For immediate release:

Onkyo Corporation of Japan Announces IPO

In a statement released February 25th, Mr. Naoto Otsuki, Chief Executive Officer, Onkyo Corporation, Osaka, Japan, announced an Initial Public Offering (IPO) of shares to be sold on Japan’s Over-The-Counter exchange. The text of Mr. Otsuki’s statement follows:

Onkyo Corporation has gained the approval of the Securities and Exchange Commission of Japan for an Initial Public Offering (IPO) of Over-The-Counter (OTC) issues (stock code 6729) to be listed on the 25th of February 2003 on the Japan Securities Dealers Association (JASDAQ) market. This has been achieved through the continued support and patronage that all of you have brought us.

As a leading producer, we have continuously refined analog and state-of-the-art digital technology through the development of unique components. Now, the trend is “pictures and sound,” that is to say a continuing age of enjoyable “sight and sound” as a whole.

Onkyo has unveiled a company logo, which features “Imaginative Sight & Sound”, a concept meaning superior visual management and sound reproduction technology. The foundation of which has made Onkyo a leader in home theater and positioned on the cutting edge of home network technology.

This company will continue to keep a high brand image brought about through refined analog and state-of-the-art digital technology and a rigid adherence to bringing you the most reliable products today. This will undoubtedly continue to enhance our corporate value in the marketplace.

Yours faithfully,
Naoto Otsuki,
Onkyo Corporation,
Chief Executive Officer

For information about Onkyo Corporation, visit: http://www.onkyo-intl.com/company/index.html

For more information about Onkyo USA and the fine Onkyo products, visit www.onkyousa.com or call 800 229-1687.