Parametric Sound Completes Public Offering of Common Stock
HENDERSON, NV, Mar 28, 2012 (MARKETWIRE via COMTEX) -- Parametric Sound
Corporation (PAMT), a leading innovator of directed audio products and solutions,
announced today the completion of its public offering of 1,888,888 shares of
common stock. All such shares were sold at the price of $4.50 per share resulting
in gross proceeds of $8.5 million and net proceeds of approximately $7.3 million
after deducting underwriting discounts and commissions and estimated offering
expenses.
"We are pleased to have successfully completed the offering," stated Ken
Potashner, Executive Chairman. "The offering will enable the company to launch
its licensing and product-based strategies. We also now have the financial
resources necessary to further strengthen our industry-leading IP portfolio."
MDB Capital Group LLC acted as the sole manager of the offering. The offering was
made only by means of a prospectus, copies of which may be obtained from MDB
Capital Group LLC, 401 Wilshire Boulevard, Suite 1020, Santa Monica, CA 90401,
(310) 526-5000. The Company has granted the underwriters a 45-day option to
purchase up to an additional 283,333 shares of Parametric Sound's common stock to
cover over-allotments, if any.
This press release shall not constitute an offer to sell or a solicitation of an
offer to buy these securities nor shall there be any offer or sale of these
securities in any state or jurisdiction in which such an offer, solicitation or
sale would be unlawful.
About Parametric Sound Corporation Parametric Sound Corporation's pioneering
HyperSound(TM) technology employs a tightly focused beam of sound to target
specific audiences without the ambient noise of traditional speakers. The Company
owns a substantial body of intellectual property. Recent innovations enhance
stereo output to produce a robust 3D audio image from just two ultra-thin
speakers opening opportunities for consumer markets. For more information about
the Company and its products, please visit: parametricsound.com.
About MDB Capital Group MDB Capital Group LLC is an investment banking and
institutional research firm focused exclusively on companies possessing or
seeking to develop market-changing, disruptive technologies and intellectual
property. For more information on MDB Capital Group, visit mdb.com.
Cautionary note on forward-looking statements 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 our 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 we believe that our expectations are based upon reasonable
assumptions, there can be no assurances that our goals and strategy will be
realized. Numerous factors, including risks and uncertainties, may affect our
actual results and may cause results to differ materially from those expressed in
forward-looking statements made by us or on our behalf. Some of these factors
include the acceptance of existing and future products, the impact of competitive
products and pricing, general business and economic conditions, and other factors
detailed in our Annual Report on Form 10-K and other periodic reports filed with
the SEC. We specifically disclaim any obligation to update or revise any
forward-looking statement whether as a result of new information, future
developments or otherwise.
CONTACT:
Jim Barnes
CFO
888-HSS-2150 Ext 3
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