Andrea Electronics Moves Its Corporate Headquarters to Bohemia, New York; Successful Assignment of Existing Lease.BOHEMIA, N.Y. -- Andrea Electronics Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : ANDR ANDR Anhydrite (lithological term) ANDR Additional National Design Requirement ) announced today that it moved its corporate headquarters to 65 Orville Drive, Bohemia, NY. The new location has approximately 11,000 square feet of leased space, which houses our production operations, research and development activities, sales, administration and executive offices. This move takes places after the successful assignment of Andrea's existing lease to an unrelated third-party. During its current fiscal first quarter, Andrea will record a non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. of about $300,000, net, related to the reversal of deferred rent charges, which will be partially offset by the write off of certain fixed assets, and a cash charge approximating $225,000 to be recorded for lease termination costs. Andrea's annual savings from the relocation of its corporate headquarters are expected to approximate $600,000. About Andrea Electronics Andrea Electronics Corporation designs, develops and manufactures audio technologies and equipment for enhancing applications that require high performance and high quality voice input. The Company's patented Digital Super Directional Array (DSDA DSDA Defence Storage & Distribution Agency (UK Ministry of Defence) DSDA Danish Securities Dealers Association DSDA Doomed Speed Demos Archive DSDA Debt Service Deposit Agreement DSDA Document Storage and Data Archiving (R)), patent-pending Directional Finding and Tracking Array (DFTA DFTA Department for the Aging DFTA Dynamic Fault-Tree Analysis (R)), patented PureAudio(R), and patented EchoStop(TM) far-field microphone technologies enhance a wide range of audio products to eliminate background noise and ensure the optimum performance of voice applications. Visit Andrea Electronics' website at www.AndreaElectronics.com or call 1-800-707-5779. This press release contains certain forward looking statements made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements are subject to certain risks and uncertainties. The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which reflect management's analysis only as the date made. The Company does not undertake any obligation to publicly revise these forward looking statements to reflect events or circumstances that arise after the date of such statements. |
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