Capitol Industries, Inc.

Record (holding) company - principal US subsidiary of Electric & Musical Industries Ltd. / EMI Ltd. (EMI). Principal activities: producing and marketing sound recordings, primarily through one of its subsidiary companies, Capitol Records, Inc. On February 29, 1968, Audio Devices, Inc., a manufacturer of computer and recording tape, acquired Electric & Musical Industries Ltd. (EMI) stock in Capitol Records, Inc., in exchange for its own stock. This was not a true acquisition but rather a reverse merger in that Capitol Records, Inc., was the surviving company, and Audio Devices, Inc., was subsequently renamed Capitol Industries, Inc., which became the immediate parent (holding company) of Capitol Records, Inc., and principal US subsidiary company of Electric & Musical Industries Ltd., which subsequently now owned 72% (which rose to 97.5% as of 1974) in the combined businesses. In March 1974, EMI Ltd. (EMI) (successor of Electric & Musical Industries Ltd.), renamed Capitol Industries, Inc., to Capitol Industries-EMI, Inc.