TEMPE, Ariz. -- AudioMonster Online has acquired ADST, based here, which markets the a/d/s/, Orion and Precision Power brands, with the intent of taking ADST public, according to ADST president/CEO Kurien Jacob.
AudioMonster Online entered a share purchase agreement with ADST on June 9 to purchase 100 percent of its outstanding shares. Jacob, via e-mail, told TWICE that "AudioMonster, at this time, is nothing but a shell and ADST will be the main business. The ADST `acquisition' is a means to get ADST to be a public company. ADST will continue to further its current sales strategy of supporting independent retailers on an exclusive basis. Neither Greg [Corcoran, president/CEO of AudioMonster] nor anyone at AudioMonster will have any say in the operations of ADST."
In a prepared release, AudioMonster described itself as "a leading-edge audio company that is developing a global audio brand known as AudioMonster and has an acquisition strategy that will help drive bottom-line revenues."
ADST estimates that net sales for the year ending January 2001 will total approximately $40 million, according to the release. a/d/s/ markets car audio speakers and electronics, and Orion and Precision Power are known for their car audio amplifiers.