The principal owners and the Board of Directors of Zound Industries International AB prolongs the acceptance period for the Extension of Power of Attorneys

As communicated on 26^th of February 2019, the Board of Directors of Zound Industries International AB (the "Company" or “Zound Industries”) has initiated an exit process of Zound Industries. The exit process is supported by shareholders jointly holding a majority of the shares including, among others, Zenith Venture Capital, Varenne, Telia Company and TIME Investors SAS (the "Principal Owners").

As communicated on 7^th of October 2019, the Board of Director’s have decided to request that each shareholder prolong their existing Power of Attorney relating to the sale process until 30^th of June 2020. The prolongation is requested to maximize the shareholder value for all shareholders of the Company. Additional information to shareholders and instructions was published on the Company’s website on 4^th of November 2019.

The last day for submission of the extension of Power of Attorney was on 18^th of November 2019. As of today, extensions of Power of Attorneys have been received from shareholders representing about 32 percent, of the outstanding shares in the Company, excluding shares owned by the Principal Owners. Adding shares owned by the Principal Owners as well as shares owned by Marshall Amplification Plc, bring the number to about 77 percent of the outstanding shares in the Company.

To enable a higher acceptance from the shareholders and to facilitate the sale, the Board of Directors and the Principal Owners have decided to prolong the acceptance period to submit the “Extension of Power of Attorney” up until and including 20^th of December 2019. The Principal Owners kindly ask receipt of the “Extension of Power of Attorney” no later than 3.00 PM (CET) on the 20^th of December 2019.

Further information
For additional information about the process, please see: https://investors.zoundindustries.com/en/shareholder-information
or contact:

Patrik Linzenbold, Head of Investor Relations
patrik.linzenbold@zoundindustries.com
+46 708 25 26 30

About Zound Industries International AB
Zound Industries designs and develops speakers and headphones under the brand names adidas, Marshall and Urbanears. With a strong focus on innovative technology and user-centered design, Zound has launched a wide range of iconic, award-winning products since 2008. Zound currently has around 240 employees, with offices in Stockholm, New York, Paris, Shenzhen and Hong Kong. In 2018 turnover reached SEK 1.86 billion.