SOURCE: Emerson Radio Corp.

January 09, 2007 07:00 ET

Emerson Radio Is Granted License to Produce and Sell HD Radio™ Receivers

PARSIPPANY, NJ -- (MARKET WIRE) -- January 9, 2007 -- Emerson Radio Corp. (AMEX: MSN) announced today that it has been granted a non-exclusive technology license from iBiquity Digital Corporation to produce and sell HD Radio digital audio receivers for the North American consumer electronics market. Developed by iBiquity and supported by the leaders of the broadcasting, consumer electronics and automotive industries, HD Radio technology has the potential to transform the radio experience in ways never thought possible.

"We are delighted at this opportunity to partner with iBiquity to address the rapidly growing market for HD Radio technology," said Mr. Eduard Will, Emerson Radio Corp. President - North American Operations. "We believe that HD Radio broadcasting is the next great frontier for consumer audio and, with its clear sound and broad range of new channel choices, has the potential to revolutionize radio much as the introduction of FM broadcasting opened new possibilities for listeners and the electronics industry. Emerson is proud to put its reputation for delivering quality audio equipment at affordable prices behind iBiquity's campaign to bring the benefits of the HD Radio system to the widest possible audience in North America."

Mr. Robert Struble, President and CEO of iBiquity Digital, said, "Emerson is a great addition to the roster of quality audio brands that are making HD Radio reception a reality for listeners across the nation. Emerson is a trusted electronics supplier to mass-retailing channels who will be an essential element in helping HD Radio technology become a broad consumer phenomenon -- as well as must-have for audiophiles."

According to market research, consumer sentiment is very strong for digital radio receivers and the worldwide market is expected to grow from 5 million units in 2005 to almost 25 million by the year 2010. Last year, Emerson sold more than 5.8 million electronic products that featured radio receivers, including its innovative line of patented "Smart Set"™, power failure-proof clock radios. Emerson anticipates bringing its first HD Radio receivers to market in 2007.

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

iBiquity Digital Corporation is the sole developer and licenser of HD Radio™ technology in the U.S. HD Radio is transforming today's AM and FM radio stations to digital, enabling radically upgraded sound, crystal-clear reception, multicasting (multiple channels broadcast on a single FM frequency) and advanced data services. iBiquity Digital's investors include 15 of the nation's top radio broadcasters, including ABC, Clear Channel and CBS Radio; leading financial institutions, such as Grotech Capital Group, Intel Capital, J.P. Morgan Partners, New Venture Partners, Pequot Capital and J&W Seligman; and strategic partners Ford Motor Company, Harris, Texas Instruments and Visteon. Named one of Deloitte's Fast 500 Companies, iBiquity Digital is a privately held company with operations in Columbia, MD, Detroit, MI, and Warren, NJ.

Approved by the Federal Communications Commission in October 2002 as the U.S. system for digital AM and FM broadcasting, more than 1,100 AM and FM stations in the U.S. are broadcasting with digital HD Radio technology, with an additional 600 new HD2 FM multicast channels offering consumers new and expanded content. HD Radio technology is also being tested and adopted in countries around the world, including: Australia, Brazil, Canada, Indonesia, New Zealand, Philippines, Poland, Switzerland, Thailand and Ukraine. For more information, please visit www.ibiquity.com and the consumer website, www.hdradio.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 Emerson's reports as filed with the Securities and Exchange Commission. Emerson assumes no obligation to update the information contained in this news release.

Contact Information

  • CONTACT:
    EMERSON Radio Corp.
    9 Entin Road
    Parsippany, NJ 07054-0430

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

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

    Brainerd Communicators, Inc.
    Jonathan Schaffer / Brad Edwards
    (212) 986-6667

    Media Relations:
    Brainerd Communicators, Inc.
    Scott Cianciulli
    (212) 986-6667