- Sonomax to apply for final order from Court on March 1, 2010
- Arrangement expected to close on March 2, 2010
MONTREAL, Feb. 26 /CNW Telbec/ - Sonomax Hearing Healthcare Inc. (SHH: TSX Venture) is pleased to announce that its shareholders and noteholders approved a previously-announced Arrangement with Benvest New Look Income Fund (BCI:UN: TSX) at a special meeting of Sonomax security holders held today in Montreal. The Arrangement was approved by 99.92% of the votes cast by the holders of Sonomax's common shares, 100% of the votes cast by the holders of Sonomax's Series "A" First Preferred Shares, and 100% of the votes cast by the holders of Sonomax's convertible promissory notes.
Pursuant to the Plan of Arrangement, Sonomax shareholders will exchange their Sonomax shares on a one-for-one basis for shares of a new corporation, Sonomax Technologies Inc., as a result of which the current shareholders of Sonomax will hold 100% of the outstanding shares of Sonomax Technologies. As part of the Plan, holders of Sonomax's stock options, warrants and convertible promissory notes will exchange their securities for identical securities of Sonomax Technologies.
As previously announced, Sonomax will apply to the Québec Superior Court for a final order in respect of the arrangement on March 1, 2010. If the final order is granted by the Court, it is expected that the Arrangement will become effective on Tuesday, March 2, 2010. 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.
At the meeting, Sonomax shareholders also approved the 2010 Stock Option Plan and Shareholder Rights Plan of Sonomax Technologies Inc.
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.
SOURCE Sonomax Technologies Inc.
For further information: For further information: Nick Laperle, President and CEO, Sonomax Hearing Healthcare Inc., (514) 932-2674 ext 2229, firstname.lastname@example.org