SAN DIEGO, CA — (Marketwired) — 06/13/13 — Parametric Sound Corporation (NASDAQ: PAMT), a leading innovator of audio technology and solutions, today provided an update regarding its previously announced review of strategic alternatives. The Company reported May 2, 2013 that it had received a term sheet from a leader in one of its target verticals, was undergoing due diligence and was also reviewing strategic alternatives from additional parties. The Company-s investment bank Houlihan Lokey has been active in this comprehensive evaluation and diligence process.
“The strategic party-s technology diligence phase has been completed and demonstrated positive results regarding our patents and IP, technology, products, markets and consumer preferences,” said Kenneth F. Potashner, executive chairman of Parametric Sound. “The review process has also validated our findings regarding the substantial improvement in hearing and clarity by persons with hearing loss.
“We have now moved to an exclusive negotiating period and we are working on definitive agreement terms and conditions,” continued Potashner. “While this strategic alternative is being considered, we are executing on our operational plan to grow commercial revenues, develop and co-develop products for consumer licensing, and develop applications of our technology for the aging and hearing impaired markets.”
Parametric Sound Corporation is a pioneering innovator of directed audio solutions. With a substantial body of intellectual property, Parametric Sound is the foremost authority in the application of acoustic technology to beam sound to target a specific listening area without the ambient noise of traditional speakers. Distinct from surround sound, HyperSound immerses listeners in a robust 3D audio experience from just two speakers. The Company-s disruptive technology is being marketed to three global market sectors: Consumer Markets — for PCs, gaming, TVs, home theater and handhelds; Commercial Markets — for digital signage, kiosks and retail stores; and Health Care — for an out-of-ear solution being developed for the hearing impaired. For more information, visit .
This press release includes forward-looking information and statements. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding assumptions, projections, expectations, targets, intentions or beliefs about future events that are based on management-s belief, as well as assumptions made by, and information currently available to, management. While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that its goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect actual results and may cause results to differ materially from those expressed in forward-looking statements made by the Company or on its behalf. Some of these factors include the substantial uncertainties inherent in evaluating and pursuing strategic discussions including, but not limited to, licensing, mergers, joint ventures, spin-offs or other corporate transactions, acceptance of existing and future products regardless of initial pilot successes or positive results from evaluation of our technology by prospective partners, the difficulty of commercializing and protecting new technology such as the Company-s new emitter technology, the impact of competitive products and pricing, general business and economic conditions, and other factors detailed in the Company-s Annual Report on Form 10-K and other periodic reports filed with the SEC. The Company specifically disclaims any obligation to update or revise any forward-looking statement whether as a result of new information, future developments or otherwise.
CONTACT:
Tracy Neumann
888-HSS-2150, Ext. 509
INVESTOR RELATIONS CONTACT:
Dave Mossberg
Three Part Advisors, LLC
(817) 310-0051
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