what gives with PSAudio & Cullen headquarters?

PS Audio is headquartered in Boulder, CO. The manaufacturing facility in Paso Robles, CA is run by Cullen Circuits as a subcontractor. To the best of my knowledge they are not financially connected, but there is a very strong relationship. I think the PS Audio write up takes a few liberties with who the production facility belongs to. I've noticed a few occasions where Paul McGowan has taken similar liberties, but I won't hold it against him since he's just trying to survive in a tough market.

It was explained to me that Cullen was a designer and subcontractor for Paul in the development of several pieces, including the DAC III. Paul gave him the rights to do mods for the units and still have them under the original warranty. Paul subsequently outsourced the production of the units to China under his supervision, but not Cullen. As I understand it, the original units were made in the USA under the eye of Cullen, but not now. I also have heard rumors that Cullen wanted to include upgrades in the origianl DAC but compromises were made to meet certain price points. That is where Cullen gets to do his upgrades. Again, this is all third hand knowledge, not from Cullen or Paul, but from dealers who are close to them.

I was told by Paul that Cullen builds their products and upgrades them.