The Singing Machine Company, Inc. (NasdaqCM:MICS) announced its Executive Committee of the Board of Directors has authorized management to explore a range of potentially transformational corporate transactions. The primary purpose for this initiative is to explore transactions that can potentially create immediate, sustained shareholder value. As part of this initiative, the Company intends to explore corporate transactions that expand the existing business model beyond its current legacy consumer electronics karaoke business.

In particular, the Committee has prioritized disruptive software solutions, emerging sustainability-centric technologies, and other high-impact business models. To pursue these new growth opportunities, the Company has evaluated the process for a reverse merger, acquisitions, and merger of equals transactions. ?This decision represents a major shift in our overall corporate strategy,?

commented Gary Atkinson, CEO of the Singing Machine. ?We are still optimistic on the long-term value opportunities for our legacy karaoke business. We believe there is a great deal of value to be unlocked in the gamification of karaoke, software and subscription-based karaoke experiences, and automotive based karaoke.

All of these opportunities provide scalable lasting value potential.? ?With that said, our Board is extremely focused on delivering greater near term shareholder value. Since our uplisting to the Nasdaq two years ago, our Company has struggled to sustain shareholder value in a challenging retail environment.

Recently, we have received numerous unsolicited inquiries regarding our willingness to consider a possible corporate transaction.? ?Our highest priority today is to transform the value creation potential of our Company. We are very proud to have built a Company worthy of listing on a national exchange.

This is a potentially powerful asset for us to leverage to better unlock value for our shareholders in the near term,? concluded Mr. Atkinson.