Sonomax Announces Acquisition of VitaSound
Sonomax Hearing Healthcare Inc. (“Sonomax” or “the Company”) (TSX VENTURE:SHH – News) announces that it has acquired VitaSound Audio Inc., (“VitaSound”) an Ontario company engaged in the manufacture, sale, and distribution of hearing aid instruments in Canada and the United States. VitaSound will become a wholly-owned subsidiary of Sonomax. VitaSound is a hearing-aid manufacturer of record to Health Canada, and is ISO 13485 certified.
This acquisition will enable Sonomax to fast-track the process of introducing its “store-within-a-store” hearing aid retail concept to the Canadian marketplace through a major retail chain. The first opening is scheduled for October, 2006.
Sonomax Senior Vice-President and Director, Mr. Claude Allard, has been named President of VitaSound. Mr. Allard, a former Senior Executive Vice President at Shoppers Drug Mart (TSX: SC – News) who has successfully implemented significant retail market expansion in the past declared that “While it usually takes weeks, sometimes months, from the testing to the final fitting stage to obtain a conventional hearing aid, the Sonomax retail concept will introduce ‘the shopper’s experience’ to the hearing aid space — it will allow people to go shopping and return home with an affordable, custom-fit, comfortable, state-of-the-art, digital hearing aid that was fitted and programmed in about an hour.”
Mr. Frank Skubski has joined VitaSound as Vice-President. Mr. Skubski brings more than 15 years of experience to VitaSound having held senior management positions in sales and marketing in the hearing healthcare field. Mr. Skubski will focus on developing and bringing this new concept of hearing healthcare to the Canadian market. “In my experience, hearing instruments have been out of reach for the average consumer due mainly to the cost of a traditional hearing aid”, Mr. Skubski commented. “Our brand positioning of convenience and affordability, coupled with a professional, trustworthy and caring customer experience, meets the needs of our target audience. I am extremely excited about the potential of VitaSound and our ability to deliver better and affordable hearing to all Canadians.”
The cost to Sonomax for the acquisition of VitaSound is $100,000 payable in cash, plus a 2% royalty to a maximum of $200,000 on sales made in the next two years to VitaSound’s current customers.
About Sonomax Hearing Healthcare Inc:
Sonomax Hearing Healthcare Inc (TSX Venture Exchange: SHH – News) is a leader in the development and manufacturing of intra-ear technology for hearing protection, communications, hearing enhancement, and other auditory applications. Sonomax has created SonoCustom®, a unique expansion earpiece and a highly efficient gatekeeper between sounds and eardrums, and SonoPass® proof-of-performance software. Sonomax global business plan is to exploit these patented core technologies in four vertical markets – hearing protection, hearing aids, music and entertainment, and cellular telephones. The Company is well on its way in the hearing protection market with the recent consummation of its licensing deal with world leader Aearo Technologies (see Press Release dated September 1, 2006). Sonomax is now poised to penetrate the multi-billion dollar hearing aid market with the instant-fit, state-of-the-art hearing aid that Sonomax developed in collaboration with Gennum Corporation (TSX: GND – News), and its retail “store-within-a-store” concept.
Tradeopolis.com does not accept responsibility for the adequacy or accuracy of this release. 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.
Contact:
Nick Laperle
Sonomax Hearing Healthcare Inc.
President
(514) 932-3745
nlaperle@sonomax.com
www.sonomax.com
Claude Allard
Vita Sound Audio Inc.
President
(905) 760-7755
callard@vitasound.com
Jacques C. Gagnon
HKDP Communications and public affairs
Senior Consultant
(514) 395-0375
jgagnon@hkdp.qc.ca
Source: Sonomax Hearing Healthcare Inc.