SOURCE: Parametric Sound Corporation

Parametric Sound Corporation

October 05, 2011 09:00 ET

Parametric Sound Focuses on Directed Audio Innovations

HENDERSON, NV--(Marketwire - Oct 5, 2011) - Parametric Sound Corporation (OTCBB: PAMT), a leading innovator of directed audio products and solutions, has completed its first fiscal year (September 30, 2011) as an independent public company following its September 2010 spin-off.

"We productively made important investments in technology and patents, product design and now have adequate production working capital for ramping sales," said Elwood G. Norris, founder and President of Parametric Sound. "We continue to innovate and are focusing our talented team on exciting new products in active development designed to enhance our leadership position in the directed audio market and to target additional and larger market segments."

On September 28, 2011 the Company retired the balance of $30,000 from $700,000 of spin-off debt financing secured in September 2010. As previously reported, $670,000 was converted to equity in June 2011. At September 30, 2011 the Company had no debt other than trade payables, accruals and deferrals. Also on September 30, 2011, two officers exercised warrants on 400,000 shares of common stock at $0.75 per share resulting in cash proceeds of $300,000 to supplement working capital. These warrants were originally issued in February 2011 as a part of a $1,000,000 equity financing.

Norris concluded, "While we are proud of the important progress made in our first fiscal year, our expectations for fiscal 2012 are extremely high as we anticipate notable new product announcements, customer collaborations and growing product sales."

About Parametric Sound Corporation
A 2010 corporate spin-off created Parametric Sound Corporation, the pioneering innovator of directed audio solutions. With a substantial body of intellectual property, Parametric Sound 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 recently introduced improved HSS-3000 product models targeting 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 information and statements. Except for historical information contained in this release, statements in this release, including those by Mr. Norris, 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. 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.

Contact Information

  • FOR FURTHER INFORMATION CONTACT:
    Jim Barnes
    CFO
    888-HSS-2150 Ext. 3
    Email Contact