WOODINVILLE, Wash., Aug. 15 /PRNewswire-FirstCall/ -- The board of directors of Loud Technologies, (NASDAQ:LTEC), a leading professional audio and music products company, today announced that Jamie Engen is stepping down from his position as chairman and chief executive officer effective immediately. The board has named Rodney Olson as the company's Chairman and CEO.
"Over the past ten years, Jamie has played a critical role in growing Loud Technologies into the industry leader that it is today. We appreciate his contributions and wish him the best," said Tom Taylor, the board member who led the search for Engen's successor. "We are fortunate to have a strong successor to take over the reins and continue our growth efforts." Olson joins Loud Technologies after a decade with Cardinal Brands, a Kansas-based $170 million office products company, where he has served as CFO, president and, most recently, CEO for the past two years. Under Olson's leadership, the company's revenues grew 30 percent despite highly competitive market conditions. Prior to his time at Cardinal Brands, Olson served as CFO at Sabreliner Corporation, a $250 million aviation company, where he led the company's M&A activity and was integral in driving revenue and market share growth in the six years he was there.
"Rodney has a proven track record of success over his 20 years of experience in executive positions, and the board is confident he has the skills and expertise needed to lead Loud Technologies into the future," said Taylor. "His focus will be on integrating our recent acquisition of Martin Audio, while also overseeing sales and marketing to help Loud Technologies and our dealer partners drive our stable of well established brands." About LOUD Technologies Inc.
LOUD Technologies Inc. ( http://www.loudtechinc.com/ ) is one of the world's largest manufacturers and distributors of professional audio and music products. As the corporate parent for world-recognized brands including Alvarez, Ampeg, Crate, EAW, Knilling, Mackie, Martin Audio, SIA and TAPCO, LOUD Technologies produces and distributes a wide range of digital recording products, loudspeakers, commercial audio systems, audio and music software, guitars, guitar and bass amplifiers, and orchestral string instruments. LOUD Technologies' brands can be found in professional and project recording studios, video and broadcast suites, post-production facilities, sound reinforcement applications including churches and nightclubs, and retail locations and on major musical tours.
Forward-Looking Statements Certain statements contained in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "intend," "will" and similar expressions are examples of words that identify forward-looking statements. These forward-looking statements include statements about the anticipated success of our management initiatives in driving future profitability, and are based on current expectations and assumptions based on information currently available to us. These forward-looking statements may be affected by the risks and uncertainties associated with our business and are qualified in their entirety by the cautionary statements and risk factor disclosure contained in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2005. We do not assume, and expressly disclaim, any obligation to update these forward-looking statements to conform them to actual results or changes in the Company's expectations. DATASOURCE: LOUD Technologies Inc.
CONTACT: Tara Powers, , or Jeff Lambert, both for LOUD Technologies Inc., +1-616-233-0500 Web site: http://www.loudtechinc.com/
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