House & Home
House and Home
House and Home 
Tue, December 23, 2008
Singing Machine Announces Former CEO Eddie Steele is Back With Company
COCONUT CREEK, Fla.--([ BUSINESS WIRE ])--The Singing Machine Company ("Singing Machine" or the "Company")(AMEX:SMD) proudly announces that it has worked out a deal with former Singing Machine CEO, Eddie Steele, which would bring Steele back to the Company he founded. Steele will assist the Singing Machine in sales and product development and will primarily focus on developing the Company's 2009 product line. This year, Steele developed the [ SML-385 ] karaoke machine which has proven to be Singing Machine's #1 selling item this year. Steele formerly served as the Company's CEO for 16 years and brought the Company out of bankruptcy and turned it into Business Week's #1 Hot Growth Company in 2002.
"We see Eddie's partnership with the Singing Machine as a real boon to the Company," remarked Tony Handal, CEO. "His passion and expertise in product development and sales should help the Company at a time when consumers are increasingly more conscious of what they spend their money on." Bernardo Melo, VP of Global Sales added, "Eddie is considered by many in the industry to be a legend and an icon. He has an innate understanding of product, the development cycle and production. Eddie also brings with him a tremendous amount of credibility, passion and a wealth of personal relationships within the industry. I look forward to working more closely with Eddie as we look ahead to an exciting 2009."
About The Singing Machine
Incorporated in 1982, The Singing Machine Company develops and distributes a full line of consumer-oriented karaoke machines and musical instruments under The Singing MachineTM, Bratz, SoundX and other brand names. The first to provide karaoke systems for home entertainment in the United States, The Singing Machine sells its products in North America, Europe and Australia.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.Such forward-looking statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management and include, but are not limited to statements about our financial statements for the fiscal year ended March 31, 2008.These statements are not guarantees of future performance and involve risks and uncertainties 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 the risks that our vendors in China may not ship our products on the scheduled basis and that we will have sufficient cash flow to finance our working capital needs in the remaining periods of this fiscal year.In addition, you should review our risk factors in our SEC filings which are incorporated herein by reference.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.