Best Buy and Cambridge SoundWorks sign letter of understanding.NEWTON, Mass.--(BUSINESS WIRE)--Jan. 26, 1995--Best Buy Co. Inc. (NYSE NYSE See: New York Stock Exchange : BBY BBY Best Buy (stock symbol) BBY Before Battle of Yavin (Star Wars) BBY BeBeyond (Chinese online community) ) and Cambridge SoundWorks Cambridge SoundWorks is an North Andover, Massachusetts based consumer audio manufacturer and retailer. The company is a subsidiary of Creative Technology Ltd.. History Cambridge SoundWorks was founded in 1988 by Henry Kloss, an audio engineer and businessman. Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : HIFI n. 1. An electronic device that plays phonograph records, reproducing the original sound with a high degree of fidelity. It superseded the older phonographs, and itself is being displaced in popularity by CD players. ) announced today the signing of a letter of understanding that, beginning June 1, 1995, Cambridge SoundWorks products will be available through "Factory-Direct Speaker Walls" at over 200 Best Buy locations coast-to-coast. The Factory-Direct Speaker Walls are specially designed as automated displays for all Cambridge SoundWorks key products, so that the consumer can easily initiate a demonstration. Cambridge SoundWorks President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Tom DeVesto, said, "From the very beginning it has been our company's intent to find new ways to bring high quality audio products to the consumer at the lowest possible cost -- by eliminating expensive middlemen. We did that first through our nationally-distributed factory direct catalog, then by opening our factory stores. And now we're doing it through Best Buy, a company whose commitment to the consumer has lead them to develop systems that reduce their overhead to a minimum. This allows them to sell our products to consumers at what are essentially factory-direct prices." Best Buy operates over 200 stores selling consumer electronics, appliances, computer products and software. Their total revenues exceeded $4 billion in 1994. Cambridge SoundWorks manufactures 15 different models of stereo, home theater and computer speakers, all designed by Audio Hall of Frame member, Henry Kloss. They sell directly to the consumer through their national catalog and factory stores in Massachusetts, New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). and California. "By becoming the exclusive dealer for Cambridge SoundWorks audio products, Best Buy continues to expand its unique retail strategy of offering its consumers the highest-performing merchandise for the best possible price in a consumer-friendly, no pressure sales environment," said Lee Schoenfeld, Best Buy Senior Vice President of Marketing. "We welcome the association of Best Buy with the Cambridge SoundWorks brand name, enhanced by the legendary audio experience of designer Henry Kloss." The transaction is subject to the execution of a definitive agreement the parties expect to be completed within a few weeks. -0- Factory-Direct Speaker Wall is a trademark of Cambridge SoundWorks Inc. CONTACT: Cambridge SoundWorks Tom DeVesto, 617/332-5936, EXT EXT Extension EXT Extended EXT External Ext Extraction EXT Exterior (screenwriting) EXT Extinguisher EXT Extruded EXT Extinguished EXT Exeter, England, United Kingdom - Exeter (Airport Code) . 127 or Best Buy Co. Lee Schoenfeld, 612/947-2479 |
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