Sam Westover to Serve as Chairman of the Board and Chief Executive Officer for Sonic Innovations
May 13 2008 - 4:02PM
PR Newswire (US)
Andrew Raguskus to Serve as Senior Technology Advisor SALT LAKE
CITY, May 13 /PRNewswire-FirstCall/ -- The Board of Directors of
Sonic Innovations, Inc. (NASDAQ:SNCI), a leading producer of
advanced digital hearing aids, today announced that Andrew Raguskus
has stepped down as Chairman of the Board. Mr. Raguskus will
continue as a member of the Board of Directors and serve as its
Senior Technology Advisor. As a result of Mr. Raguskus'
announcement, the Board of Directors appointed CEO Sam Westover to
serve as Chairman of the Board and Chief Executive Officer for the
company. James Callahan will continue to serve as Lead Independent
Director for the Board of Directors. Mr. Callahan has been a
director for the company since 2004 and was reelected for an
additional three year term at this year's annual shareholders
meeting. He is also a member of the Board's Audit and Compensation
Committees. In making his announcement, Mr. Raguskus stated, "When
I was asked to serve as Chairman of the Board it was with the
intention of giving Sam [Westover] time to focus his attention on
the strategy and operations of the business. He has clearly set the
company on the right path and, therefore, it is time for me to step
aside and allow him to assume full leadership responsibility for
the company." "Andy has been a tremendous asset to this company and
the Board and I have the utmost respect for his leadership and
accomplishments," said Mr. Westover in response to his appointment
as Chairman of the Board. "Sonic would not be celebrating its
10-year anniversary were it not for his commitment to developing
and delivering the best hearing instruments. I am pleased that Andy
has agreed to accept the role of Senior Technical Advisor. His
knowledge and insight to the hearing aid industry will be
invaluable as we continue to develop new products to meet the needs
of our customers." About Sonic Innovations Sonic Innovations, Inc.
is the largest, publicly traded U.S.-based hearing aid
manufacturer. The company was founded with a mission to
commercialize a unique digital signal processing platform for
hearing aids. Sonic Innovations hearing aids were among the first
of their kind clinically proven to increase speech understanding in
noise for the hearing impaired. Sonic Innovations, headquartered in
Salt Lake City, is listed on the NASDAQ Global Market System and
can be found online at http://www.sonici.com/. This press release
may contain "forward-looking statements" as defined under
securities laws. Actual results may differ materially and adversely
from those described herein depending on a number of factors
including, but not limited to, the following risks: we face
aggressive competition in our business; acquisitions could be
difficult to integrate and disrupt our current business and
therefore may harm our operating results; we may poorly operate
newly acquired businesses; we may lose a large customer or suffer a
reduction in orders from a large customer; we must have innovative,
technologically superior products to compete effectively; our
products, due to their complexity, may contain errors or defects
that are only discovered after sales by our customers, thus harming
our reputation and business; we may have issues with intellectual
property; and we have important international operations, which
expose us to a variety of risks including government reimbursement,
that could impact sales and operating results. For additional
information regarding the risks inherent in our business, please
see "Factors That May Affect Future Performance" included in our
Annual Report on Form 10-K for the year ended December 31, 2007, as
filed with the Securities and Exchange Commission. We undertake no
obligation to revise our forward-looking statements to reflect
events or circumstances after the date hereof as a result of new
information, future events or otherwise. DATASOURCE: Sonic
Innovations, Inc. CONTACT: Sam Westover, President and CEO,
+1-801-365-2800, or Michael Halloran, Vice President and CFO,
+1-801-365-2854, both of Sonic Innovations, Inc. Web site:
http://www.sonici.com/
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