On January 14, 2016, Iroquois Capital Management, LLC announced that it has submitted a letter to the LRAD Corporation nominating 2 candidates: Scott L. Anchin and Daniel H. McCollum for election to the Board at Company's 2016 annual meeting. In the letter, Iroquois Capital stated that the dismal operating performance under the Company's President and Chief Executive Officer, Thomas R. Brown's leadership, the questionable trading by insiders, and what it views as a complete lack of accountability all solidify its view that material change in executive leadership, board composition, and corporate strategy are required at the Company. Further, Iroquois Capital added that it is steadfast in its belief that increased shareholder representation on the Board will be required to ensure improved performance, better management accountability, and that the best interests of Company shareholders are represented in the boardroom.