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Iroquois Capital Management Comments on LRAD Corporation’s Earnings

  Iroquois Capital Management Comments on LRAD Corporation’s Earnings

Business Wire

NEW YORK -- February 7, 2013

Iroquois Capital Management, LLC today commented on the first fiscal quarter
earnings released by LRAD Corporation (NASDAQ: LRAD).

Iroquois Capital commented, “As the owner of more than 5% of LRAD’s common
stock, we are very disappointed by LRAD’s results. The company indicated that
quarterly revenues declined by 17% year over year. However, we were even more
concerned by the large quarterly net loss suffered by LRAD that compares to a
net profit just one year ago.”

“While management disclosed some new information that had not been previously
revealed on the direction of the business and the composition of its revenues,
we note that any nominal disclosure closely followed our nomination of five
independent nominees to replace the company’s incumbent board. This only
reinforces our belief that stockholders need representation in the LRAD
boardroom because we believe that this late stage attempt at transparency is
not enough to stem further deterioration in shareholder value.”

About Iroquois Capital Management

Iroquois Capital Management, LLC, is the Investment Manager for Iroquois
Capital (US) LP and Iroquois Capital Offshore (Intl.) Ltd. (collectively, “The
Master Fund” or “Fund”) a Hedge Fund that is focused on consistent capital
appreciation across market cycles with low volatility compared to the equity
markets. The fund proposes to achieve its objective by incorporating a variety
of strategies in the global financial markets including, but not limited to,
activist, event driven, arbitrage, long/short equity special situation and
private placements. Over the past 10 years the fund has built a platform
around the managers’ ability to manage risk while acting quickly to take
advantage of investment opportunities in dynamic market environments.

Important Information

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 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


Iroquois Capital Management LLC
Joshua Silverman, 212-974-3070
Innisfree M&A Incorporated
Scott Winter / Jonathan Salzberger, 212-750-5833
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