Phoenix Gold International (PGLD) Inactive
Filed: 20 Aug 03, 12:00am
Exhibit 99.1
INTERNATIONAL, INC.
FOR MORE INFORMATION CONTACT: |
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Joseph K. O’Brien |
| Timothy G. Johnson |
Chief Financial Officer and Secretary |
| President and Chief Operating Officer |
Phoenix Gold International, Inc. |
| Phoenix Gold International, Inc. |
(503) 978-3306 |
| (503) 978-3330 |
PHOENIX GOLD’S COMMON STOCK TO BEGIN TRADING ON OTC BULLETIN BOARD
Portland, OR — August 19, 2003 — Phoenix Gold International, Inc. (Nasdaq:PGLD) today announced that following a decision of a Nasdaq Listing Qualifications Panel effective Wednesday, August 20, 2003 the common stock of the Company will no longer be traded on The Nasdaq SmallCap Market, but will instead be eligible for quotation on the OTC Bulletin Board. The current trading symbol assigned to the Company –“PGLD” — will remain the same.
Phoenix Gold International, Inc. designs, manufactures, markets and sells innovative, high quality, high performance electronics, accessories and speakers for the audio market. The Company sells its products under the brand names Phoenix Gold, Carver Professional and AudioSource. The Company’s products are used in car audio, professional sound and home audio/theater applications.
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to expectations, beliefs and future financial performance, and are based on current expectations and are subject to certain risks, trends and uncertainties that could cause actual results to vary from those projected, which variances may have a material adverse effect on the Company. Among the factors that could cause actual results to differ materially are the following: the adverse effect of reduced discretionary consumer spending; competitive factors; dependence on a significant customer; potential fluctuations in quarterly results and seasonality; fixed operating expenses relative to revenues; the need for the introduction of new products and product enhancements; dependence on suppliers; control by current shareholders; high inventory requirements; business conditions in international markets; the Company’s dependence on key employees; the need to protect intellectual property; environmental regulation; and the limited trading volume of the Company’s common stock, as well as other factors discussed in Exhibit 99.3 to the Phoenix Gold International, Inc. Annual Report on Form 10-K for the fiscal year ended September 30, 2002, which is hereby incorporated by reference. Given these uncertainties, readers are cautioned not to place undue reliance on the forward-looking statements. The Company does not intend to update its forward-looking statements.
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