 |
|
5880
Pacific Center Blvd, San Diego, CA
92121
|
858-373-1600
|
www.infosonics.com |
|
Company
Contact:
|
IR Contact: | |
|
Jeffrey
A. Klausner
|
Todd Kehrli, Bonnie McBride | |
|
Chief
Financial Officer
|
MKR Group, Inc. | |
|
(858)
373-1600
|
(323) 468-2300 | |
|
ir@infosonics.com
|
ifon@mkr-group.com
|
InfoSonics™
to Relocate its Corporate Headquarters
| · | Early Termination Results in $2.15 million cash payment received by InfoSonics |
| · | Annual Estimated Expense Savings of $120,000 |
| · | Relocation to a Nearby Facility |
SAN
DIEGO, CA, August 29, 2007
-
InfoSonics Corporation (NASDAQ: IFON), a premier provider and distributor
of
wireless handsets and accessories serving Latin America and the United States,
today announced that it has negotiated an early termination of its lease
and
will relocate its corporate headquarters to a nearby office facility at the
end
of the third quarter 2007. As part of the lease termination, management
negotiated a cash payment of $2.15 million from the building owner, which
has
been received.
“Consistent
with our ongoing expense management initiatives, we have completed this
strategic move which has provided us with $2.15 million in cash, increasing
our
capital resources,” said Jeff Klausner, Chief Financial Officer of InfoSonics.
“The new office space will also enable us to match our space needs with our
personnel requirements, in addition to reducing annual rent expense by
approximately $120,000.”
About
InfoSonics™ Corporation
InfoSonics
is one of the premier providers and distributors of wireless handsets and
accessories in Latin America and the United States. For the wireless
telecommunications industry, InfoSonics provides flexible and cost effective
solutions, including product assembly, purchasing, marketing, selling,
warehousing, order assembly, programming, packing, shipping, and delivery.
InfoSonics supports manufacturers in moving their products to agents, resellers,
distributors, independent dealers, retailers and wireless network operators
in
Latin America and the United States. For additional information, please visit
www.infosonics.com.
Cautionary
Statement for the Purpose of the Safe Harbor Provisions of the Private
Securities Litigation Reform Act of 1995
The
matters in this press release that are forward-looking statements including
our
ability to finalize negotiations on the new facility for our corporate
headquarters, are based on current management expectations that involve certain
risks which, if realized, in whole or in part, could cause such expectations
to
fail to be achieved and have a material adverse effect on InfoSonics’ business,
financial condition and results of operations. InfoSonics does not intend
to
update any forward-looking statements.
####