MINNEAPOLIS, MN and PORTLAND, OR - Amplifon (USA), Inc. and Sonus Corp. (AMEX:SSN) today jointly announced that Amplifon has completed its acquisition of the assets of Sonus Corp., including all of the capital stock of its operating subsidiaries, Sonus-USA, Inc. and Sonus-Canada Ltd., for total consideration of $38.4 million in cash, less approximately $600,000 in purchase price adjustments, plus the assumption of approximately $1.1 million in liabilities of Sonus Corp. Amplifon USA is a wholly owned subsidiary of Milan-based Amplifon S.p.A., a world leader in the distribution and application of hearing aids.
Sonus plans to distribute proceeds from the sale in accordance with the terms of liquidation and dissolution approved by its shareholders by distributing $1.00 per share to holders of its outstanding common shares of record as of the record date for the distribution, October 24, 2002. Sonus intends to make its distribution to common shareholders on October 28, 2002, or as soon as practicable thereafter. Sonus will distribute other proceeds from the sale, less amounts required to pay expenses of the transaction and other obligations of the company, to the holder of all of its outstanding Series A and Series B convertible preferred shares.
"The acquisition of Sonus expands Amplifon's presence in the United States through additional distribution channels offering a broader range of hearing healthcare products," said Alessandro Baldissera, Chief Executive Officer of Amplifon S.p.A. "We expect continued growth through delivery of high-quality care to our hearing healthcare patients."
Dan Kohl, Chief Executive Officer of Sonus, stated, "Amplifon is among the largest global retailers of hearing instruments, operating hearing aid centers at 160 corporate retail and 850 franchise retail locations in the U.S. We feel that the combination of Amplifon and Sonus will produce the necessary financial stability and market presence to serve the hearing health communities across North America for years to come."
Portland-based Sonus sells private label and multi-brand products to hearing-impaired patients through 87 company-owned retail stores and 1,400 licensed network affiliates in the U.S. and Canada.
Amplifon USA is a wholly owned subsidiary of Amplifon S.p.A., an Italian joint stock company. Amplifon S.p.A. has approximately 1,800 outlets, 3,000 authorized distribution centers, and over 2,000 hearing aid fitting specialists. Amplifon S.p.A. is present in Italy, with a 47% market share, and in France, Spain, Portugal, Switzerland, Austria, the United States, the Netherlands, Egypt, and, since early 2002, Hungary.
This press release contains forward-looking statements. Actual occurrences could be significantly different than those predicted or implied by forward-looking statements. Factors that could affect predicted occurrences include the possibility of unexpected liabilities relating to Sonus Corp., or other events that could delay or lead to reductions in planned distributions. Although forward-looking statements help to provide complete information about the future of the company, readers should keep in mind that forward-looking statements are much less reliable than historical information.
