Health & Fitness
Health and Fitness
Health and Fitness
Thu, June 30, 2011
Wed, June 29, 2011 
MONTREAL, June 29, 2011 /CNW Telbec/ - Sonomax Technologies Inc. ("Sonomax" or the "Company") (TSXV: SHH) today disclosed its results for the three-month period ended March 31, 2011.
First Quarter 2011 highlights were:
- Gross profit was $4,926 in 2011 compared to $2,164 in 2011
- Raised gross proceeds of $1,535,000 by way of issuing convertible debt
- increase in operating expenses to $1,288,568 compared to $1,212,116 in 2010
- Increase in net revenue to $156,584 in 2011 from $124,914 in 2010.
To fully exploit the potential of the Company's new self-fit delivery platform, Sonomax has chosen to pursue a strategy of greater market visibility and demonstrated user validation. Specifically, Sonomax has started to commercialized and is now selling its unique brand of custom fitted earphones, sculpted eers™, direct to selected retailers with the assistance and support of the Levine Consulting Group. This exercise is not only designed to generate revenue but also demonstrate the viability of the technology in the retail space. It is anticipated that this example will open up other opportunities for distribution such as the recently announced distribution agreement with JAM Industries as well as licensing of the Company's technology for other in-ear products to Original Equipment Manufacturers, such as the recently announced licensing agreement with Skullcandy®. Sonomax will finally be able to report on sales of sculpted eers and revenue from Licensing in the next few quarters.
In addition, 35,000 stock options were granted to three outside Directors of the Company as a portion of their annual remuneration. The stock options were granted pursuant to the Company's 2010 Stock Option Plan, have an exercise price of $0.10 each and will expire on June 28, 2016. 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. The latest SonoFit™ System offers our OEM, ODM and aftermarket clients a broader range of opportunities in customized earpieces for the Consumer, Industrial, Military and Medical markets.
([ www.sonomax.com ])
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.
