Companies Working Together Successfully to Develop and
Optimize Value of Sonomax R&D Pipeline
MONTREAL,
March 14, 2013 /CNW Telbec/ -
Sonomax Technologies Inc. (TSXV: SHH) is pleased to
report that it is making significant progress in adding to its
pipeline of intellectual property and that the Company is
successfully expanding its relationship with ValueLink Holdings
Ltd., to bring its new technologies to market. ValueLink has been
working with Sonomax to validate the Company's existing portfolio
of intellectual property and during this process, Sonomax has
reorganized itself to focus directly on R&D initiatives.
As the companies have continued to work together, ValueLink has
been able to generate increasing interest in Sonomax IP and R&D
across multiple industries. Due to this increased interest
and opportunities, Management has decided to broaden its exclusive
relationship with ValueLink by forming a joint venture whereby
ValueLink takes over the role of exclusive sales and marketing
partner, including maximizing the value of the current patent
portfolio.
In its expanded role, ValueLink will also work
directly with Sonomax Management to identify and validate market
opportunities, develop marketing strategies for Sonomax R&D,
and negotiate with third parties for the licensing, sale of or
investment in Sonomax's future IP development. Sonomax
management has reported that ValueLink has already begun
introducing Sonomax R&D to industry leading OEMs and ODMs
around the globe, as well as to retail markets. The efforts
focus on Sonomax's SonoFit™ technology, but move beyond that
singular effort to position Sonomax as the
premier R&D house focusing on in-ear products and
technologies. In addition, the expanded relationship will
allow Sonomax to become an aggregator of other relevant in-ear
technologies.
In the terms of the new agreement, ValueLink has
deferred its retainer and other normal forms of compensation and
agreed to base its compensation solely on performance.
Furthermore, ValueLink has agreed to structure the partnership so
that it will not be dilutive to existing shareholders as previously
announced. According to Sonomax CEO Nick
Laperle, "Having a partner with the relationships and
capabilities of ValueLink has opened new doors and opportunities
that position Sonomax at the epicentre of hearing related
research. Their success-based fee structure enables us to
invest our working capital solely into R&D, where our greatest
potential shareholder value resides."
Laperle is also working directly with ValueLink
management on a day-to-day basis. "ValueLink has demonstrated the
ability to help us package and represent our intellectual property
as well as position our Company to benefit from further
development," continued Laperle. "We are seeing opportunities
we would never have encountered on our own. With our new
partnership, we now have a team in the field opening new markets
and opportunities while we focus on our core competency, research
and product development."
Sonomax has recently rationalized its operations
to focus exclusively on supporting OEMs and ODMs and on continued
Research & Development. The result has been a reduction in
overhead costs of almost $1,000,000
per year. The core team in place along with Sonomax's outsourced
engineering, its university partner ETS and their related global
university partners will be capable of taking on projects of any
size on a variable cost basis.
Over the past several months, ValueLink has
engaged in a multitude of conversations and negotiations with world
leading suppliers, manufacturers and investors from the US,
Europe and Asia on the Company's behalf. Laperle
continues, "Value Link has put us in the position to obtain true
value building upon the pioneering work that we have done and
expanded our marketplace far beyond our expectations for many years
to come."
About ValueLink Holdings Limited
ValueLink Holdings Ltd., is a strategic
Intellectual Property (IP) aggregator, with a successful track
record of commercializing and licensing its IP portfolios to
leading ODM and OEM companies in Asia and around the globe.
ValueLink works under contract with selective Fortune 500
companies and iconic brands related to wireless devices,
electronics products and accessories. It also facilitates
manufacturing and distribution using its vast IP portfolio.
About Sonomax
Sonomax Technologies develops technologies and
leading edge products for all in-ear applications. Its flagship
advanced hearing protection product prevents the #1 occupational
disease, Noise Induced Hearing Loss (NIHL). The Company
offers OEM, ODM and aftermarket clients a broader range of
opportunities in customized in-ear solutions using SonoFit for the
Consumer, Industrial, Military and Health markets.
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.