MONTREAL, June 15, 2011 /CNW Telbec/ - Sonomax® Technologies Inc. (TSXV: SHH) is pleased to announce that it has attained its first
licensing contract, a license grant to uFIT Custom Hearing Protection
Inc. The license is for instant, self-fit hearing protection for
industry application. uFit's ten international distributors will launch
the self-fit hearing protectors in 25 countries.
In addition to its industrial workplace initiative, uFIT anticipates the
near-term establishment of consumer-focused Strategic Business Units
for use with home hardware and at noisy events such as car racing,
sporting events, and concerts.
The deal involves customization of the licensed products to uFIT
specifications. These enhancements are intended to complement Sonomax's
self-fit capabilities via uFIT's high volume-low cost, mass production
In round numbers, contracted Fees and Minimum Royalties in years one to
three are $1,000,000, plus manufacturer-of-record surcharges of
approximately $500,000 on sales to uFIT of $5,000,000. The overall
result will contribute approximately $1,500,000 to Sonomax's net
profit. It is noted that the minimums are thresholds below which uFIT
would lose rights under the license and are not reflective of the
Gary Warren, former President of Aearo Technologies, North America, has
entered into a consulting agreement with uFIT Custom Hearing
Protection, Inc., which defines his responsibilities as the development
of the North American industrial and home hardware markets for uFit
products. He will also sit on the company's Board of Directors. Mr.
Warren joined Aearo in 1998 and during his ten-year tenure, the company
experienced dynamic growth and was sold to 3M in 2008.
"We are fortunate to have Mr. Warren leading the charge in establishing
uFIT's distribution of our hearing protection devices," said Nick
Laperle, President and CEO of Sonomax. "This is something he did with
unparalleled success during his career in the hearing protection
industry while at Aearo."
"SonoCustom™ Pro-Fit Sound Isolating Earplugs by Sonomax previously
faced two obstacles to success—pricing that was not competitive and the
need for a technician to fit the product. These have been eliminated by
the invention of a mass-producible instant, self-fit delivery system,"
said Mr. Warren. "There is now good reason to believe that the product
has the potential to secure meaningful market share in the $300 million
global HPD market."
About Sonomax Technologies, Inc.
Sonomax is a leader in the research, development and licensing of in-ear
technologies, and software driven solutions for validating earpiece
performance. Based in Canada and publicly traded, Sonomax holds over 50
patents worldwide. Learn more at http://sonomax.com.
About uFIT Custom Hearing Protection Inc.
uFIT is a hearing protection company that was established to market and
sell Sonomax's instant self-fit hearing protection technologies. Mr.
Barry Schwartz, a former Chairman and CEO of Sonomax, is the
controlling shareholder of the company.
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. Neither
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.
SOURCE SONOMAX TECHNOLOGIES INC.
For further information:
President & CEO
Sonomax Technologies Inc.
Tel: 514-932-2674 ext 2229