Sonomax announces completion of Arrangement with Benvest New Look Income Fund
MONTREAL, March 2 /CNW Telbec/ - Sonomax Hearing Healthcare Inc. (SHH: TSX Venture) is pleased to announce the completion of its previously-announced Arrangement with Benvest New Look Income Fund (BCI:UN: TSX). The Arrangement was approved by Sonomax's shareholders and holders of convertible promissory notes at a special meeting held on February 26, 2010. A final order approving the Arrangement was granted by the Québec Superior Court on March 1, 2010.
Pursuant to the Arrangement, Sonomax's common shares have been exchanged on a one-for-one basis for common shares of a new corporation, Sonomax Technologies Inc. In addition, Sonomax's stock options, warrants and convertible promissory notes have been exchanged for identical securities of Sonomax Technologies.
Sonomax expects that the common shares of Sonomax Technologies will commence trading on the TSX Venture Exchange under the stock symbol "SHH" on Monday, March 8, 2010, in substitution for the shares of Sonomax. The shares of Sonomax will continue to trade until that time.
If they have not already done so, registered holders of Sonomax common shares should tender their Sonomax shares and letters of transmittal in exchange for common shares of Sonomax Technologies Inc.
About Sonomax Technologies:
Sonomax is a leader in the research, development and licensing of in-ear technologies. With over 50 patents worldwide, Sonomax pioneering innovation includes instant custom-fitting earpieces that deliver the most comfortable, protective and sound-enhancing experience in the world, as well as software driven solutions for validating earpiece performance. The latest V4 Self-Fit(TM) System offers our manufacturer and aftermarket clients a broader range of opportunities in customized earpieces for personal entertainment, mobile communication and Bluetooth(TM) headsets. The technology also extends to applications for self-fit earplugs for hearing protection and communication in the industrial and military market sectors.
This news release contains statements that constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable securities legislation. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of Sonomax Hearing Healthcare Inc. ("Sonomax"). Actual results or achievements may differ materially from those expressed in, or implied by, this forward-looking information. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that Sonomax will derive therefrom. Forward-looking information is based on the estimates and opinions of Sonomax's management at the time the information is released and Sonomax does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
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.
%SEDAR: 00013736EFor further information: Nick Laperle, President and CEO, Sonomax Hearing Healthcare Inc., (514) 932-2674 ext 2229, email@example.com