Sonomax Hearing Healthcare Inc. Reports 2011 Results
Published: May 01, 2012
MONTREAL--(BUSINESS WIRE)--Sonomax Technologies Inc. (“Sonomax” or the “Company”) (TSX Venture: SHH) today disclosed its results for the year ended December 31, 2011. In order to get SonoFit™ adopted by OEMs, Sonomax needed to accomplish three important milestones in 2011. First, we needed to complete the product development for eers™ and SonoFit™. Second, establish low cost offshore manufacturing for both eers™ and SonoFit™. Finally, the company had to demonstrate that sales could be made for eers™ and that returns would be below 5%. We are happy to report that we achieved all 3 milestones and the result is the Altec Lansing agreement (http://www.businesswire.ca/news/ca-en/20120418005833/en/Sonomax%C2%AE-Signs-Material-OEM-Agreement-Leading-Audio) which promises to be the first in a series of OEM agreements to be announced over the next 12 months in the various vertical markets of Consumer Electronics, Industrial, Military and Health. The result of this development was a loss of $5,191,081 compared to $4,167,792 in 2010. Gross loss was $230,090 in 2011 compared to gross profit of $31,637 in 2010. Management is happy to report that the bulk of this work is now behind us.