MOOG MUSIC ANNOUNCES PURCHASE OF NEW HEADQUARTERS

MOOG MUSIC ANNOUNCES PURCHASE OF NEW HEADQUARTERS IN ASHEVILLE, N.C.
"For Release May 21, 2010. Asheville, NC – Moog Music, in conjunction with the City of Asheville and the Economic Development Coalition for Asheville Buncombe County, is pleased to announce a $2.5 million investment in a new downtown Asheville company headquarters. On May 18, 2010, Moog Music finalized the purchase of four vacant, 1920 era buildings 160-170 Broadway St.; the Northern Gateway into downtown Asheville.

The Broadway site was chosen by Moog Music for its close proximity to the downtown music venues and river arts district. “This location is ideal for Moog and our employees; we will bring commerce, economic vitality and livability to this once neglected entrance to the city,” said Michael Adams, President of Moog Music. “Our plans include an extensive renovation of the structure that will transform the façade from an eyesore to a landmark that embodies Moog’s spirit of innovation, one that our company and our community can be proud of.”

The location will house the company’s 35 employees engaged in worldwide sales and marketing, research and development, and manufacturing operations. Adams continued, “The ambience of the building was the primary selection criteria. I was looking for a building that had wood floors, old brick, and wide open spaces. Creativity drives Moog and this old building, once transformed, will inspire our entire team to continue this mission.”

“This redevelopment by Moog brings the Broadway corridor one step closer to the vision long advocated by city and community planners,” said City of Asheville Mayor, Terry Bellamy. “The City is excited to welcome an employer like Moog whose international reputation for excellence, innovation and creativity will complement our vibrant downtown community.” Moog Music has been selected by the City to receive $50,000 in Community Development Block Grant funds in support of the project. As part of this expansion and expected company growth, Moog anticipates adding an additional 10 – 15 employees over the next three years.

“The County applauds Moog Music on this exciting expansion and its continued contributions to our economy and workforce. The move will not only strengthen our advanced manufacturing economy but enhance Asheville’s reputation as a premier music and arts destination.” said David Gantt, Chair of the Buncombe County Commission. Moog Music will begin renovations on the Broadway site in the coming weeks with the use of local architect, Keith Hargrove, and local contractor, H&M Constructors. Work should be completed in late 2010.

About Moog Music: Moog Music and its customers carry on the legacy of Bob Moog, the inventor of the synthesizer. Moog designs and manufactures electronic musical instruments, including Little Phatty® and Minimoog® Voyager® synthesizers, Moogerfooger® effects modules, Etherwave® theremins and The Moog Guitar. Founded by Bob Moog, Moog Music designs and manufactures its products in Asheville, N.C."