Purchaser Will Distribute Sonomax Products in U.S. Pharmacy Chains, Other Retail Channels
MONTREAL, QUEBECarketwire - May 15, 2008) - Sonomax Hearing Healthcare Inc. (TSX VENTURE:SHH) is pleased to announce completion of the sale of VitaSound Audio Inc., a subsidiary of Sonomax, to an investment group led by Trivaris Ltd., a Burlington, Ontario-based investment firm.
Under its new ownership, VitaSound will market the innovative instant custom-fit technologies from Sonomax in hearing aid channels world-wide. These will include the emerging hearing aid retail channel of distribution within major pharmacy chains and store-in-store outlets in major retail chains, as well as to the traditional hearing aid industry. Initial product applications of the Sonomax earpiece technologies will include Sono3 hearing aids, MP3 earphones, hearing protectors, and custom earpieces for Bluetooth headsets.
"The ever increasing use of ear-worn devices has resulted in performance and comfort requirements that can only be satisfied by custom-fitted earpieces," said Gora Ganguli, President & CEO of VitaSound. "It has also heightened awareness among consumers of the need to preserve hearing and not just to compensate for hearing loss. With all the inherent advantages of the Sonomax technologies, we are seeing strong interest for these products in the hearing aid industry. We have built solid relationships with business partners in the emerging new world of hearing aid retail and this new business structure will permit us to focus our efforts on making this a significant commercial success."
Mark Chamberlain, President & CEO of Trivaris, added, "We view the hearing aid industry as having much more attractive growth prospects with products that create the convergence of hearing with communications and entertainment. The Sonomax technologies are therefore strategically important to our overall business model and we look forward to a long-term partnership between our Companies."
Dan Casey, President & CEO of Sonomax, commented, "As I outlined in the recent conference call, we view partnerships as the best way to approach specific vertical markets for our technologies, especially in markets like hearing aids where additional skills, relationships, experience, and know-how, are required that are beyond the scope of our core competencies. We also believe that the expansion of our fitting network resulting from this partnership will significantly benefit our consumer and industrial businesses as well."
About Sonomax:
Sonomax Hearing Healthcare Inc (TSX VENTURE:SHH) is a leader in the development and manufacturing of intra-ear technology. The company's patented custom-fit, instant-fit expansion earpieces deliver a perfect acoustic seal every time and can be certified by SonoPass®, the company's proprietary, computer generated proof-of-performance software. Building on its technology leadership in hearing protection, Sonomax is expanding the applications for its technologies into high growth consumer markets such as MP3 audio, multi-media, and gaming earphones, and Bluetooth® headsets for telephony.
The unique patented platform products created by Sonomax have been evaluated and are internationally accepted by governmental authorities and regulators, including Health Canada, the Food and Drug Administration (FDA) in the United States, and Standards Australia.
About Trivaris
Trivaris Ltd is a commercialization firm that specializes in unlocking the business potential of innovative ideas. Partnering with individual entrepreneurs and entrepreneurial organizations, Trivaris provides the necessary services and tools - leadership, resources and guidance - for realizing the value of innovative ideas for business success. Charting a path for the commercialization process and providing unique business strategies and methodologies is helping a growing list of companies within the Trivaris family realize their vision. Trivaris is innovation commercialized.
This news release contains certain forward-looking statements that reflect the current views and/or expectations of Sonomax Hearing Healthcare Inc. with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information about Sonomax, visit www.sonomax.com.
Taken from https://www.marketwire.com
