Carver Corporation Announces Bob Carver to Return.WOODINVILLE, Wash.--(BUSINESS WIRE)--Aug. 31, 1998--Carver Corporation (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 :CAVR CAVR Canadian Administrators of Volunteer Resources CAVR Canadian Agreement on Vehicle Registration CAVR Center for Audio-Visual Research CAVR Completeness, Accuracy, Validity and Restricted access (financial accounting) ) announced today that it has signed a letter of intent with Bob Carver Bob Carver is an American designer of audio equipment based in the Pacific Northwest. Educated as a physicist and engineer, he found an interest in audio equipment at a very young age. He applied his talent to produce numerous innovative high fidelity designs since the 1970s. and Bob Carver's privately held Sunfire Corporation setting the stage for his immediate return as Chairman/C.E.O. and for a possible merger of the two companies 18 months from August 25, 1998. The letter of intent includes the terms and conditions under which Sunfire will direct the design, manufacture, and marketing of audio products on behalf of Carver carver /car·ver/ (kahr´ver) a tool for producing anatomic form in artificial teeth and dental restorations. carver (carving instrument), n Corporation, utilizing certain of Bob Carver's proprietary and most recently patented audio technologies. Said Bob, "My personal focus will remain with Sunfire -- I intend to have a talented and experienced team run Carver Corporation using my inventions and operating according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. my independent dealer distribution philosophy." Bob added, "Even though Carver and Sunfire occupy different positions in the marketplace, the use of independent dealers is definitely the way to go. This approach has made Sunfire remarkably successful, as it did for Carver so long ago, and I believe it will return Carver to its former position of respect in the industry as well as with the public. I believe it will be positive for the shareholders, and we are looking forward to creating value for everyone." The letter of intent is subject to the parties reaching definitive agreements. Carver Corporation designs, develops, manufactures and markets hi-fidelity audio and home theater An audio/video entertainment center that has a large-screen TV and hi-fi system with three speakers in the front (left, right and center) and left and right speakers in the rear. Starting in the early 1990s, video inputs were added to stereo receivers and preamplifiers. products worldwide.
CONTACT: Carver Corporation
Raj K. Bhatia, Chairman, 425/482-3400
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