SLS signs with electronics buying group

As a vendor for The Nationwide Group, SLS consumer product lines are being sold to more than 2,700 independent retailers in more than 7,000 U.S. locations. SLS manufactures premium sound systems for professional, cinema and home entertainment markets.

SLS introduced the new products, which include the Q Line Silver, HT Series and Design Series, at the Nationwide Prime Time Convention in Las Vegas late last month.

“The introduction of SLS’ products to our members went extremely well,” Mike Decker, Nationwide vice president of marketing/electronics, said in a news release. “I think that SLS will do very well as a Nationwide vendor as their products seem to fit a niche needed by our members.”

During the past year, SLS learned how to best reach consumers by testing products in more than 600 Best Buy stores, SLS CEO John Gott said in the release. Gott said that SLS sales usually occurred when products were “displayed correctly” and consumers were able to test the sound quality.

The vendor agreement will enable SLS to expand its distribution, Gott said in the release.

“We are new to the industry with a superior technology, and this increased distribution will help potential customers better understand our benefits and hear the difference in our products,” he said.

Earlier this month, SLS received a noncompliance notice from the American Stock Exchange due to company losses from continuing operations and shareholder’s equity.

SLS reported a $2.2 million net loss for second-quarter operations despite a 218 percent increase to $2.7 million in earnings for the quarter.

SLS has until Sept. 27 to submit a plan of action to AMEX that would achieve compliance with listing standards during the next 18 months.

Company shares (AMEX: SLS) closed Tuesday at 21 cents, compared to a 52-week range of 14 cents to $1.99.