LOS ANGELES | September 1st, 2010 - Redwood Capital ("Redwood") would like to congratulate Aurasound, Inc. (OTCBB: ARUZ) ("Aurasound") on the successful completion of its sale to Guoguang Electric Co., Ltd (SZSE: 002045)("GGEC"). Prior to Aurasound's sale, Redwood also completed more than $25 million in financing for the company and guided it through a public offering.
Aurasound develops, manufactures and markets premium audio technology, specializing in the production of high pressure-level, bass-rich, low distortion sound from ultra-compact speakers. Based upon innovative and patented magnetic and audio technology, Aurasound's speakers deliver improved sound quality to devices such as notebooks, computers, flat-panel televisions, mobile phones, and high-end home and mobile audio systems. Aurasound is based in Santa Fe Springs, California.
In a complementary capacity, GGEC develops and manufactures a complete range of speakers, drivers, audio systems and accessories in China for worldwide distribution. GGEC's product lines include speakers for the consumer, multimedia, professional, auto and communications markets.
Nathan Johnson, Managing Partner of Redwood, commented: "The two companies have considerable opportunity to create synergistic value and increase operational efficiencies with this strategic merger. Aurasound's reputation as a premier developer of high quality, ultra-compact speakers will immensely benefit GGEC in its continued effort to establish itself as a technology leader in this segment. Likewise, Aurasound will benefit significantly from the infrastructure and customer relationships that GGEC already has in place. We are very excited to see how the combined company evolves and grows into a market leader over the coming years."