SAN DIEGO, Nov. 9, 2018 /PRNewswire/ -- Turtle Beach
Corporation (Nasdaq: HEAR), the leading gaming headset and
audio accessory brand, today announced that Ken Fox, Managing Partner of Stripes Group, the
New York-based private equity
firm, is stepping down from its board of directors, effective
November 15, 2018.
After Mr. Fox's departure, three of the Company's five person
board of directors will be independent members. Since Turtle Beach
ceased to be a "controlled company1" following the
April 2018 transaction wherein the
Company facilitated the retirement of its Series B preferred stock,
Turtle Beach has completed its transition to a majority independent
board of directors within the time period required by Nasdaq
listing rules.
Ron Doornink, chairman of Turtle
Beach's board of directors, said, "Ken
Fox has been a director of Turtle Beach since Stripes Group
acquired a majority position in 2010. For nearly eight years, he
and his firm have consistently supported Turtle Beach. The Company
and the board thank Mr. Fox for his valuable contributions."
Mr. Fox commented, "The operational success that Turtle Beach
has achieved, the improvements in its capital structure, and its
stellar prospects make this an appropriate time for me to take a
more passive role. The remaining board consists of directors with a
wide range of expertise in video gaming, finance, and technology,
and its management team has clearly demonstrated an ability to grow
sales and market share, manage costs, and successfully drive the
long term strategy of the company. I believe that Turtle Beach will
continue to enjoy a dominant position in a growing industry, and
that its best days lie ahead."
Upon Mr. Fox's departure, Turtle Beach's board of directors will
include three independent directors: Greg
Ballard (video game industry veteran); William Keitel (former CFO of QUALCOMM); and
Andrew Wolfe (former chief
technology officer of SONICblue). In addition, the board of
directors includes Juergen Stark,
Turtle Beach's CEO, and Ron
Doornink, an operating partner of Stripes Group and former
CEO of Activision Publishing, a leading video game publisher.
About Turtle Beach Corporation
Turtle Beach (www.turtlebeach.com) is a leading gaming accessory
brand, offering a wide selection of cutting-edge, award-winning
gaming headsets. Whether you're a professional esports athlete,
hardcore gamer, casual player, or just starting out, Turtle Beach
has the gaming headset to help you truly master your skills.
Innovative and advanced technology, amazing high-quality gaming
audio, crystal-clear communication, lightweight and comfortable
designs, and ease-of-use are just a few features that make Turtle
Beach a fan-favorite brand for gamers the world over. Designed for
Xbox, PlayStation®, and Nintendo consoles as well as for
PC, Mac®, and mobile/tablet devices, owning a Turtle
Beach gaming headset gives you the competitive advantage. Hear
Everything. Defeat Everyone.™ The company's shares are traded on
the Nasdaq Exchange under the symbol: HEAR.
Cautionary Note on Forward-Looking Statements
This press release includes forward-looking information and
statements within the meaning of the federal securities laws.
Except for historical information contained in this release,
statements in this release may constitute forward-looking
statements regarding assumptions, projections, expectations,
targets, intentions or beliefs about future events. Statements
containing the words "may", "could", "would", "should", "believe",
"expect", "anticipate", "plan", "estimate", "target", "project",
"intend" and similar expressions constitute forward-looking
statements. Forward-looking statements involve known and unknown
risks and uncertainties, which could cause actual results to differ
materially from those contained in any forward-looking statement.
Forward-looking statements are based on management's current
belief, as well as assumptions made by, and information currently
available to, management.
While the Company believes that its expectations are based upon
reasonable assumptions, there can be no assurances that its goals
and strategy will be realized. Numerous factors, including risks
and uncertainties, may affect actual results and may cause results
to differ materially from those expressed in forward-looking
statements made by the Company or on its behalf. Some of these
factors include, but are not limited to, risks related to the
Company's liquidity, the substantial uncertainties inherent in the
acceptance of existing and future products, the difficulty of
commercializing and protecting new technology, the impact of
competitive products and pricing, general business and economic
conditions, risks associated with the expansion of our business
including the implementation of any businesses we acquire, our
indebtedness, and other factors discussed in our public filings,
including the risk factors included in the Company's
most recent Annual Report on Form 10-K, Quarterly Report
on Form 10-Q and the Company's other periodic reports.
Except as required by applicable law, including the securities laws
of the United States and the rules
and regulations of the Securities and Exchange Commission, the
Company is under no obligation to update or revise any
forward-looking statement after the date of this release whether as
a result of new information, future developments or otherwise.
All trademarks are the property of their respective owners.
1A "controlled company" under the Nasdaq listing
standards is a listed company more than 50 percent of the voting
power of which is held by an individual, a group or another company
(and which elects to be treated as a "controlled company").
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SOURCE Turtle Beach Corporation