SAN DIEGO, CA--(Marketwire - Aug 8, 2012) - Parametric Sound Corporation (NASDAQ: PAMT), a leading innovator of directed audio products and solutions, today announced that it has appointed Bob Kulakowski as Vice President, Engineering. Kulakowski brings 32 years of experience in TV broadcast engineering, security, networking, computer design and technology management. Mr. Kulakowski will be responsible for managing engineering, product development and technology transfer to licensees.
"Bob brings a multitude of talents and past experience to Parametric," said Kenneth F. Potashner, executive chairman of Parametric Sound. "We have a strong and talented team of engineers and scientists focused on our patented, directed audio technology and we are excited to welcome Bob to our team."
Mr. Kulakowski had served as chief technology officer of Channel Islands and was co-founder and chief technology officer of Verimatrix. During his time at Verimatrix the company grew to over 300 satellite, cable, and IPTV operator customers that serviced over 15 million subscribers using the Verimatrix system. Products developed by Bob or under his direction have been sold or licensed to Intel, IBM, AT&T, NCR, Western Digital, TDK, Silicon Systems, Yamaha, and others.
In connection with such appointment, Mr. Kulakowski received an option to purchase 64,000 shares of Parametric common stock at an exercise price of $10.55 per share, the closing price of Parametric common stock on August 2, 2012, and which is exercisable for five years from the grant date. The vesting schedule for the option grant is quarterly over three years commencing on September 30, 2012 with the option becoming fully vested on June 30, 2015, subject to continued service and other conditions. This grant is outside Parametric's existing shareholder approved equity plan and was approved by the Company's independent directors as an inducement material to Mr. Kulakowski entering into employment with Parametric in reliance on NASDAQ Listing Rule 5635(c)(4), which requires this public announcement.
About Parametric Sound Corporation
Parametric Sound Corporation is the pioneering innovator of directed audio solutions. With a substantial body of intellectual property, the Company is the foremost 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's HSS-3000 product models target digital signage, kiosk and related applications. Recent innovations produce a distinctive 3D audio image from just two speakers opening opportunities for 3D sound solutions for computers and entertainment. For more information, visit www.parametricsound.com.
Cautionary note on forward-looking statements
This press release includes forward-looking statements. Except for historical information contained in this release, statements in this release, including those by Mr. Potashner, 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 the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that the Company's goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect the Company's actual results and may cause results to differ materially from those expressed in forward-looking statements made by or on behalf of the Company. Some of these factors include the acceptance of new Parametric Sound products and technologies, the impact of competitive products and pricing, the timely development and release of products by the Company, 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. Except as required by law, Parametric Sound Corporation specifically disclaims any obligation to update or revise any forward-looking statement whether as a result of new information, future developments or otherwise.