Circuit Research Labs, Inc. Repurchases Debt and Securities from Harman International Incorporated
July 24 2007 - 9:00AM
PR Newswire (US)
TEMPE, Ariz., July 24 /PRNewswire-FirstCall/ -- Circuit Research
Labs, Inc. (OTC:CRLI) (BULLETIN BOARD: CRLI) announced today that
it has entered into and closed a Purchase Agreement with Harman Pro
North America, a wholly owned subsidiary of Harman International
Industries, Incorporated (NYSE:HAR). Pursuant to the purchase
agreement, on Friday July 13th 2007, CRLI purchased for $1.5
million dollars cash all its promissory notes and shares of its
common shares owned by Harman Pro North America. The notes had been
issued by CRLI and its President, C. Jayson Brentlinger, to Harman
in connection with transactions between the parties several years
ago. The aggregate remaining principal balance of the notes
repurchased was $3,265,030. The 1,638,457 shares repurchased
represented approximately 18.9% of the total number of CRLI shares
then outstanding. Funding for the $1.5 million purchase price was
provided by Jayson Russell Brentlinger, father of the company's
President, CEO and Chairman C. Jayson Brentlinger. Under the terms
of the purchase agreement, Harman transferred promissory notes made
by CRLI totaling $2.3 million plus unpaid interest, the shares of
common stock owned by Harman, and promissory notes totaling $1.0
million dollars made by C. Jayson Brentlinger in connection with an
earlier purchase by Mr. Brentlinger of 2,104,000 shares of CRLI
stock then owned by Harman in April 2005. Commenting on today's
announcement, C. Jayson Brentlinger, President, CEO and Chairman of
Circuit Research Labs, Inc. stated, "We have enjoyed a great
working relationship with Harman over the past seven years, and now
with this final settlement we have successfully concluded our
purchase of Orban, Inc. from Harman." Brentlinger continued, "I
can't say enough about the professionalism of the Harman team, they
have always been very honest and fair in all our many different
transactions, an attitude that starts with the company's CEO Sidney
Harman and then to every member of the Harman team." Circuit
Research Labs, Inc. and its subsidiaries lead the industry in the
design and manufacture of audio processors for radio, television
and Internet broadcasting. Its websites are http://www.orban.com/
and http://www.crlsystems.com/. Circuit Research Labs, Inc.
Forward-Looking Statements This news release may contain
"forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Management's anticipation
of future events is based upon assumptions regarding levels of
competition, research and development results, raw material
markets, the markets in which the company operates, and stability
of the regulatory environment. Any of these assumptions could prove
inaccurate; and therefore, there can be no assurance that the
forward-looking information will prove to be accurate. About
Circuit Research Labs, Inc. Circuit Research Labs, Inc. is a
manufacturer of high-quality digital and analog audio processing,
transmission encoding, and noise reduction equipment. Circuit
Research Labs, Inc. is in the market for radio, TV and Internet
audio processing. As technology evolves, Circuit Research Labs
continues to innovate with state-of-the-art audio processing
products for DAB, DTV and streaming media. The Company purchased
Orban(R) in May of 2000. Orban was founded in 1970 by Bob Orban,
who is the world's foremost expert in transmission audio processing
for broadcast. Orban leads the industry in the design and
manufacture of audio processors for radio, television and Internet
broadcasting. Recognized for its standard-setting Optimod(R)
digital audio processors and the Opticodec(R) codecs, the Orban
name has become synonymous with reliable, high performance
products. Today, its versatile audio processing equipment and
codecs are the products of choice in fast-paced production
environments worldwide. DATASOURCE: Circuit Research Labs, Inc.
CONTACT: David Rusch of Orban, Inc., +1-480-403-8300, fax,
+1-480-403-8301, ., for Circuit Research Labs, Inc. Web site:
http://www.orban.com/
Copyright