Euphonix (Palo Alto, CA) announced on February 7, 2002, that its board of directors unanimously approved the filing of Form 15 with the Securities and Exchange Commission. Filing Form 15 allows Euphonix to suspend its obligations to file periodic reports with the Securities and Exchange Commission, including Forms 10-Q and 10-K. As a result, Euphonix is now a privately held company.
Euphonix also recently garnered the necessary shareholder approval for its $6.0 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 $6.0 million 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: "To aggressively attack the large-format post and broadcast market, my group of investors recently decided to commit sufficient funds in the order of $6 million. I want to make Euphonix very profitable and very strong…we are in business for the long haul."
For more, visit www.euphonix.com.