Sonomax to Raise $1.74 Million in Non-Dilutive Financing
- Sonomax to become Sonomax Technologies Inc.
- Special meeting of Sonomax shareholders to be held on
- Shareholder Conference Call on
- Retail Optical ProFit license agreement to follow
"We are very pleased to announce this transaction, which will provide us with working capital to complete the V4 testing and clean up our balance sheet" said
The transaction with Benvest New Look will be effected by way of Plan of Arrangement under the
Sonomax Technologies will have the same operations, assets, Board of Directors and management as Sonomax, but with an additional
As part of the Plan of Arrangement, unitholders of Benvest New Look Income Fund and shareholders of New Look Eyewear Inc., an affiliated corporation, will acquire 100% of the shares of the original Sonomax Hearing Healthcare, which will change its corporate name to reflect its acquisition by Benvest New Look. Sonomax's current shareholders will not have any interest in this corporation.
The Arrangement Agreement also provides that Benvest New Look and Sonomax Technologies will enter into a distribution and licensing agreement, prior to the closing of the transaction, for optical retail distribution in
Subject to approval by the Québec Superior Court, a special meeting of Sonomax shareholders and holders of Sonomax's convertible promissory notes will be held on
Based on a number of factors, including advice rendered by Capital
Completion of the transaction is subject to receipt of court and other regulatory approvals. The transaction must also be approved by the unitholders of Benvest New Look Income Fund and shareholders of New Look Eyewear Inc.
Additional details regarding the transaction as well as a copy of a fairness opinion from Capital
The transaction is expected to close in early March, subject to the satisfaction of customary closing conditions.
About the New Sonomax:
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. In particular, no assurance can be given as to whether the proposed plan of arrangement with Benvest New Look Income Fund will be completed. 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