Iroquois Announces Nominations to LRAD Board

  Iroquois Announces Nominations to LRAD Board

   Seeks to Replace Incumbent Directors with Highly Qualified, Independent
              Nominees Committed to Restoring Shareholder Value

Business Wire

NEW YORK -- January 22, 2013

Iroquois Master Fund Ltd. (“Iroquois”) announced today that it intends to
nominate five individuals for election to the Board of Directors of LRAD
Corporation (the “Company”) (NASDAQ: LRAD) at the 2013 annual meeting of
shareholders.

In a filing with the Securities and Exchange Commission dated January 17,
2013, Iroquois’ manager stated that it believes that the Board of Directors of
the Company has failed to exercise proper oversight over the management and
operations of the Company and has granted compensation to itself that is
excessive.

Iroquois filed a Verified Amended Derivative Complaint in November, 2012
against then-directors Raymond Smith, Laura Clague, Helen Adams, and Thomas
Brown and the Company’s chief financial officer Katherine McDermott and the
Company as nominal defendant, asserting breach of fiduciary duty and other
violations of law in connection with the defendants’ issuance of stock
options.

The following individuals are Iroquois’ proposed nominees to the Board of
Directors:

Richard Abbe – Mr. Abbe is the co-founder of and has been a portfolio manager
at Iroquois Capital Management LLC, an investment advisory firm that serves as
the investment adviser to certain private investment funds, including
Iroquois, since 2003.

Lee Buchanan – Dr. Buchanan has been a Venture Partner of Paladin Capital
Group, leading multi-stage private equity firm that provides funding to
growing companies, since January 2008. Prior to this, he served as Vice
President, Advanced Concepts of EDO Corporation, a $1 billion producer of
intelligence, electronic warfare, sonar, and weapons systems for the U.S.
military. Dr. Buchanan has also had a significant career with the U.S.
Government serving as Assistant Secretary of the Navy (Research, Development,
and Acquisition), the most senior executive for research, development, and
acquisition for the U.S. Navy and the U.S. Marine Corps.

John G. Coburn – Retired U.S. Army Gen. John G. Coburn has been the Chief
Executive Officer and Chairman of VT Systems, Inc., an integrated engineering
group providing world-class solutions and services in the aerospace,
electronics, land systems and marine sectors, since November 2001. Prior to
joining VT Systems, General Coburn served in the U.S. Army for 39 years in
various logistics assignments.

Mark Sandson – In February 2001, Mr. Sandson founded, and since then has been
President of, Core Technology Partners, a strategic consulting firm that
provides advice to technology-based businesses in both the aerospace-defense
and commercial sectors. He previously led corporate business operations in
weapon system engineering, avionics, satellite navigation and remote sensing,
command and control, advanced data systems, and outsourcing services. Mr.
Sandson has advised numerous companies in fund raising, strategic planning,
and divestiture preparation. He has served on the Board of Directors of eight
firms and is a member of the Corporate Directors Forum.

Dennis Wend – In January 2007, Mr. Wend founded, and became the President of,
Wend & Associates LLC, Wend & Associates Inc., a technology based consulting
company working with various government agencies and private sector firms to
optimize leveraging activities. Prior to founding Wend & Associates, he served
over 27 years as a civilian with the U.S. Army in various jobs in procurement,
logistics, weapon system management as the Director of the National Automotive
Center and Executive Director for Technology Transfer, where he was involved
in all program aspects, including the management and direction of 18
manufacturers throughout the country, executing approximately $1 billion
dollars of production.

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Iroquois Master Fund Ltd. is a privately pooled investment vehicle that is
managed by Iroquois Capital Management, LLC. Iroquois Capital Management, LLC
is headquartered in New York, New York.

SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS
RELATED TO THE SOLICITATION OF PROXIES BY IROQUOIS AND ITS AFFILIATES FROM THE
SHAREHOLDERS OF LRAD CORPORATION FOR USE AT ITS 2013 ANNUAL MEETING WHEN THEY
BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING
INFORMATION RELATING TO THE PARTICIPANTS IN SUCH PROXY SOLICITATION (WHICH MAY
BE DEEMED TO INCLUDE THE NOMINEES, IROQUOIS AND ITS MANAGERS). WHEN COMPLETED,
A DEFINITIVE PROXY STATEMENT AND A FORM OF PROXY WILL BE MAILED TO
STOCKHOLDERS OF LRAD CORPORATION WHOSE VOTES ARE SOLICITED AND WILL ALSO BE
AVAILABLE AT NO CHARGE AT THE SECURITIES AND EXCHANGE COMMISSION'S WEBSITE AT
HTTP://WWW.SEC.GOV. INFORMATION RELATING TO THE PARTICIPANTS IN SUCH PROXY
SOLICITATION IS CONTAINED IN THE SCHEDULE 13D FILED BY IROQUOIS ON JANUARY 17,
2013 (THE “SCHEDULE 13D”). EXCEPT AS OTHERWISE DISCLOSED HEREIN OR IN THE
SCHEDULE 13D, THE PARTICIPANTS HAVE NO INTEREST IN LRAD CORPORATION OTHER THAN
THROUGH THE BENEFICIAL OWNERSHIP OF SHARES OF COMMON STOCK, PAR VALUE $0.00001
PER SHARE, OF LRAD CORPORATION, AS DISCLOSED IN THE SCHEDULE 13D. THE SCHEDULE
13D IS AVAILABLE AT NO CHARGE AT THE SECURITIES AND EXCHANGE COMMISSION'S
WEBSITE AT HTTP://WWW.SEC.GOV.

Contact:

Innisfree M&A Incorporated
Scott Winter / Jonathan Salzberger
212-750-5833
 
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