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News and Information Article
Threatens Acquisition by Force
NEW YORK, Dec. 2 // -- New Sensor Corporation, best known for
its Electro-Harmonix line of Rock & Roll music effects, today finds itself in
an unlikely battle against SOK, a notorious multi-billion dollar Russian
conglomerate with aggressive real estate aspirations.
The Samara-based SOK has made headlines in Russian newspapers recently for
its ambitious acquisitions in the city of Saratov. Headed by Yuri Kachmazov,
who reportedly travels with ten or more bodyguards, SOK has already purchased
Saratovs largest bridge building company, and is seeking control of its port
on the Volga River.
Through its subsidiary RBE Saratov (Russian Business Estate), SOK is now
planning to acquire ExpoPUL, a factory located in Saratov and owned by New
Sensor Corporation in New York City. One of the three remaining vacuum tube
factories in the world, it produces technologies that are increasingly rare in
the digital age and cherished globally by guitarists and audiophiles.
RBE told ExpoPUL management it would "make big problems" for the company
if they refused to sell the building. Shortly thereafter, RBE sent
notification to ExpoPUL that its power would be disabled on January 1, 2006,
effectively shutting down all production. Despite these threats, New Sensor
president Mike Matthews declined to sell.
Matthews, a past winner of the New York State Small Business Person of the
Year award and a fairly eccentric Rock & Roll character, is poised to fight
for ExpoPUL and its 900 skilled workers. "We dont give into extortion," he
says. "We have no intention of selling the factory and jeopardizing hundreds
of jobs while letting these valued technologies become extinct." Matthews is
currently appealing to the American Embassy in Moscow, along with several
other government officials in both the U.S. and Russia.
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