SOURCE: Emerson Radio Corp

July 28, 2006 09:32 ET

Emerson Radio Corp. Appoints Christopher Ho as Chairman of The Board Eduard Will as President -- North American Operations Michael Binney as President -- International Sales Norbert Wirsching to

Its Board of Directors Geoffrey Jurick Steps Down as President and Director

PARSIPPANY, NJ -- (MARKET WIRE) -- July 28, 2006 -- Emerson Radio Corp. (AMEX: MSN) today announced the following changes at the executive management and board level. Mr. Christopher Ho was appointed Chairman of the Board, replacing Mr. Adrian Ma, who will continue to serve as the Chief Executive Officer and Director of the Company. Christopher Ho is presently the Chairman of The Grande Holdings Limited ("Grande"), a Hong Kong based group of companies engaged in a number of businesses including the manufacture, sale and distribution of flat panel, display products and other consumer electronics and video products. Grande is currently the holder of approximately 48% of the Company's outstanding shares of common stock. Mr. Ho is also a certified Public Accountant (Hong Kong) and was a partner in an international accounting firm before joining Grande. He has extensive experience in corporate finance, international trade and manufacturing.

Geoffrey Jurick, the President and a director of the Company, confirmed his resignation from such positions, and agreed to continue to serve as a consultant to the Company. As a result, Eduard Will, the Company's former Audit Committee Chairman, was appointed as the President-North American Operations of the Company and Michael Binney was appointed as President-International Sales of the Company. Messrs. Will and Binney will continue to serve as directors of the Company. Mr. Will has served as a director of the Company since January 2006 and has more than 37 years as a merchant banker, senior advisor and as a director of various public and private companies. Presently, Mr. Will is serving on the Board of Directors or acting as Senior Adviser to: Koolconnect Technologies Inc.; Wasatch Photonics Inc.; Ithaca Technologies LLC; T & W Electronics Co., Darby Overseas and Integrated Data Corporation. Michael A.B. Binney has served as a Director since December 2005. Mr. Binney is an Executive Director of the Grande Holdings Limited and has extensive experience in the consumer electronics industry in both Sales & Marketing and Finance.

In connection with Mr. Will's appointment as President-North American Operations, Mr. Will (i) resigned from his position as the Chairman and a member of the Audit Committee of the Board, including in his capacity as "audit committee financial expert," as such term is defined by the Securities and Exchange Commission ("SEC") and (ii) resigned from his position as a member of the Nominating Committee of the Board. The Board also named (i) Norbert Wirsching as an independent director of the Company, (ii) W. Michael Driscoll, a current director of the Company, as the Chairman of the Audit Committee and the "audit committee financial expert," as such term is defined by the SEC, and (iii) Greenfield Pitts, a current director of the Company, as a member of the Audit Committee.

Mr. Wirsching is a consumer electronics industry veteran of 45 years. He has managed international public and private companies including; Director and CEO of Capetronic Group Ltd. Global, Director and CEO of Polly Peck International PLC, London, Director Sansui Electric Company Ltd., Tokyo, Director of BSR International, Hong Kong/London and Chairman of BSR USA. Since retiring from the Capetronic Group Ltd. in 1994, he serves as principal of N.R. Wirsching Enterprise, a consulting firm focussing on international public and private companies, as well as merger and acquisition services. He is involved in numerous philanthropic organizations and currently serves as Trustee of Wooster School, an independent private school in Connecticut.

On the changes, Mr. Adrian Ma, the Company's Chief Executive Officer stated, "we are grateful for the significant contributions Mr. Jurick has made throughout his 16 years of dedicated service to the Emerson organization and the electronics industry and will rely on his expertise in the near term as we develop and exploit the synergies between Emerson and Grande. As a result of the appointments, we have taken one more step towards building the global management team that will drive the success of the Emerson organization."

Emerson Radio Corp. (AMEX: MSN), founded in 1948, is headquartered in Parsippany, N.J. The Company designs, markets and licenses, throughout the world, full lines of televisions and other video products, microwaves, clocks, radios, audio and home theater products. Emerson's web site is www.emersonradio.com

This release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current knowledge, assumptions, judgment and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, they give no assurance that such expectations will prove to be correct and you should be aware that actual results could differ materially from those contained in the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, including the risk factors detailed in the Company's reports as filed with the Securities and Exchange Commission. The Company assumes no obligation to update the information contained in this news release.

Contact Information


  • CONTACT:
    Emerson Radio Corp.
    John D. Florian
    Deputy Chief Financial Officer
    (973) 428-2044

    Investor Relations:
    Robert Maffei
    Investor Relations Manager
    (973) 428-2098

    EPOCH Financial Group, Inc.
    Victor Thompson or
    Todd Atenhan
    (888) 917-5105