Jay Foreman Joins Singing Machine Board of Directors
May 26 2022 - 11:00AM
The Singing Machine Company, Inc.
(“Singing Machine” or the
“Company”) (NASDAQ:
MICS) -- the North
American leader in consumer karaoke products – today announced that
Jay Foreman, Founder and CEO of Basic Fun!, has been appointed to
the Company’s Board of Directors as part of its successful
uplisting to Nasdaq on Tuesday, May 24, 2022. Mr. Foreman brings a
deep range of industry experience in toys, product development,
retail distribution, marketing, and capital markets.
Mr. Foreman has been a veteran of the toy
industry for over 30 years. Mr. Foreman started his career at
Fable Toys as a territory sales rep for the Jersey Shore and within
ten years became SVP for Galoob Toys, where he was primarily
responsible for developing the direct import business. Mr. Foreman
has founded multiple toy companies over his career, including
co-founding Play-By-Play Toy’s and Novelties and more recently Play
Along Toys, a leading toy company, which was subsequently sold to
Jakks Pacific in 2004. Mr. Foreman later went on to found his third
start up which became Basic Fun!, now the makers of Tonka™ trucks,
Care Bears™, K’NEX™, Lincoln Logs™ and Playhut™. Mr. Foreman
currently serves as CEO of Basic Fun!, which role he has had since
he founded the company in 2009.
Mr. Foreman made an investment in the Company’s
recently announced public offering signaling his faith and
commitment to the overall business model and corporate strategy of
the Company.
“Jay has been a visionary in the toy industry
for well over 3 decades. He has a tremendous passion for
products and has a proven track record of building successful
companies from the ground up,” said Gary Atkinson, Singing Machine
CEO. “Jay has built a wonderful toy company in Basic Fun! which
shares a common goal of bringing joy to households across the
world. We’re excited to welcome Jay to Singing Machine’s board of
directors and I know we will all benefit from his unparalleled
experience in the industry.”
“I’ve been following the Company for many years
and believe that Gary and his leadership team are on the right
track to continue to build and drive the business. I look forward
to contributing my industry experience and insight to the company
and helping to take the business to the next level. It all starts
with the fact that the Company makes a great product!” said Mr.
Foreman.
Mr. Foreman has also served on the boards of
directors of the Toy Association and Licensing Merchandisers
association. He currently chairs the Toy Industry trade show
committee which is responsible for the world-famous NY Toy
Fair.
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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