NEW YORK, NY (May 15, 2007) -- Steinway & Sons, renowned for creating the world’s finest pianos, and Peter Lyngdorf, Europe’s preeminent developer and manufacturer of high performance digital sound systems, have entered into a multi-year international license agreement, under the auspices of Steinway Lyngdorf, for the development and manufacture of high performance audio visual products and systems. The announcement was made jointly by Bruce Stevens, President and Chief Executive Officer of Steinway & Sons, and Steen Lohse, Chairman of Steinway Lyngdorf. The financial terms and conditions were not disclosed.
“We have sought for some time to expand the Steinway & Sons brand into the high performance digital sound system market,” said Steinway & Sons Executive Vice President, Frank Mazurco. “In Peter Lyngdorf, long considered to be one of the audio industry’s great innovators and pioneers, we have found a kindred spirit in terms of an uncompromising commitment to excellence, incomparable craftsmanship, quality, performance and value. The sound systems developed and manufactured by Steinway Lyngdorf will be truly worthy of the Steinway name and will deliver an extraordinary experience.”
“I have been on a quest my entire life to realize the vision of developing innovative audio systems that set an unequaled standard of excellence for the industry and have no peer in terms of performance and experience. We intend for Steinway Lyngdorf to create a new paradigm in the audio visual industry, and we believe that the Model – D Music System will indeed set a new precedent,” said Peter Lyngdorf, Co-Founder, Steinway Lyngdorf. “The Model – D Music System incorporates great advances in technology which eliminate all artifacts from the equipment and from the environment in which the system is situated.”
“We are proud to have been selected by Steinway & Sons to bring audio systems to market that combine the finest musical performance with a fine furniture sensibility, as well as a great simplicity in terms of usability. I am confident that the systems developed and manufactured by Steinway Lyngdorf will transform the listening experience as well as provide an unparalleled performance experience in the residential audio systems marketplace,” said Mr. Lohse.
Developed and manufactured by Steinway Lyngdorf under the Steinway & Sons brand, The Model – D Music System is the culmination of painstaking research and development in both electronics and in the acoustic performance of amplifiers and loudspeakers. The Model – D Music System incorporates Mr. Lyngdorf’s revolutionary RoomPerfect™ technology, which enables the system to be adapted to the acoustic characteristics of any environment in order to ensure unsurpassed audio performance. At the time of installation, a highly trained Steinway Lyngdorf service specialist will utilize RoomPerfect™ to “voice” the System to provide optimal audio performance. Steinway Lyngdorf is completing development of an internal service specialist global network which will be responsible for system installations and after sales service. The Company is also establishing a comprehensive training and certification program for Steinway dealers and high-end custom audio installers throughout the world.
The Model – D Music System will be initially previewed, on a global basis, exclusively for Steinway dealers, high-end installers, as well as select interior designers and private clientele, as fewer than one-hundred of these handcrafted systems will be created in 2007. The Model-D will be available for shipment and installation in early Fall 2007, and will have an MSRP of $150,000.00.
About Steinway & Sons:
Since 1853, Steinway pianos have set an uncompromising standard for sound, touch, beauty, and investment value. Handcrafting each Steinway requires up to one full year – creating an instrument of rare quality and global renown. Not surprisingly, Steinway remains the choice of 9 out of 10 concert artists, and countless pianists, composers, and performers around the world. Headquartered in Astoria, New York, Steinway pianos are sold by nearly 200 authorized dealers worldwide. Steinway & Sons is a subsidiary of Steinway Musical Instruments, Inc. (NYSE: LVB), which also owns Conn-Selmer, the nation’s leading manufacturer of orchestra and band instruments. For further information, please visit the Steinway website (www.steinway.com).
About Steinway Lyngdorf:
Headquartered in Hojbjerg, Denmark, and founded by Peter Lyngdorf in December 2005, Steinway Lyngdorf represents Mr. Lyngdorf’s consuming passion to create the finest products in the audio/ visual industry, without any compromises and without precedence. The Company designs and manufactures innovative high performance digital audio visual systems, under the Steinway & Sons brand, that embody a unique convergence of art and design, craftsmanship and technology, quality and value which results in the creation of "masterpiece systems" that transform the medium into an experience and the audience into a participant. Steinway Lyngdorf is creating a new paradigm in the audio visual industry, and The Model – D Music System is the standard bearer. For further information, please visit the Steinway Lyngdorf website (www.steinwaylyngdorf.com).
About Peter Lyngdorf:
Mr. Lyngdorf, an innovative technology visionary and one of Europe’s most successful entrepreneurs, has been a leading force in the audio industry for more than thirty years. His company, Lyngdorf Audio, the technology and market leader in the development and manufacture of high performance digital sound systems, operates the largest and most sophisticated research and development facilities in Europe. Mr. Lyngdorf was also the entrepreneur behind Toccata Technology ApS, and is credited with creating the world’s first true digital amplifier, the legendary Millennium, in 1998. Mr. Lyngdorf also founded, and is the majority shareholder of, AudioNord International, Europe’s most successful audio specialist group, encompassing Hi-Fi Klubben, Scandinavia’s largest HiFi importer and retailer and Dali A/S, a global high performance loudspeaker manufacturer.
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