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Atlas and IED Merger Announced

PHOENIX, AZ, November 5, 2007–Loyd Ivey and Hardy Martin are pleased to announce the merger of their two companies, Atlas Sound, founded in 1934, and Innovative Electronic Designs (IED), founded in 1978. IED, based in Louisville, Kentucky, is a leading innovator of state-of-the-art audio and visual communications management systems and components. Atlas Sound is a leader in high performance audio for commercial applications.

“No two companies are closer in culture than IED and Atlas Sound,” said Loyd Ivey, founder and CEO of Mitek, parent company of Atlas Sound. “We are merging two dynamic companies, with similar core competencies and similar value systems. The merger will allow us to become a global leader in communications systems. I am happy to join forces with the crew at IED to become modern day ‘Davids‘ against the global Goliaths of today‘s communications industry. ”

Hardy Martin, President of IED stated, “We are very excited to merge IED with Atlas Sound to combine the best practices of both our companies. The manufacturing proficiency of Mitek combined with the integrated audio and visual communications expertise of IED will be an incredible combination. As partners, IED and Atlas Sound can move to the next level of communications systems design.”

The two companies will continue to operate independently, with no changes in management, staffing, or daily operations. “It‘s business as usual,” said Martin. “The operation of Mitek matches very well with our philosophies at IED, and we are confident that the merger will be smooth and seamless for our customers.”

Pat Brown of Syn-Aud-Con commented, “The combined strengths of these two fine companies will enable them to provide sophisticated solutions to the most challenging sound reinforcement applications. This is a win-win for both IED and Atlas Sound.”

NSCA Executive Director Chuck Wilson added, “We work in a people-based industry. The quality people that make up Atlas Sound and IED really make this a great venture. Atlas Sound and IED are well situated to help grow the mass notification section of our industry.”

Andy Musci of Altel Systems said, “I am so thrilled for IED, to combine their innovative and technical expertise with the resources of Atlas Sound. IED and Atlas Sound are two great American companies.”

Loyd Ivey added, “We are like minds, joining together for a common goal. IED and Mitek go together like peanut butter and chocolate, a real sweet combination.”

IED and Atlas Sound will be part of the newly formed Mitek High Performance Communications Group. Mitek Corporation also owns the consumer audio brands MTX, DCM, Coustic, StreetWires, Re-Q and Xtant.

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About Atlas Sound
Since 1934, Atlas Sound has enjoyed the reputation as a leader in the manufacture of communications products for the commercial, broadcast, industrial, institutional, security, custom installation (home), and professional music markets.

The company‘s product groupings include: sound reinforcement systems; emergency communications systems; intercom/telecom products; residential infrared electronics; sound masking systems; electronic equipment cabinetry; indoor/outdoor loudspeaker systems; microphone stands, speaker stands, and accessories.

About IED:
Innovative Electronic Designs, Inc. (IED) designs and manufactures integrated audio and visual paging and communication systems. These systems are typically used in airports, transit facilities, convention centers, healthcare/industrial complexes, K-12 educational campuses and various large public facilities. IED was founded in 1978 and is headquartered in Louisville, KY USA.

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