Parametric Sound Signs Strategic Partnership Memorandum of Understanding
Includes Intellectual Property License, Product Development, Manufacturing
Agreement, and Establishment of Joint Venture to License and Distribute Product
for Greater China
SAN DIEGO, CA, Mar 04, 2013 (MARKETWIRE via COMTEX) -- Parametric Sound
Corporation (PAMT), a leading innovator of audio products and solutions, today
announced that it has signed an MOU to enter into a strategic relationship with
Shanghai Industrial Investment Group (SIIG) and Aviation Industry Corporation's
(AVIC) US trade representative Optek Electronics. The MOU has defined four key
areas of focus that include a licensing agreement, a manufacturing agreement, a
joint product development agreement, and the establishment of a joint venture to
address the Chinese market. The Chinese market is now one of the largest markets
for consumer electronics products.
Optek, a leading manufacturer of audio and video products for the consumer
market, will provide complete manufacturing and assembly services at their
production and testing complexes in Shenzhen and Dongguan as part of the
relationship.
"The technical and financial resources of this partnership will allow us to
accelerate our presence into the consumer market and we expect to be shipping
products by the end of this year," said Ken Potashner, executive chairman,
Parametric Sound. "Their proven manufacturing capability will also enable
Parametric and its licensees to rapidly scale volumes. We look forward to a
long-term partnership."
"We see this project as a significant opportunity for us," said Alan Hsieh,
managing director of Optek Electronics. "Our company has a history of adopting
the leading technology inventions within our market segments, and we look forward
to working with Parametric Sound, a company who is leading the way with
innovative technology within the audio industry."
About Parametric Sound Corporation Parametric Sound Corporation is a pioneering
innovator of directed audio solutions. With a substantial body of intellectual
property, Parametric Sound is the leading authority in the application of
acoustic technology to beam sound to target a specific listening area without the
ambient noise of traditional speakers. The Company is targeting its technology
for new uses in consumer markets including computers, video gaming, televisions,
home audio, health care and mobile devices. For more information, visit
parametricsound.com.
About Shanghai Industrial Investment Group Shanghai Industrial Investment (Group)
Co., Ltd., through its subsidiaries, engages in the import and export of
non-quota commodities in China. It is also involved in processing and
compensation trade, property development and management, steel products trade,
industrial investments, and development zone construction, and land use
management and real estate businesses. In addition, it offers fiber optic and
optical cables, construction materials and housing equipment, and economic and
trade consulting services. Shanghai Industrial Investment (Group) Co., Ltd. was
founded in 1998 and is based in Shanghai, China.
About Aviation Industry of China Aviation Industry Corporation of China
manufactures aviation equipment. The company invests, develops, produces and
markets aviation equipment, aircrafts, engines and related parts for military and
civil use. Aviation Industry offers trade logistic, construction and asset
management services.
About Optek Electronics Optek Electronics was established in 2005 by DaeYang
Electronics of Korea and SIIG (Shanghai Industrial Investment Group) of China.
The main mission was to develop the Optical Display technology namely LCD and LED
TV. Together with SVA-NEC they co-developed the "OPTEK" brand. OPTEK was the
first to deploy "FastStream" Bluetooth technology to LCD TV's wireless audio
systems. Optek Electronics has expanded into Solar Power, Optical (Blue Ray),
Automobile Electronics (In-Car Entertainment Unit), Telematics (CPND, PND/GPS)
and Healthcare/Medical/Surgical products.
Trademark Information: HSS(R) is registered trademark of, and HyperSound is a
tradename of, Parametric Sound. All other trade names used herein are either
trademarks or registered trademarks of the respective holders.
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 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 expectations are based
upon reasonable assumptions, there can be no assurances that 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 uncertainties inherent in any new technology joint venture,
joint development and manufacturing relationship, unanticipated delays in target
dates for shipping products to the consumer market, including manufacturing
problems and timing of customers' marketing plans, the ability to obtain
customers in target markets in a timely manner, the acceptance of existing and
future products, 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
tneumann@parametricsound.com
or
INVESTOR RELATIONS CONTACT:
Dave Mossberg
Three Part Advisors, LLC
817 310-0051 |
