Sam Westover to Serve as Chairman of the Board and Chief Executive Officer for Sonic...
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Sam Westover to Serve as Chairman of the Board and Chief Executive Officer for
Sonic Innovations
Andrew Raguskus to Serve as Senior Technology Advisor
SALT LAKE CITY, May 13 /PRNewswire-FirstCall/ -- The Board of Directors of
Sonic Innovations, Inc. (Nasdaq: SNCI), a leading producer of advanced digital
hearing aids, today announced that Andrew Raguskus has stepped down as
Chairman of the Board. Mr. Raguskus will continue as a member of the Board of
Directors and serve as its Senior Technology Advisor. As a result of
Mr. Raguskus' announcement, the Board of Directors appointed CEO Sam Westover
to serve as Chairman of the Board and Chief Executive Officer for the company.
James Callahan will continue to serve as Lead Independent Director for the
Board of Directors. Mr. Callahan has been a director for the company since
2004 and was reelected for an additional three year term at this year's annual
shareholders meeting. He is also a member of the Board's Audit and
Compensation Committees.
In making his announcement, Mr. Raguskus stated, "When I was asked to
serve as Chairman of the Board it was with the intention of giving Sam
[Westover] time to focus his attention on the strategy and operations of the
business. He has clearly set the company on the right path and, therefore, it
is time for me to step aside and allow him to assume full leadership
responsibility for the company."
"Andy has been a tremendous asset to this company and the Board and I have
the utmost respect for his leadership and accomplishments," said Mr. Westover
in response to his appointment as Chairman of the Board. "Sonic would not be
celebrating its 10-year anniversary were it not for his commitment to
developing and delivering the best hearing instruments. I am pleased that
Andy has agreed to accept the role of Senior Technical Advisor. His knowledge
and insight to the hearing aid industry will be invaluable as we continue to
develop new products to meet the needs of our customers."
About Sonic Innovations
Sonic Innovations, Inc. is the largest, publicly traded U.S.-based hearing
aid manufacturer. The company was founded with a mission to commercialize a
unique digital signal processing platform for hearing aids. Sonic Innovations
hearing aids were among the first of their kind clinically proven to increase
speech understanding in noise for the hearing impaired. Sonic Innovations,
headquartered in Salt Lake City, is listed on the NASDAQ Global Market System
and can be found online at http://www.sonici.com.
This press release may contain "forward-looking statements" as defined
under securities laws. Actual results may differ materially and adversely
from those described herein depending on a number of factors including, but
not limited to, the following risks: we face aggressive competition in our
business; acquisitions could be difficult to integrate and disrupt our current
business and therefore may harm our operating results; we may poorly operate
newly acquired businesses; we may lose a large customer or suffer a reduction
in orders from a large customer; we must have innovative, technologically
superior products to compete effectively; our products, due to their
complexity, may contain errors or defects that are only discovered after sales
by our customers, thus harming our reputation and business; we may have issues
with intellectual property; and we have important international operations,
which expose us to a variety of risks including government reimbursement, that
could impact sales and operating results. For additional information
regarding the risks inherent in our business, please see "Factors That May
Affect Future Performance" included in our Annual Report on Form 10-K for the
year ended December 31, 2007, as filed with the Securities and Exchange
Commission.
We undertake no obligation to revise our forward-looking statements to
reflect events or circumstances after the date hereof as a result of new
information, future events or otherwise.
SOURCE Sonic Innovations, Inc.
Sam Westover, President and CEO, +1-801-365-2800, or Michael Halloran, Vice
President and CFO, +1-801-365-2854, both of Sonic Innovations, Inc.
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