Misonix and Hearing Innovations Sign Agreement
October 18, 1999 11:03 AM
FARMINGDALE, N.Y.--(BUSINESS WIRE)--Oct. 18, 1999--Misonix Incorporated (MSON) today outlined the completion of a previously announced agreement in principle with Hearing Innovations Incorporated whereby Misonox will invest $750,000 in exchange for a 7% equity stake in the company. Warrants to purchase additional shares that would bring Misonix' interest in the company to over 15% are also part of the agreement. With the exercise of these warrants, Misonix will have the right to produce the products for Hearing Innovations and create a joint venture to market and sell Hearing Innovations' ultrasonic tinnitus product.
Arthur S. Przybyl, President and CEO of Hearing Innovations, said, "This agreement represents a very important milestone for Hearing Innovations. Misonix is the perfect partner to help us launch the HiSonic(R) into the marketplace, given its expertise in ultrasound technology and medical device sales. We anticipate the market launch of the HiSonic(R) through our Test Partners Program and have already signed up several clinical audiologists to dispense and market it."
Michael A. McManus, Jr., President and CEO of Misonix, Inc. commented, "The Hearing Innovations' HiSonic(R) is a very exciting product. Anyone whose hearing is not improved by a hearing aid or is a candidate for a cochlear implant may benefit from the HiSonic(R). Not only will people be able to hear for the first time with this non-invasive device but Hearing Innovations is developing another product that may also treat tinnitus (ringing in the ear) from which 12 million people suffer in the U.S."
"Strategic alliances such as these are an integral part of our strategy to grow our Company. With our significant capabilities in research and development, manufacturing and marketing, we intend to build Misonix into a leading ultrasound technology company." |
