PITTSBURGH, April 8, 2014 (GLOBE NEWSWIRE) -- DynaVox Systems, LLC ("DynaVox"), the world's leading provider of communication and education products for individuals with significant speech, language and learning disabilities, announced the following clarifications regarding the Chapter 11 filings made by certain related entities recently:
- Certain non-operating affiliates, DynaVox, Inc., DynaVox Systems Holdings, LLC and DynaVox Intermediate, LLC have filed for bankruptcy protection. These non-operating entities have been controlled by Vestar Capital, with others, who have overseen significant destruction of shareholder value, a default on their senior debt, a delisting from NASDAQ and most recently a lengthy, exorbitant, and failed strategic sale process that was finally terminated in February of 2014 without a transaction. These entities are different from and should not be confused with DynaVox Systems, LLC.
- All of the assets, employees, and revenues of DynaVox reside in DynaVox Systems, LLC or other entities owned by and controlled by DynaVox Systems, LLC.
- DynaVox Systems, LLC did not file for bankruptcy protection and does not intend to do so.
- As was announced on March 27, 2014, DynaVox Systems, LLC is now controlled by JEC-BR Partners, LLC, a newly formed entity owned by JEC Capital Partners, LLC and Fondren Management LP. DynaVox Systems, LLC has its own Board of Directors that is separate from the board of the non-operating entities that filed for bankruptcy protection.
Derek Harrar, Interim CEO of DynaVox Systems, LLC stated, "DynaVox will continue to serve its customers with the very best augmentative communication and educational products and services while focusing on accelerating the launch of several new products. The bankruptcy filings by non-operating affiliated entities will have no impact on the operations of the Company."
Speaking on behalf of the Board of DynaVox Systems, LLC, Michael Torok stated, "We recognize the bankruptcy filing of the various related entities. We remain committed to providing the best possible ownership, board oversight and management to DynaVox Systems, LLC. In addition, we are committed to helping DynaVox build on the successful launch of the T10 by continuing to grow its revenue and accelerating the development and launch of several new products in the pipeline. Finally, we will take whatever steps are necessary to provide information to any other interested parties."