MONTREAL, Sept. 25 /CNW Telbec/ - Sonomax Hearing Healthcare Inc. (TSX Venture: SHH) announces that it has signed a five year licensing agreement with a newly formed Dutch company which has adopted the name Sonomax Europe BV (hereafter SEBV) with Sonomax's approval. Sonomax is not a stakeholder in SEBV. The investors in SEBV have engaged Mr. Luuk Helmhout who formerly headed Sonomax's European operations, to be its Managing Director. The agreement is renewable for an additional 5 years if all contractual conditions and minimum quarterly commitments are met.
Said Mr. Nick Laperle, President and CEO of Sonomax, "This is the first of what we plan to expand to many contracts which conform to Sonomax's new business model as a licensing and product development company. The progression will be our improved, more cost-effective V3 in the hearing protection space, followed by consumer rollout of the V4 self-fit earphones through major players in the retail space after the turn of the year. Our present intention on the product development front is to make the self-fit V4 available to our industrial licensees as advanced hearing protection within 12 to 18 months."
Mr. Helmhout, the participants in SEBV, and the current Sonomax distributors who will now fall under the umbrella of SEBV, have had excellent collective success over the years in the sale of conventional (non-instant) custom hearing protection. Their shared customer base is impressive. It includes Dupont, Saab, Volvo, Arco U.K., Arla Foods, 3M Germany, Kellogg, Coca Cola U.K., Metropolitan Police London, Scottish Police, Rolling contract are now in progress to fit the entire Ministry of Defense Fire & Rescue Service across 100 plus military establishments in UK, Germany, Cyprus, Gibraltar. Other institutional and military customers include Statoil/Hydro Norway and the Swedish Defense Material Command.
Said Mr. Helmhout, "Sonomax Europe BV has an enviable customer list and we will be penetrating markets that are extremely fertile for the sale of custom hearing protection which enjoys 25% market share in a number of our markets. We have the customer relationships, the financial resources, and the right product at the right price to deploy the strategy for Europe that Sonomax has always wanted to implement. Sonomax has done everything right in our book, it's now time for us to execute."
About the New Sonomax:
Sonomax is an R&D and licensing company of in-ear technologies. The Company's patented instant custom-fitting earpieces deliver the most comfortable sound-enhancing earpieces in the world. This unique technology enables a wide range of applications such as earphones for the music and gaming markets, hearing protection for military and industrial applications, affordable hearing aids and the ever-expanding Bluetooth(TM) headset market.
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. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information: Nick Laperle, President and CEO, Sonomax Hearing Healthcare Inc., (514) 932-2674 ext 2229, email@example.com