Extension of Waivers Continues for Recoton
6 September 1999
Extension of Waivers Continues for Recoton
LAKE MARY, Fla.--Sept. 3, 1999--Recoton Corporation (Nasdaq National Market: RCOT), a leading global consumer electronic accessory, loudspeaker and car audio company, today announced that its lenders and noteholders have agreed to further extend, through September 9, 1999, the waivers of covenant defaults granted to Recoton on August 16, 1999.The further extension was granted to allow Recoton and its lenders and noteholders time necessary to finalize the previously announced debt-restructuring plan.
Recoton Corporation, is a global leader in the development, manufacturing and marketing of consumer electronic accessories, loudspeakers and car audio products. Recoton's more than 4,000 products feature highly functional accessories for audio, video, car audio, camcorder, multi-media/computer, home office, cellular and standard telephone, music and video game products and 900MHz wireless technology headphones and speakers. They are sold under the AAMP(R), Ambico(R), Ampersand(R), AR(R)/Acoustic Research(R), Discwasher(R), InterAct(R), Parsec(R), Peripheral(R), Performance(TM), Recoton(R), Rembrandt(R), Ross(TM), SoleControl(R), SoundQuest(R) and Stinger(R) brand names. The Company also produces and markets audio components, high fidelity loudspeakers, home theater speakers, and car audio speakers and components which are sold under the Advent(R), AR(R)/Acoustic Research(R),HECO(TM), Jensen(R), MacAudio(R), Magnat(R), NHT(R) (Now Hear This), and Phase Linear(R) and Recoton(R) brand names.
This press release may contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of l995. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. Such statements speak only as of the date made. Please refer to the Company's Form 10-K and other SEC filings.