Audio Research Changes Owners No Details Revealed
Audio Research has changed owners according to a press release issued overnight by Valerio Cora, Founder and CEO of Canadian Company, Acora Acoustics Corporation, missing is any detail about price, or whether the business will stay in the USA or be moved to Canada or whether previous management are set to have a role in the new business.
Also missing are any details as to how the deal was cut after Acoustic Research was placed into receivership with a US bank claiming they were owed A$2.1M and another creditor over A$1.5M, questions are also being asked as to whether Trent Suggs the previous CEO of the business is still involved
Cora claims in the press release that he will “Head “a new independent corporation dedicated to guiding the Audio Research brand toward a future that will grow its strengths and legacy.”
It doesn’t specifically say Cora or Acora Acoustics is acquiring ARC.
They go on to claim, “Our primary objective is to continuously advance the art of audio reproduction while preserving the esteemed heritage and unwavering commitment to uncompromising quality that has become synonymous with this remarkable and prestigious brand”.
Recently the company’s assets were placed in a trust a form of receivership according to the “assignee” Lighthouse Management Group.
Earlier this month the Minnesota Bank and Trust were laying claim to the assets of the business claiming that they were owed over US$2M and had security over the assets of ARC.
The press release goes on to claims that “Under Valerio Cora’s leadership, along with his extensive experience and unwavering passion for audio excellence, we are confident in our abilities to chart a path forward that honors the legacy and core values of Audio Research, while embracing innovation and evolution”.
Also failing to throw any light on the deal is Patrick Finn from Lighthouse Management Group who recently filed for an extension in an effort to protect the company from any actions by creditors until September 1, 2023.
Last night Finn was refusing to comment.