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For Immediate Release Russound Completes Acquisition of Colorado vNet -- Distribution to Remain Unchanged as Future Synergies are Explored --NEWMARKET, N.H., October 19, 2009 – Russound, the #1 brand in multiroom audio, today announced it has completed its acquisition of privately-held Colorado vNet, a Loveland, CO-based manufacturer of automation & control systems. “Now that the ink has dried, I can tell you we are thrilled to welcome the Colorado vNet team to the Russound Family,” said Charlie Porritt, CEO of Russound. “We are committed to retaining the integrity of the Colorado vNet brand and all its assets while looking at how the two brands can work in tandem to benefit our respective customer bases.” As previously announced, Colorado vNet will continue to provide its award-winning home control system direct to its authorized dealers and will continue operations out of Loveland, Colorado. Russound’s and Colorado vNet’s respective US sales organizations will remain separate. Though there are at present no immediate plans to merge the companies’ respective technical support and training programs, Russound is exploring the potential for such synergies in the near future. “Any integration of any of our customer service programs will only be explored and implemented if we see there are irreproachable benefits for our dealers,” said Porritt. “Russound’s online training system is considered among the best in the business, so naturally we want to extend its value by offering web-based training for both product lines to authorized dealers,” added Porritt. “We’re also looking at ways to allow dealers to take hands-on training on either product line at both Russound and vNet facilities” When exploring ways for the two brands to combine efforts, thereby saving time and resources for their dealers, Porritt noted that distribution will remain separate, “…there are other economies of scale that can be gained by sharing resources for the two brands.” Looking ahead, Porritt said that engineering resources may be shared to develop products for both brands. “One of the most exciting aspects of this acquisition is how it opens the door for true collaboration between the two companies,” said Porritt. “Between Russound’s audio expertise and Colorado vNet’s leadership in automation and integration technologies, we will be able to develop products that will simplify and ultimately redefine the market for whole-house entertainment and control solutions.” About Russound Since 1967, innovation, quality and reliability have been the pillars of the Russound product tradition. Located in Newmarket, N.H., USA, Russound, the #1 brand in multiroom audio*, offers the products and expertise customers need to enjoy multiroom audio and video systems in the home. For more than 40 years, Russound has continued to cater to installation professionals and their customers by pairing powerful systems using the latest technologies with intuitive controls to give customers high-performance, easy-to-use solutions. For more information, visit the company’s Web site at www.russound.com. *#1 Brand in Multiroom Audio according to EH Research for Brand Awareness from 2005 to 2008. About Colorado vNet Colorado vNet manufactures a wide range of whole-house control solutions for lighting, climate, security, CCTV, weather, and distributed digital entertainment. Blending reliability, scalability and flexibility with award-winning contemporary design, Colorado vNet products are quick to install, easy to use, and complement any décor. |
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