I worked at Lexicon from 1979-1982 and had many conversations with Francis Lee, Charles Bagnaschi, Barry Blesser, and other involved parties, including Stephen Temmer, about the origins of the company. I also unearthed the original prototype from Lexicon's back room, and currently possess a Delta-T 101. My corrections are based on these conversations. Specifically: time alignment of remote speakers was not practical using tape and only came into common use with the advent of digital delay. The Delta-T 101 (note correction of hyphen placement, "delta t" indicating "time change") was not capable of creating digital reverberation, though a very crude approximation could be done using the facilities of a mixing console to selectively feed audio output back into the delay. Lexicon did not produce digital reverberation until the release of the 224 digital reverb (invented by David Griesinger and further developed by Bagnaschi, David Dunetz, and other Lexicon engineers) in 1979. The Delta-T 101 was created for sound reinforcement, though it was almost immediately put to use in studios, in particular by Pink Floyd.
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