On January 22, 2013, Iroquois Master Fund Ltd. issued a press release announcing that it intends to nominate 5 individuals for election to the Board of Directors of LRAD Corporation at the 2013 annual meeting of shareholders: Mark Sandson, John G. Coburn, Richard Abbe, Dennis Wend, and Lee Buchanan. In addition, Iroquois expressed its views that the Board of Directors of the Company has failed to exercise proper oversight over the management and operations of the Company and has granted compensation to it-self that is excessive.