Algorhythm Holdings Appoints Alex Andre as Chief Financial Officer

Rhea-AI Summary

Algorhythm Holdings (NASDAQ: RIME) has appointed Alex Andre as Chief Financial Officer and General Counsel. Andre brings nearly 25 years of executive management, financial, legal, and operational experience, having served as CFO for various high-growth companies over the past 18 years.

Andre's most recent position was CFO at Lemnature AquaFarms Previously, he served as CFO and General Counsel at M.H. Enterprises (Teriyaki Madness® franchise) and ARC Group, Inc., where he helped grow revenue from $20M to $215M. His early career included roles at KPMG LLP and various law firms.

In his new role, Andre will oversee all corporate finance and legal functions, including audit, accounting, tax, treasury, and financial planning. CEO Gary Atkinson expressed confidence in Andre's ability to accelerate the company's strategic shift into high-growth opportunities with SemiCab.

Positive

• Appointment of seasoned executive with 25 years of financial and legal experience
• New CFO has track record of scaling companies (grew previous company from $20M to $215M in revenue)
• Dual role as CFO and General Counsel potentially reducing executive compensation costs

Negative

• None.

Fort Lauderdale, FL, Feb. 18, 2025 (GLOBE NEWSWIRE) -- Algorhythm Holdings, Inc. (“Algorhythm”) (NASDAQ: RIME), an AI-driven technology and consumer electronics holding company, today announced the appointment of Alex Andre as the Company’s Chief Financial Officer and General Counsel. In this role, Mr. Andre will be a key thought partner to the executive leadership team and will be responsible for all corporate finance and legal functions, including audit, accounting, tax, treasury, cash management, financial planning and analysis, and reporting.

Mr. Andre brings nearly 25 years of executive management, financial, legal and operational experience to Algorhythm Holdings. For the past 18 years, he has served as the Chief Financial Officer for high-growth, public and private companies operating in a variety of industries and ranging in size from pre-revenue to hundreds of millions of dollars in revenue. In most instances, he also served as their General Counsel.

Mr. Andre most recently served as the Chief Financial Officer of Lemnature AquaFarms Corporation, a plant-based ingredients manufacturer for the food, beverage and nutrition markets. Prior to that, he served as the Chief Financial Officer and General Counsel of M.H. Enterprises, the owner and franchisor of the Teriyaki Madness^® restaurant brand that had more than 115 fast-casual restaurants operating across the country and internationally. Before that, he served as the Chief Financial Officer and General Counsel of ARC Group, Inc., a national, publicly-traded restaurant holding company that, directly and through affiliated entities, owned restaurants operating across six different brands that he helped grow from $20M to $215M in annualized revenue during his time there.

Earlier in his career, Mr. Andre served as an accountant for KPMG LLP before serving as a corporate & securities attorney for regional and international law firms.

Gary Atkinson, the Company’s CEO, commented, “I’m excited to have Alex join our management team. He has a proven record over two decades of financial and legal leadership across a multitude of public and private complex enterprises. I’m confident he can help us accelerate our strategic shift into high growth opportunities with SemiCab. Alex’s experience in organizations that have been through this stage of growth will be an asset for our organization.”

“I am very excited to join Algorhythm Holdings at such an exciting time,” stated Mr. Andre. “The Company has incredible opportunities in front of it, both organic and inorganic, that set the stage for an aggressive growth phase. I look forward to implementing operational excellence and rigor across the organization by ensuring that we have the governance, process, technology and talent in place to facilitate our expected growth. I also look forward to working with Gary and the team to continue building on the momentum the Company has achieved and creating value for our shareholders.”

About Algorhythm Holdings

Algorhythm Holdings, Inc. is a holding company with two primary investments. First, the Company owns SemiCab Holdings, an emerging leader in the AI-enabled global logistics industry. Second, the Company owns The Singing Machine Company, the worldwide leader in the consumer karaoke industry.

SemiCab is a cloud-based Collaborative Transportation Platform built to achieve the scalability required to predict and optimize millions of loads and hundreds of thousands of trucks. To orchestrate collaboration across manufacturers, retailers, distributors, and their carriers, SemiCab uses real-time data from API-based load tendering and pre-built integrations with TMS and ELD partners. To build fully loaded round trips, SemiCab uses AI/ML predictions and advanced predictive optimization models. On the SemiCab platform, shippers pay less and carriers make more while not having to change a thing.

Since 2020, SemiCab has enabled major retailers, brands and transportation providers to address these common supply-chain problems globally. SemiCab's Orchestrated Collaboration^™ AI model has proven to increase transportation capacity, improve asset utilization, reduce empty miles, lower logistics costs, and provide visibility into the entire transportation network. Models show the technology has the capability of saving shippers tens of billions of dollars annually through optimization. Further, SemiCab’s technology also has the potential to play a key role in the improved sustainability model globally. Based on its proven ability to improve truck utilization rates from 65% to over 90%, this results in a dramatic reduction in the carbon footprint of the industry. The optimization of existing truck utilization can add approximately 30% more trucking capacity without adding more trucks, drivers or driven miles which addresses common problems plaguing the industry like severe driver shortage and road congestion. Trucking optimization could also eliminate approximately 25% of CO2 emissions attributable to road freight.

For additional information regarding SemiCab: http://www.semicab.com

The Singing Machine Company, Inc. is the worldwide leader in consumer karaoke products. Based in Fort Lauderdale, Florida, and founded over forty years ago, the Company 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. The Company 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.

Investor Relations Contact:
investors@algoholdings.com
www.algoholdings.com

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expects," "anticipates," "believes," "will," "will likely result," "will continue," "plans to," "potential," "promising," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in the Company's reports with the SEC, including, without limitation the Company’s Transition Report on Form 10-KT for the transition period from April 1, 2023 to December 31, 2023, and the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024.

You should not place undue reliance on any forward-looking statement, each of which applies only as of the date of this press release. Except as required by law, we undertake no obligation to update or revise publicly any of the forward-looking statements after the date of this press release to conform our statements to actual results or changed expectations, or as a result of new information, future events or otherwise.

FAQ

Who is the new CFO of Algorhythm Holdings (NASDAQ: RIME)?

Alex Andre has been appointed as the new Chief Financial Officer and General Counsel of Algorhythm Holdings.

What is Alex Andre's experience before joining Algorhythm Holdings (RIME)?

Alex Andre has 25 years of executive experience, serving as CFO for 18 years at various companies including Lemnature AquaFarms, M.H. Enterprises (Teriyaki Madness), and ARC Group, where he grew revenue from $20M to $215M.

What will be Alex Andre's responsibilities at Algorhythm Holdings (RIME)?

Alex Andre will oversee all corporate finance and legal functions, including audit, accounting, tax, treasury, cash management, financial planning and analysis, and reporting.

How does RIME's new CFO appointment align with the company's growth strategy?

The appointment aligns with Algorhythm Holdings' strategic shift into high-growth opportunities with SemiCab, leveraging Andre's experience in scaling organizations through growth phases.