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LOUD Technologies Voluntarily Withdrawing Common Stock From NASDAQ

Also terminating registration as a public company

LOUD Technologies Inc. (NasdaqCM: LTEC), owner of EAW, Martin Audio, Mackie and other brands, has announced that it has submitted written notice of its intention to voluntarily de-list its common stock from NASDAQ.

Among the factors cited by LOUD’s board include:

– The costs, and expenses, both direct and indirect, associated with the company’s stock being listed on NASDAQ and compliance with its obligations under the Exchange Act and the Sarbanes-Oxley Act of 2002;
– The substantial management time and effort required to maintain NASDAQ listing of the company’s stock and Exchange Act registration, which would be better spent implementing the Company’s goals and strategies;
– The limited trading volume and liquidity of the company’s stock on the NASDAQ;
– The likelihood that the company will fail to meet the NASDAQ financial tests for continued listing of its common stock under NASDAQ Rule 4310(c)(3)(C), in any event, based on its financial results for 2008; and
– The lack of analyst coverage for the Company’s stock.

With respect to the Company’s delisting and deregistration, Rodney E. Olson, Chief Executive Officer of the Company, stated: “The burden in time and costs associated with public reporting obligations have a real effect on our results.  In addition, due to our small market capitalization, we have not enjoyed many of the benefits traditionally associated with a NASDAQ listing and Exchange Act registration. Our Board believes that shareholder value is best served through reducing costs and focusing on our business plan rather than maintaining our current public reporting status and NASDAQ listing.” 

Read the full statement from LOUD Technologies here.
 

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