Mackie Designs Inc. Announces Acquisition of Eastern Acoustic Works Inc.
April 6, 2000 – Woodinville, Wash. – Mackie Designs Inc. (Nasdaq: MKIE) today announced the completion of the purchase of Eastern Acoustic Works Inc. (EAW). EAW is the worldwide technological and market leader in the design and manufacture of high-performance professional loudspeaker systems. EAW products are used throughout the world in installation, touring, and cinema applications. Recent installations include St. Peter's Square in Vatican City, the Pepsi Center in Denver, and the Venetian Hotel in Las Vegas. EAW's touring loudspeaker systems have become the industry-standard and are on tour with artists as diverse as Kid Rock and Whitney Houston.
"We are excited about the opportunities afforded us by this acquisition," stated Greg Mackie, founder and Chairman of Mackie Designs. "EAW is a leading brand in the professional audio industry and is recognized as a world class developer and manufacturer of high-end professional audio equipment."
Jamie Engen, Mackie's Chief Operating Officer stated, " There are significant synergies which will come from the combination of Mackie, EAW, and RCF, our Italian subsidiary. Our brands, our engineering, our manufacturing capabilities, our distribution channels, our target markets and especially our people, all complement one another."
Forward-Looking Statements
This press release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and the following: changes in demand for the Company's products, product mix, the timing of customer orders and deliveries, the impact of competitive products and pricing, constraints on supplies of critical components, excess or shortage of production capacity, difficulties encountered in the integration of acquired businesses and other risks discussed from time to time in the Company's Securities and Exchange Commission filings and reports. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: the risk that Mackie's, RCF's and EAW's businesses will not be integrated successfully; costs related to the transaction; inability to further identify, develop and achieve commercial success for new products, services and technologies; increased competition and its effects on pricing, spending, third-party relationships, the customer base and revenues; inability to establish and maintain relationships with commerce, advertising, marketing, technology and content providers; risks of new and changing regulation in the U.S. and international markets. For a detailed discussion of these and other cautionary statements, please refer to the Management's Discussion and Analysis section of Mackie's Form 10-K for the fiscal year ended December 31, 1999 and the Risk Factors section of Mackie's Form 10-Q for the quarter ended September 30, 1999 as filed with the Securities and Exchange Commission.
About Mackie
Mackie Designs Inc. is known worldwide as a leading manufacturer and marketer of high-quality, affordable professional audio systems. Mackie products can be found in professional and project recording studios, video and broadcast suites, post production facilities, sound reinforcement applications including churches and nightclubs, retail locations and on major musical tours. Mackie Designs Inc. products are marketed by 54 distributors to more than 100 countries around the world.
"Mackie." is a registered trademark of Mackie Designs Inc. in the United States and other countries.
For more information please contact: Mackie Designs Inc. – 16220 Wood-Red Road N.E. – Woodinville, WA 98072 – Phone: 425-487-4333 – Fax: 425-487-4337 – Internet: www.mackie.com
|