Phoenix Gold, Int'l Sold to Investment Group

Team Lead by Phoenix Gold Int'l Sr. Vice President Tom O'Mara Purchases Assets of Consumer Audio Brands Phoenix Gold, AudioSource, and Carver; O'Mara Becomes President

PORTLAND, Ore., July 25, 2006 - Phoenix Gold International (PGI; www.phoenixgold.com), Portland, Oregon -based parent company of renowned consumer and professional audio brands Phoenix Gold, AudioSource, and Carver, has been purchased by local investment group PHX AP Acquisitions and Phoenix Gold Vice President Tom O'Mara. The new company will be sufficiently capitalized and become a private LLC.


The new executive team has appointed Jonathan Cooley as CEO and Tom O'Mara as president. Additional management changes will soon be announced.

"The Phoenix Gold, AudioSource, and Carver names carry with them tremendous respect and credibility in the marketplace, and we want to insure their legacies will be carried well into the future," O'Mara explained. "Since the most recent CEDIA, SEMA, and CES trade shows, these brands have launched cutting edge mobile and home theater audio products that have quickly gained industry accolades. We have new products currently being developed by some of the industry's finest engineers that will be launched later in the year."

The company's new direction will focus on new products, revamped brand positioning and channel strategies which will be implemented over the next few months as part of the new business plan. As part of the new plan, all domestic manufacturing will be terminated and the resources will be allocated to the core business focus.

O'Mara added that company officials will soon meet with current domestic and international sales and distribution partners to insure a seamless transition as a result of the company sale and that distribution of products to the marketplace will be affected as little as possible, if at all.

"Our highly motivated in -house team is excited by the future possibilities of the new Phoenix Gold," O'Mara added. "In recent years Phoenix Gold has been handicapped because we have not utilized all of the assets at our disposal to their fullest potentials. We now have in place a strategic plan and team that will develop a streamlined, focused, and dedicated effort to continue to bring to market the acclaimed products the industry has come to expect from Phoenix Gold, AudioSource, and Carver."

Phoenix Gold International, Inc., an Oregon based corporation founded in 1991, designs, manufactures, markets and sells innovative high performance electronics, accessories and speakers for the audio market. The company sells its products under the brand names Phoenix Gold®, Carver®, Carver® Digital, Carver® Professional, and AudioSource®. The company's products are used in car audio, professional sound and home audio/theater applications.

For more information on Phoenix Gold International and brands Phoenix Gold, AudioSource, and Carver, please call 1.800.950.1449 or visit phoenixgold.com. Phoenix Gold International is located at 9300 North Decatur Street, Portland, Oregon, USA 97203.

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