After a six-year run on the NASDAQ, Euphonix (Palo Alto, Calif.) announced on February 7, 2002, that it is buying back the company. The board of directors unanimously approved the filing of Form 15 with the Securities and Exchange Commission (SEC), allowing the company to suspend its obligations to file periodic reports.
Before the move, Euphonix also garnered the necessary shareholder approval for its $6 million line of credit secured in November 2001, and the restructuring of the company's existing promissory notes, which included extending the maturity dates to December 2003. The line of credit will be used to support investment in new-product development and future operations.
Chairman of the Board, musician and filmmaker Dieter Meier explained the reasoning behind the new investment and the company's goals: “Being a private company saves about $350,000 a year in legal and financial fees. I believe we can be profitable by the end of this year. I think our aggressive move into the broadcast market will ensure this.”
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