Panamax Acquires Furman Sound, Inc.

Over 60 years of power engineering are about to come together in Petaluma, CA. Panamax (founded 1975) has acquired Furman Sound, Inc. (founded 1974), in a move that will complement each other's offerings and expand the growing family of companies in the Home Technology Group of Linear LLC (Carlsbad, CA). No terms of the purchase were disclosed. Widely known for its innovative AC power conditioning and distribution products, Furman also makes audio and video signal processors, a line the company was founded upon in 1974.

Bill Pollock, President of Panamax, states "My team and I are excited about the growth potential for both companies that this engineering partnership will allow. We believe that the advantages of a strong group, especially one with world-class engineering and electronics manufacturing operations, will increase our ability to bring new and innovative products to our global customer base. As a privately held, 30 year old company Panamax has always been responsive to changes in our economy, customers and product environment. Bringing these two leaders together under one roof, will allow us numerous opportunities to help our customers grow profitable businesses."

According to Grant D. Rummell, Chairman of Linear, "Furman is a great fit within our Home Technology Group. Its offerings neatly dovetail with those of Panamax and expand our reach beyond the residential market and into the music industry."

"Our technologies and products are very complementary, and that means we will be in a position to give our customers exactly the right solutions for their particular needs," said Dave Keller, Executive Vice President of Sales and Marketing for Furman. "The bringing together of Furman and Panamax is a perfect marriage."

Furman Sound was founded on sales of high-quality audio and video signal processors for professional audio/video products including sound reinforcement, home and professional recording, post production, broadcast systems, telecommunications, and data processing. They expanded their product line and market segment in 2001 to include what has become a highly acclaimed CE line which incorporates a complete line of AC power management products specifically engineered for today's home theater systems.

Panamax makes a wide range of innovative and award winning power conditioning products for home theater electronics, high definition cable and satellite TV systems, household appliances, office equipment, and related electrical systems. The Max home theater component family of products is its flagship line that provides clean power and improves picture quality. The patented Max In-Wall brand is its line of superior design, easy plug-in panels for code-compliant installation of plasma screen TVs.

Linear is a pioneer in engineered radio frequency (RF) products and is a major supplier of wireless residential security systems, intercoms, garage door operators, gate operators, short and long-range radio remote controls, and medical/emergency reporting systems. In recent years the company, through acquisition, expanded into consumer electronics, home entertainment products, and structured wiring systems for the builder market. Recent acquisitions have included companies with the following brands and products: ChannelPlus® whole house audio/video distribution systems; ELAN® Home Systems multi-room audio/video equipment; Imerge Internet-connected, hard disk-based audio products and media appliances; GTO® automatic gate operators; M & S Systems® intercoms and central vacuum systems; Niles® Audio Corporation whole-house audio and home theater products; OmniMount® audio/video equipment mounting solutions; OpenHouse® structured wiring products; Panamax® power conditioning products for home entertainment and home office electronics; SpeakerCraft® and Proficient Audio Systems® speakers and electronics; Sunfire® speakers, home audio, and home theater electronics; and Xantech® infrared remote controls for home entertainment systems.

Linear's parent, Nortek Inc., offers a broad array of products and systems for improving environments, where people live and work. It is a major international manufacturer and distributor of competitively priced building, remodeling, and indoor environmental control products for residential and commercial markets. The company is privately held.

For more information contact:

Panamax, 1690 Corporate Circle, Petaluma, CA 94954, (707) 283-5900 or www.panamax.com
Furman Sound, Inc., 1997 South McDowell Blvd., Petaluma, CA 94954-6919, (707) 763-1010 or www.furmansound.com
Linear, LLC, 1950 Camino Vida Roble, Suite 150, Carlsbad, CA 92008, (760) 438-7000 or www.linearcorp.com