MANILA, PHILLIPPINES - Uli Behringer, Chairman and CEO of MUSIC Group (www.music-group.com) has notified Deswell Industries Inc. (DSWL: NASDAQ) of his intention to seek a seat on the Company's board.
As the holder of a significant portion of Deswell stock, Mr. Behringer has expressed concern about the Company's performance in recent months.
"As a substantial shareholder, I'd like to have more input in the strategic focus and direction of the Company. Accordingly, I request that the company appoints me to its Board of Directors. I am a long term holder of Deswell shares and I have the requisite experience and industry knowledge to advise the company as it seeks new avenues for growth and a return to profitability." Behringer stated.
Deswell, with its subsidiaries Kwanasia (www.kwanasia.com) and Jetcrown (www.jetcrown.com.cn) , a manufacturer of consumer industrial products, including electronic products for the pro-audio market has shown a substantial decline in annual sales and profitability as well as a major turnover of key management in the recent period which raises strong concerns.
Behringer is requesting that the company calls a special meeting within the next 60 days to consider his appointment.