Reasons for Name Change
Since the introduction of our LRAD-X ® product line in March 2008, we have experienced strong revenue growth and significantly improved financial results. During fiscal year 2009, we had record revenues, driven by a 57% increase in sales of our Long Range Acoustic Device TM (LRAD ® ) product line, which accounted for $14.3 million of our $15.8 million in revenues. Since the beginning of fiscal 2009 we have:
established the LRAD brand as the premier acoustic hailing device while opening new markets and applications for LRAD products and systems including law enforcement and wildlife preservation and control;
expanded LRAD sales within the U.S. Military and to international naval forces around the world to support the international fight against escalating piracy and terrorist threats; and
developed and launched the LRAD 300X to meet customer requirements for installations on small vessels and small manned and unmanned vehicles and aircraft. The 300X is receiving strong initial market acceptance.
In addition, since September 30, 2009 we have received:
an opening order for 17 LRAD systems from the Japan Coast Guard;
a new $620,000 LRAD order from China to support its national law enforcement agencies; and
approximately $3.2 million in new LRAD orders from the U.S. Military.
Our recent sales growth and success has helped the LRAD brand name to achieve widespread recognition and is well known in the markets in which we compete. We believe our future growth lies largely in sales of our LRAD product line.
For all of the above reasons, we believe that “LRAD Corporation” more accurately reflects both our current and historical strengths and more closely depicts the future strategy and growth of our company. We anticipate that changing our corporate name to LRAD Corporation will more closely align our company’s reputation with our product line and future growth strategy.
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