Singing Machine Completes $2.0 Million Private Placement - Seite 2

Mr. Atkinson continued, “We are equally excited to work more closely with Mr. Foreman. We have had the privilege of Mr. Foreman serving as a Director since our up-listing to Nasdaq in the spring of 2022, and he has been a staunch supporter of our team and our business model to date.”

“Mr. Foreman is a highly respected and successful entrepreneur in our industry, and he has already offered several promising introductions for us to potentially leverage with our world-class retail partnerships. We are looking forward to working closer with Mr. Foreman and his team to unlock the benefits of these introductions in the coming year.”

“We believe this transaction, on such favorable terms relative to other equity transactions being executed in the market today, represent a strong endorsement of our Company and our team. We are grateful for this support, and we are excited to accelerate our business model heading into 2024,” concluded Mr. Atkinson.

About The Singing Machine

The Singing Machine Company, Inc. is the worldwide leader in consumer karaoke products. Based in Fort Lauderdale, Florida, and founded over forty years ago, the Company designs and distributes the industry's widest assortment of at-home and in-car karaoke entertainment products. Their portfolio is marketed under both proprietary brands and popular licenses, including Carpool Karaoke and Sesame Street. Singing Machine products incorporate the latest technology and provide access to over 100,000 songs for streaming through its mobile app and select WiFi-capable products and is also developing the world’s first globally available, fully integrated in-car karaoke system. The Company also has a new philanthropic initiative, CARE-eoke by Singing Machine, to focus on the social impact of karaoke for children and adults of all ages who would benefit from singing. Their products are sold in over 25,000 locations worldwide, including Amazon, Costco, Sam’s Club, Target, and Walmart. To learn more, go to www.singingmachine.com.

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Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "may", "could", "expects", "projects," "intends", "plans", "believes", "predicts", "anticipates", "hopes", "estimates" and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon several assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the Company's control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the risk factors described in the Company's filings with the Securities and Exchange Commission. The forward-looking statements are applicable only as of the date on which they are made, and the Company does not assume any obligation to update any forward-looking statements.