Experience and Ingenuity Join Together to Mentor and Guide Audex as Board Approves Offering $5,000,000 of Common Stock
Longview, Texas - Today Audex, Inc., a leading manufacturer of telecommunications and assistive listening devices, announced the recent election of two new members to its Board of Directors. The combination of experience and business acumen will provide Audex with additional strength and mentoring through its Board of Directors.
Ron Hutchison is a founding partner of NetworkIP, a large application provider for telecommunications and Internet services, and Chief Executive Officer of Centris Information Services and its affiliated companies, a position he has held since 1990.
Mr. Hutchison brings depth to the Audex board with his background as Senior Manager for Ernst & Young and Chief Operating and Financial Officer of a life insurance group in Tulsa. Mr. Hutchison holds a CPA and a BBA in Accounting from Texas Tech University.
David Sutton was formerly General Manager for Siemens Hearing Instruments, Inc., a division of Siemens he established to create an entire line of assistive listening devices. During his nine-year tenure, Mr. Sutton oversaw sales growth from $400,000 to more than $39 million. Prior to Siemens, Mr. Sutton served as General Manager for Oto-Sonic, Inc., a division of Beltone Electronics, an $80 million leading manufacturer of electronic hearing instruments and audiometers. Mr. Sutton has also held executive sales and marketing positions with Procter & Gamble and Norlin Corporation.
Charles Beatty, Chairman of the Board for Audex, Inc., said he is pleased with the new additions to Audex's Board of Directors. "The addition of Ron and David to our Board of Directors is the first step in the process of creating a Board that can advise and direct our executive team. Their experience working with various markets and technologies will assist Audex in bringing our newest product, the CHAAMP, into the assistive listening and mainstream markets. Both of these gentlemen possess a strong understanding and appreciation of what it takes to grow a company from a small operation into a substantial organization."
At the same meeting, Audex shareholders approved a five million dollar offering of Audex preferred stock for purchase. "This Series A round of funding will carry us
through the sales and marketing ramp-up of the CHAAMP and provide the cash flow we need as our sales increase," said Audex CEO Richard Manley. According to Manley, "The CHAAMP module is just the first of a whole new family of products that Audex will be offering shortly."
About Audex, Inc.
For more than 25 years, Audex, Inc. has been a leading manufacturer of assistive listening and communications devices for people with hearing loss. Based in Longview, Texas, Audex is a privately held company that has evolved into one of the most innovative providers of infrared and magnetic induction listening devices, and telephones for the hearing impaired population in the United States. Audex, Inc. has developed products for Disney, American Airlines, Carnival Cruise Lines, and the University of Nevada at Las Vegas. For more information about Audex, visit www.audex.com.
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