The Singing Machine Company (“Singing
Machine” or the “Company”)(AMEX:SMD)
announced that effective May 23, 2008 Danny Zheng will be resigning from
his position as Chief Financial Officer of the Company. Citing a need to
dedicate more time to pursue his Executive MBA at the Wharton School of
Business and time for his family, Mr. Zheng and the Company elected to
amicably sever Mr. Zheng’s active employment.
Notwithstanding his resignation, Mr. Zheng has agreed to provide three
months of consulting to assist the Company in the transition.
In addition, the Company is pleased to announce the hiring of Marcelo
Paris, CPA, MBA, to the position of Financial Controller. Mr. Paris is
joining the Singing Machine from Intermex Wire Transfer, an
international wire transfer firm, where Mr. Paris served as Corporate
Controller. Mr. Paris oversaw Intermex’s
financial departments in Miami and throughout Latin America and brings a
strong understanding of cash flow forecasting, budgeting, and working in
international markets. While with Intermex, Mr. Paris improved the
company’s A/R collection process resulting in
increased cash flow. Mr. Paris will be the Company’s
highest ranking financial official in Mr. Zheng’s
absence.
“On behalf of the Company, I would like to
thank Danny Zheng for his dedication and hard work,”
said Anton Handal, CEO. “Danny has been
instrumental in Singing Machine’s turn
around; but now that the Company is on track to grow and be profitable,
we will be looking to build on the new talent which has recently come on
board.” Handal added, “We
are excited to welcome Marcelo to the Singing Machine team. His
experience, energy, and fresh outlook bring a new perspective and a
fresh set of skills to our financial department. Marcelo’s
technical knowledge of forecasting and budgeting, as well as his
familiarity with international banking and markets, made him the obvious
choice. I look forward to working with Marcelo to bring this Company to
the next level.”
About The Singing Machine
Incorporated in 1982, The Singing Machine Company develops and
distributes a full line of consumer-oriented karaoke machines and music
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 30, 2006.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.