It appears Jeremy Burkhardt will not compete against Nortek after all-- the former SpeakerCraft president fails to complete his acquisition of outdoor audio maker SoundCast within the 90-day deal-or-no-deal deadline.
The SoundCast leadership had the option to extend the deadline, but instead elected to infuse the capital the company requires for expansion themselves.
"Things like this happen and I respect the management team’s decision to not extend the deadline" Burkhardt comments. "The past few months have been amazing working with people and products that I love and my passion for the industry has never been so strong.
Reportedly Burkhardt had the cash to close the deal, but the SoundCast owners got nervous at the prospect of losing their independence. Further bolstering the decision to remain solo was the positive reception received by the company's first Bluetooth products, the Melody AC/DC Bluetooth weatherproof Bluetooth speakers and a Bluetooth dongle for existing Outcast speakers.