substantially all of the business assets and certain liabilities of ASI Holdings Limited, a Hong Kong corporation ("ASI Holdings"), and its wholly-owned subsidiary, ASI Audio Technologies, LLC an Arizona limited liability company ("ASI Arizona"). Simultaneous with the closing of the ASI transaction, the Company named Mr. Harald Weisshaupt as the new President and CEO, effective immediately. Mr. Weisshaupt was previously president and founder of ASI and has 20 years of management experience leading both multi-national companies and start-ups. Mr. Weisshaupt was also appointed to serve as a member of AuraSound's board of directors. Mr. Arthur Liu, AuraSound's prior Chairman and CEO resigned effective with the closing of the ASI transaction.
"I am excited and honored to join AuraSound, as this merger presents a unique opportunity for the Company, our valued customers, our vendor partners, our shareholders and our employees," Mr. Weisshaupt stated. "The two companies have very complementary strengths which we expect will result in a rapid and seamless integration of the operations of the companies. In addition to combining our product development resources to enable the delivery of exciting new cutting edge audio solutions, we expect to significantly improve our cost structure and profitability by leveraging the resources and strengths of the two companies."
About AuraSound, Inc.
AuraSound has over 20 years experience specializing in the design and manufacturing of high-end speakers. Their broad range of products include TV speakers, notebook speakers, microspeakers and state-of-the art subwoofers and tactile transducers. AuraSound's products are based on patented and proprietary NRT(R) Drivers, BassShakers(TM), Line Source(TM) tweeters and more. For more information about AuraSound and its products, visit the company web site at http://www.aurasound.com/ .
About ASI Holdings Limited (ASI)
ASI is a leading global provider of audio solutions. With its proprietary transducer technology, application specific amplifier designs, and award winning ID designs, ASI delivers unique cutting edge audio products. We believe that our customers receive the true listening experience intended by the artists with acoustically pure audio performance. Additional information can be found at http://www.asiaudiotechnologies.com/ .
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Reliance should not be placed on forward-looking statements because they involve both known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the control of AuraSound. Any statements in this press release that are not statements of historical fact are forward-looking statements, including, but not limited to, those relating to the AuraSound's long-term strategic objectives. Actual events, performance or results could differ materially from the anticipated events, performance or results expressed or implied by such forward-looking statements. BEFORE MAKING ANY INVESTMENT DECISIONS REGARDING OUR COMPANY, WE STRONGLY ADVISE YOU TO READ THE SECTION ENTITLED "RISK FACTORS" IN OUR MOST RECENT ANNUAL REPORT ON FORM 10-K, WHICH CAN BE ACCESSED AT http://www.SEC.GOV. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
For more information, please contact:
Pete Andreyev
Executive VP Sales & Marketing
AuraSound, Inc.
Tel: +852-9069-9297
+86-138-2368-2706
Email: pandreyev@aurasound.com
http://www.asiaudiotechnologies.com)
Source: AuraSound, Inc.
CONTACT: Pete Andreyev, Executive VP Sales & Marketing of AuraSound,
Inc., +852-9069-9297, or +86-138-2368-2706, pandreyev@aurasound.com
Web Site: http://www.aurasound.com/
SANTA FE SPRINGS, Calif., Aug. 16 -- AuraSound Inc., (BULLETIN BOARD: ARUZ) has completed their acquisition of substantially all of the business assets and certain liabilities of ASI Holdings Limited, a Hong Kong corporation ("ASI Holdings"), and its wholly-owned subsidiary, ASI Audio Technologies, LLC an Arizona limited liability company ("ASI Arizona"). Simultaneous with the closing of the ASI transaction, the Company named Mr. Harald Weisshaupt as the new President and CEO, effective immediately. Mr. Weisshaupt was previously president and founder of ASI and has 20 years of management experience leading both multi-national companies and start-ups. Mr. Weisshaupt was also appointed to serve as a member of AuraSound's board of directors. Mr. Arthur Liu, AuraSound's prior Chairman and CEO resigned effective with the closing of the ASI transaction.
"I am excited and honored to join AuraSound, as this merger presents a unique opportunity for the Company, our valued customers, our vendor partners, our shareholders and our employees," Mr. Weisshaupt stated. "The two companies have very complementary strengths which we expect will result in a rapid and seamless integration of the operations of the companies. In addition to combining our product development resources to enable the delivery of exciting new cutting edge audio solutions, we expect to significantly improve our cost structure and profitability by leveraging the resources and strengths of the two companies."
About AuraSound, Inc.
AuraSound has over 20 years experience specializing in the design and manufacturing of high-end speakers. Their broad range of products include TV speakers, notebook speakers, microspeakers and state-of-the art subwoofers and tactile transducers. AuraSound's products are based on patented and proprietary NRT(R) Drivers, BassShakers(TM), Line Source(TM) tweeters and more. For more information about AuraSound and its products, visit the company web site at http://www.aurasound.com/ .
About ASI Holdings Limited (ASI)
ASI is a leading global provider of audio solutions. With its proprietary transducer technology, application specific amplifier designs, and award winning ID designs, ASI delivers unique cutting edge audio products. We believe that our customers receive the true listening experience intended by the artists with acoustically pure audio performance. Additional information can be found at http://www.asiaudiotechnologies.com/ .
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Reliance should not be placed on forward-looking statements because they involve both known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the control of AuraSound. Any statements in this press release that are not statements of historical fact are forward-looking statements, including, but not limited to, those relating to the AuraSound's long-term strategic objectives. Actual events, performance or results could differ materially from the anticipated events, performance or results expressed or implied by such forward-looking statements. BEFORE MAKING ANY INVESTMENT DECISIONS REGARDING OUR COMPANY, WE STRONGLY ADVISE YOU TO READ THE SECTION ENTITLED "RISK FACTORS" IN OUR MOST RECENT ANNUAL REPORT ON FORM 10-K, WHICH CAN BE ACCESSED AT http://www.SEC.GOV. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
For more information, please contact:
Pete Andreyev
Executive VP Sales & Marketing
AuraSound, Inc.
Tel: +852-9069-9297
+86-138-2368-2706
Email: pandreyev@aurasound.com
http://www.asiaudiotechnologies.com)
Source: AuraSound, Inc.
CONTACT: Pete Andreyev, Executive VP Sales & Marketing of AuraSound,
Inc., +852-9069-9297, or +86-138-2368-2706, pandreyev@aurasound.com
Web Site: http://www.aurasound.com/