MONTREAL, Aug. 21 /CNW Telbec/ - Sonomax Hearing Healthcare Inc. (SHH:TSX
Venture Exchange) announces objective, scientific proof of the company's
ability to develop a technology to produce an off-the-shelf, self-fitting,
The company recently completed scientific proofs of concepts and has now
graduated to, and has successfully completed Phase I of, a five phase
development program whose objective is to have a self-fit custom earpiece
available to the retail public in limited quantities this coming winter and
full rollout to the consumer market scheduled for spring 2010.
The V4 (its working title) is expected to be a one-of-a-kind product - an
instant-self-fit, off-the-peg, custom earpiece that offers absolute comfort,
never falls out, and delivers crystal clear sound quality for music,
Bluetooth(TM) headsets, and other in-ear apps. The product will be mass
producible at a fraction of current cost, which will make it extremely
competitive in the high-end earpiece market.
For market size context, credible studies project sales of 945 million
music playing devices in 2010 with aftermarket earphones and Bluetooth(TM)
headsets tracking at 45%-70%.
Phase I successfully delivered a V4 3D prototype model/speaker housing
combined with modified/fitted V3 silicone earpiece. This proof-of-concept
provides the feel/sound of the final product.
As a matter of corporate policy, Sonomax will announce success or failure
of each of the remaining four milestones. The next milestone,
proof-of-performance of a delivery mechanism that inflates a V3 earplug as per
fit function criteria, is scheduled for August 31, 2009.
To contribute to working capital requirements in the course of
implementing its program to develop and commercialize self-fit custom
expansion earpieces, the company announces that it has received conditional
regulatory approval to proceed with a private placement of up to 50,000,000
units at a price of $0.02 per unit, for maximum gross proceeds to Sonomax of
Each unit will consist of one common share and one common share purchase
warrant. Each warrant comprised in the units will entitle the holder to
purchase one additional common share of Sonomax at a price of $0.05 for one
year following the closing date and at a price of $0.10 for a period of four
The private placement will be effected pursuant to prospectus exemptions
under applicable securities legislation and is expected to close on or before
September 8th 2009. The private placement is subject to receipt of all
necessary corporate and regulatory approvals, including that of the TSX
Venture Exchange. The securities issued in the private placement will be
subject to a four-month "hold period" under applicable securities legislation
and the policies of the TSX Venture Exchange.
There are currently 162,412,953 common shares of Sonomax issued and
About the NEW Sonomax
Sonomax is a developer and licensor (OEM) of in-ear technologies. The
company's patented instant "self" 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 business
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 further information:
For further information: Nick Laperle, President & CEO, (514) 932-2674
ext 2229, (877) 766-6629 ext 2229, email@example.com