Executive Chairman and Two Other Directors Voluntarily Resign

Fort Lauderdale, FL, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Algorhythm Holdings, Inc. (“Algorhythm”) (NASDAQ: RIME) – an AI technology and consumer electronics holding company, announced today its Executive Chairman, Milton “Todd” Ault, as well as James M. Turner and Kenneth Cragun, tendered their resignations from the Board, effective September 5, 2024. The resignations were voluntary, as Messrs. Ault, Turner and Cragun expressed a desire to dedicate more of their time and resources to other professional commitments.

“We appreciate all three directors’ efforts and insights over the past two years,” commented Gary Atkinson, CEO of Algorhythm. “We acknowledge Todd’s efforts as Executive Chairman, where he helped identify various forms of growth capital, made important introductions, and proposed to the Board several ways to create stockholder value. With their resignations, Todd, James and Ken reiterated that they remain supportive of our company and hope for continued success. We sincerely wish them well in their future endeavors.”

“With the acquisition of SemiCab, our corporate rebrand, and restructuring to become a holding company with multiple diverse, technology-driven business segments, this change within our Board presents a unique opportunity to attract specialized expertise to our leadership and governance team. As a Board, we will thoughtfully consider how best to use this development to strengthen the Company as we move in an exciting new direction,” concluded Mr. Atkinson.

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.