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January 30, 2009
Source - MMR Magazine
Loud Technologies Withdraws from NASDAQ
Loud Technologies Inc. has said that it will voluntarily withdraw its shares from listing on the NASDAQ stock exchange, a move that will take effect sometime in early February. Officials at the Woodinville, Wash. music products company (NASDAQ: LTEC) cited a number of reasons for the move, including high costs for continued stock exchange listing, management time to maintain listing, limited trading in the company's shares, the chance that Loud won't meet minimum exchange requirements in the future, and the lack of analysts who cover the company's stock. "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," said Rodney Olson, CEO, in a statement. Loud is currently not complying with one NASDAQ requirement because it is late filing a 10-Q report with the Securities and Exchange Commission.
(Source: Puget Sound Business Journal (Seattle))
Shure Raids in China Uncover 8,500 Counterfeit Earphones
An investigation initiated by Shure in Futian District, Shenzhen, in Mainland China led to a recent raid by the Shenzhen Administration for Industry and Commerce (AIC) on a wholesale shop, Sanze Electronics, in the Zhongdian Electronics and Technology Building on Huaqiang Road, and another at an associated warehouse. "Counterfeiting is not just a problem for Shure," said Sandy LaMantia, Shure's president and CEO. "This is a serious issue that impacts our entire industry. Every brand of professional audio and consumer electronics is at risk because of this criminal activity. Shure continues to cooperate with other brands in joint actions and criminal prosecutions in China to present a united front against this illegal activity." Goods seized during the enforcement action included 8,500 pairs of counterfeit earphones bearing the Shure name and other well-known trademarks. Penalties imposed by the Shenzhen AIC against the wholesale outlet include the confiscation of all earphones, the requirement that the outlet cease its infringement activities immediately, and the imposition of a fine of 30,000 RMB. Penalties against the warehouse will be determined in February. In addition to its vigorous anti-counterfeiting efforts in China, Shure also has mounted successful operations to uncover and halt intellectual property violations in other parts of Asia, Europe, South America, the Middle East, Africa, and the United States.
Salinas Gadsby's Music to Close
Salinas, California's newspaper, The Californian, reports that after 73 years, Gadsby's Music store is scheduled to close on Feb. 28. "It's the economy and for personal health reasons," says Larry Tharp, owner. "Gadsby's has done so much for the community for so many years that, when I hear this news, I see a part of Salinas vanishing," reflects D.L. Johnson, music director of North Monterey County High School and frequent contributor to MMR's sister publication, School Band & Orchestra. The article in The Californian notes that even the local competition is regrets that Gadsby's is closing. For 15 years, Wise Music has operated mere feet away, but because the two stores often offered different items and brand names, their combined drawing power helped both, according to Peter Wise, owner.
(Source: The Californian)