SONOMAX WARRANT AND DEBENTURE HOLDERS REAFFIRM SUPPORT
MONTREAL, Sept. 10 /CNW Telbec/ - Sonomax Technologies Inc. ("Sonomax" or the "Company") (TSX Venture: SHH) is pleased to announce that 27 of the 38 common share purchase warrant holders who were subject to a September 3rd, 2010 deadline for exercising warrants at $0.05 have chosen to do so, and that two of the Company's three convertible debenture holders who were subject to an August 31st, 2010 deadline for electing between being repaid or exercising their conversion rights, have chosen to remain Sonomax stakeholders by converting their debentures into Sonomax shares.
Said Nick Laperle, President and CEO of Sonomax, "It's truly gratifying to management that our stakeholders seem to see Sonomax's prospects the same way we do and have voted with their cheque books to be participants in what we believe is an exciting future." Mr. Laperle added, "It is also worthy of note that the Company's debenture debt, originally in excess of $8 million, has been reduced by 90% to less than a million dollars."
Since August 1, 2010, 24,104,487 common share purchase warrants have been exercised at an exercise price of $0.05 per share, and convertible promissory notes with a total face value of $200,000 have been converted into an aggregate of 4,000,000 common shares. Included in the aggregate of 3,066,666 warrants were exercised by four officers and employees of the Company, financed by loans in an aggregate amount of approximately $153,333 from the Company. Each of the loans is secured by a hypothec in favour of Sonomax over the resulting issued common shares. Combined, these transactions have improved Sonomax's working capital position by $1,405,224.
As a result of these transactions, Sonomax has 279,397,108 issued and outstanding common shares.
About Sonomax Technologies Inc.:
Sonomax Technologies Inc. is a leading researcher, developer and licensor of in-ear technologies with over 50 patents and trademarks worldwide. Sonomax is dedicated to providing in-ear technologies that optimize fit, comfort, protection, and sound enhancement. The latest V4 Intelligent Fitting System features an earpiece you can easily and permanently fit to the exact shape of your ear in minutes. This breakthrough makes it possible to customize virtually any in-ear product on a mass scale, such as Bluetooth(TM) headsets, MP3 earphones, military communication earpieces, hearing protectors and hearing aids. The V4 Intelligent Fitting System bridges the gap between consumer's ears and countless OEM products, making it the dominant technology for a wide range of in-ear product applications.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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For further information: Nick Laperle, President & CEO, Sonomax Technologies Inc., Tel: 514-932-2674, [email protected]; W: www.sonomax.com
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