Here is the official press release from PianoDisc regarding their acquisition of Mason & Hamlin: California music technology firm wins bid to buy Mason & Hamlin piano company Sacramento, CA -- Music Systems Research, manufacturer of America's best selling player piano system, PianoDisc, announced today the acquisition of the bankrupt Mason & Hamlin Piano Company assets. The selling price has not been disclosed. Approval of the acquisition was made during a hearing of the Bankruptcy Court of Worcester, Massachusetts. The decision ended months of planning and negotiations by the Sacramento, California-based firm and over two years of legal battles between the previous owners and creditors. Prior to today's court session, the creditors' committee had voted to approve the Music Systems Research proposal for reorganization. The court's primary reason for granting control to Music Systems Research, was its belief that the firm would be best able of all of the petitioners to operate Mason & Hamlin in a profitable manner. Music Systems Research's track record in the music industry has been impressive: since production of the PianoDisc system began in 1989, sales for the firm have increased a staggering 500 percent. The company is now ranked as one of the world's top music companies by Music Trades Magazine. Mason & Hamlin was founded in Boston in 1854 by Henry Mason and Emmons Hamlin. For many years, Mason & Hamlin was one of the world's premier piano lines, and a strong competitor of Steinway & Sons in attracting the support of top artists around the world. The history and prestige of Mason & Hamlin are well appreciated by Music Systems Research co-owners, Kirk and Gary Burgett, who were present for the hearing. "We're pleased that the judge ruled in our favor. We were hopeful, but not at all sure of the outcome. However, we always knew that we would be able to restore Mason & Hamlin to its former position in the piano industry. We will manufacture the pianos with the same high standards that made Mason & Hamlin one of the most prestigious piano manufacturers in the world," commented Gary Burgett. Operating plans for the firm include the continued production of pianos in Mason & Hamlin's Haverhill, Massachusetts plant. "We appreciate the warm reception given to us by the people of Haverhill, and look forward to working with our new neighbors," commented Kirk Burgett. "Owning Mason & Hamlin fulfills a lifelong dream of mine. Carrying on the traditions of the great piano artisans is exciting, and the vision we have for the company is shared by so many we have met -- people who have been involved with Mason & Hamlin for years." In addition to production of the Mason & Hamlin pianos, plans are being discussed for the Knabe, Sohmer, George Steck, and Falcone piano lines (which were part of Mason & Hamlin's assets). "With the recent exit of Kimball from the piano business, we have an opportunity to fill several gaps in the marketplace. In addition to pianos in the high end, we can also start manufacturing a low-end line to meet consumer demand," commented Music Systems Research Executive Vice-President, Tom Lagomarsino. "Production of pianos to support the PianoDisc player product is another of our goals." Contact: MSR/PianoDisc Tel: 916-567-9999 Fax: 916-567-1941 (end of press release)
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