Ault Alliance Announces Singing Machine Has Expanded Retail Presence With Walmart

Rhea-AI Summary

Ault Alliance's subsidiary, The Singing Machine Company, has launched a new party accessory product line available at Walmart stores. The Celebration Mic targets the children's party market and is priced at $9.97. Singing Machine sees this as a promising area of growth and aims to deepen its relationship with Walmart.

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• The Singing Machine's new party accessory product line is now available at approximately 866 Walmart stores nationwide. This expansion into Walmart presents a promising area of growth for Singing Machine in 2023 and beyond.

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• None.

LAS VEGAS--(BUSINESS WIRE)-- Ault Alliance, Inc. (NYSE American: AULT), a diversified holding company (“Ault Alliance,” or the “Company”), today announced that its consolidated minority beneficially owned subsidiary, The Singing Machine Company, Inc. (“Singing Machine”) (NASDAQ: MICS), the worldwide leader in consumer karaoke products, has launched a new party accessory product line, now available at approximately 866 Walmart stores nationwide.

The new program announced will be merchandised inside the Walmart Celebrations Party & Occasions department and will feature Singing Machine’s newest party accessory, its Celebration Mic. The Singing Machine’s Kids Celebration Microphone targets an affordable yet feature-rich product targeting the children’s party and event market. It features a variety of pre-recorded songs, multi-colored LED lights, and an integrated speaker to enhance the occasion. The Celebration Mic is available now with a suggested retail price of $9.97.

“We are very pleased to expand our relationship with Walmart,” commented Gary Atkinson, CEO of the Singing Machine. “As the largest U.S. retailer, and our largest single customer, Walmart is a critical part of our consumer electronics sales model. We had very positive results from expanding into the revamped consumer electronics department in 2022, and we see this new opportunity as a promising area of growth for Singing Machine in 2023 and beyond.”

“We believe that the current market conditions will allow us to consolidate and build our market share, deepen relationships with our key retail partners, including Walmart, and expand our product margins. We also view our leading market position in the U.S. karaoke market and our talented development team as a powerful platform to flex into the emerging automotive and hospitality growth verticals in the near term,” concluded Mr. Atkinson.

For more information on Ault Alliance and its subsidiaries, Ault Alliance recommends that stockholders, investors, and any other interested parties read Ault Alliance’s public filings and press releases available under the Investor Relations section at www.Ault.com or available at www.sec.gov.

About Ault Alliance, Inc.

Ault Alliance, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, Ault Alliance owns and operates a data center at which it mines Bitcoin and provides mission-critical products that support a diverse range of industries, including metaverse platform, oil exploration, crane services, defense/aerospace, industrial, automotive, medical/biopharma, consumer electronics, hotel operations and textiles. In addition, Ault Alliance extends credit to select entrepreneurial businesses through a licensed lending subsidiary. Ault Alliance’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.Ault.com.

About The Singing Machine

Singing Machine is the worldwide leader in consumer karaoke products. Based in Fort Lauderdale, Florida, and founded over forty years ago, Singing Machine designs and distributes the industry's widest assortment of at-home and in-car karaoke entertainment products. Their portfolio is marketed under both proprietary brands and popular licenses, including Carpool Karaoke and Sesame Street. Singing Machine products incorporate the latest technology and provide access to over 100,000 songs for streaming through its mobile app and select WiFi-capable products and is also developing the world’s first globally available, fully integrated in-car karaoke system. Singing Machine also has a new philanthropic initiative, CARE-eoke by Singing Machine, to focus on the social impact of karaoke for children and adults of all ages who would benefit from singing. Their products are sold in over 25,000 locations worldwide, including Amazon, Costco, Sam’s Club, Target, and Walmart. To learn more, go to www.singingmachine.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties.

Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8- K. All filings are available at www.sec.gov and on the Company’s website at www.Ault.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230719558711/en/

Ault Alliance Investor Contact:

IR@Ault.com or 1-888-753-2235

Singing Machine Investor Contact:

investors@singingmachine.com or 1-954-596-1000

Source: Ault Alliance, Inc.

FAQ

What is the new product line launched by The Singing Machine?

The Singing Machine has launched a new party accessory product line called the Celebration Mic.

How many Walmart stores will carry the Celebration Mic?

Approximately 866 Walmart stores nationwide will carry the Celebration Mic.

What is the retail price of the Celebration Mic?

The Celebration Mic is priced at $9.97.

What is Singing Machine's strategy with Walmart?

Singing Machine aims to deepen its relationship with Walmart, its largest single customer, and sees the expansion into Walmart as a promising area of growth.