MONTREAL, April 21 /CNW Telbec/ - Sonomax Technologies Inc. ("Sonomax" or the "Company") (TSXV: SHH) today disclosed its results
for the year ended December 31, 2010.
As Sonomax moves closer to meeting its objective of becoming an R&D
licensing company, 2010 highlights were:
Raised gross proceeds of $2,034,483 by way of exercising of warrants by
Reduced outstanding convertible debt to $706,200 from $1,177,000.
Plan of arrangement on March 3, 2010 resulted in a net inflow of cash
(before transaction costs) of $1,566,000.
Decrease in net revenue to $642,766 in 2010 from $736,374 in 2009.
Gross profit was $43,316 in 2010 compared to a loss of $181,174 in 2009.
Increase in operating expenses to $4,192,743 compared to $3,255,273 in
Full financial statements can be found at: www.sedar.com
About Sonomax Technologies Inc.
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 V-4 "custom-fit by Sonomax" System offers our
OEM, ODM and aftermarket clients a broader range of opportunities in
customized earpieces for the Consumer, Industrial, Military and Medical
This news release contains certain forward-looking statements that
reflect the current views and/or expectations of Sonomax Technologies
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.
SOURCE SONOMAX TECHNOLOGIES INC.
For further information:
Nick Laperle, President
Sonomax Technologies Inc.