Singing Machine Elects to Expand its Board of Directors
April 06 2023 - 7:00AM
Th
e Singing Machine Company, Inc.
(“Singing Machine” or the “Company”) (NASDAQ:
MICS) -- the North American leader in consumer
karaoke products – today announced two officers from Ault Alliance,
Inc. (“
AAI”) have been appointed to join the
Company’s Board of Directors (the “
Board”). The
new Board members are Milton “Todd” Ault, III, AAI’s Executive
Chairman, and Henry Nisser, AAI’s President and General Counsel.
Mr. Ault has been appointed as Executive Chairman, an executive
officer position with the Company.
Mr. Ault currently serves as founder &
Executive Chairman of AAI, the Company’s majority shareholder. Mr.
Ault serves as the Chairman of the Board of Ault Disruptive
Technologies Corporation and he founded Alzamend Neuro, Inc., a
biotechnology firm dedicated to finding the treatment, prevention
and cure for Alzheimer’s Disease and served as its Chairman until
its initial public offering. Mr. Ault is a seasoned business
professional and entrepreneur who has spent decades identifying
value in various financial markets including equities, fixed
income, commodities, and real estate. Throughout his career, Mr.
Ault has consulted for publicly traded and privately held
companies, providing each of them the benefit of his diversified
experience, that range from development stage to seasoned
businesses.
Mr. Nisser serves as President, General Counsel
and a member of the board of directors of AAI. Mr. Nisser currently
serves as an officer and/or member of the board of directors of
several other publicly traded companies, including Alzamend Neuro,
Inc., BitNile Metaverse, Inc., and Ault Disruptive Technologies
Corporation. Between 2011 and 2019, Mr. Nisser was an associate and
subsequently a partner with Sichenzia Ross Ference LLP, a law firm
based in New York City, where his practice was concentrated in
national and international corporate law, with a particular focus
on U.S. securities compliance, public as well as private M&A,
equity and debt financings and corporate governance.
The Board elected to expand the size of the
Board by two members, adding Messrs. Ault and Nisser to fill the
vacancies created by the expansion. As a result, there is no change
to the existing Board members.
Executive Chairman, Milton “Todd” Ault, III,
stated, “As a new member of the Board, I am excited to bring my
extensive experience as an entrepreneur and business professional
to explore new opportunities and support The Singing Machine's
growth strategy. Singing is a universal human experience, and I
believe the company is well-positioned to continue leading the
consumer karaoke products market. I look forward to working with
Gary and the entire team to help drive the company's success for
years to come.”
About The Singing Machine
Singing Machine® is the worldwide leader in
consumer karaoke products. The first to provide karaoke systems for
home entertainment in the United States, the Company sells its
products world-wide through major mass merchandisers and on-line
retailers. We offer the industry's widest line of at-home karaoke
entertainment products, which allow consumers to find a machine
that suits their needs and skill level. As the most recognized
brand in karaoke, Singing Machine products incorporate the latest
technology for singing practice, music listening, entertainment and
social sharing. The Singing Machine provides consumers the best
warranties in the industry and access to over 100,000 songs for
streaming and download. Singing Machine products are sold through
most major retailers in North America and also internationally. See
www.singingmachine.com for more details.
Investor Relations Contact:Brendan Hopkins(407)
645-5295investors@singingmachine.comwww.singingmachine.comwww.singingmachine.com/investors
Forward-Looking StatementsThis
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 Securities and Exchange Commission. The
forward-looking statements are applicable only as of the date on
which they are made, and the Company does not assume any obligation
to update any forward-looking statements.
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