Phoenix Gold Intl Sold to Investment Group - ProSoundNetwork.com

Phoenix Gold Intl Sold to Investment Group

Portland, OR (August 7, 2006)--Phoenix Gold International (PGI; www.phoenixgold.com), the Portland, OR-based parent company of renowned consumer and professional audio brands Phoenix Gold, AudioSource, and Carver, has been purchased by local investment group PHX AP Acquisitions and Phoenix Gold vice president Tom O'Mara. The new company will be sufficiently capitalized and become a private LLC.
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Portland, OR (August 7, 2006)--Phoenix Gold International (PGI; www.phoenixgold.com), the Portland, OR-based parent company of renowned consumer and professional audio brands Phoenix Gold, AudioSource, and Carver, has been purchased by local investment group PHX AP Acquisitions and Phoenix Gold vice president Tom O'Mara. The new company will be sufficiently capitalized and become a private LLC.
Tom O'Mara, president of Phoenix Gold International (Phoenix Gold, Carver, AudioSource) at Phoenix Gold Int'l headquarters in Portland, OR.The new executive team has appointed Jonathan Cooley as CEO and Tom O'Mara as president. Additional management changes will soon be announced.

"The Phoenix Gold, AudioSource, and Carver names carry with them tremendous respect and credibility in the marketplace, and we want to insure their legacies will be carried well into the future," O'Mara explained. "Since the most recent CEDIA, SEMA, and CES trade shows, these brands have launched cutting edge mobile and home theater audio products that have quickly gained industry accolades. We have new products currently being developed by some of the industry's finest engineers that will be launched later in the year."

The company's new direction will focus on new products, revamped brand positioning and channel strategies, which will be implemented over the next few months as part of the new business plan. As part of the new plan, all domestic manufacturing will be terminated and the resources will be allocated to the core business focus.

O'Mara added that company officials will soon meet with current domestic and international sales and distribution partners to insure a seamless transition as a result of the company sale and that distribution of products to the marketplace will be affected as little as possible, if at all.

"Our highly motivated in-house team is excited by the future possibilities of the new Phoenix Gold," O'Mara added. "In recent years Phoenix Gold has been handicapped because we have not utilized all of the assets at our disposal to their fullest potentials. We now have in place a strategic plan and team that will develop a streamlined, focused, and dedicated effort to continue to bring to market the acclaimed products the industry has come to expect from Phoenix Gold, AudioSource, and Carver."

Phoenix Gold International, Inc.
www.phoenixgold.com