MONTREAL--(BUSINESS WIRE)--Sonomax Technologies Inc. (TSX Venture: SHH) is pleased to report substantial progress on its strategic investment agreement with ValueLink Holdings Limited for the acquisition by ValueLink of a 51% ownership interest in Sonomax’s intellectual property. The parties are now in the last stages of finalizing the Definitive Agreement.
Sonomax has recently rationalized its operations to focus exclusively on supporting OEMS and ODMS and on continued Research & Development. The result is a reduction in overhead costs of almost $1,000,000 per year. The core team in place along with Sonomax’s outsourced engineering and university partners will be capable of taking on any size project on a variable cost basis.
About ValueLink Holdings Limited of Taiwan
ValueLink Holdings is a strategic Intellectual Property (IP) aggregator, with a successful track record of commercializing and licensing its IP portfolios to leading ODM and OEM companies in Asia and around the globe. ValueLink works under contract with selective Fortune 500 companies and iconic brands related to wireless devices, electronics products and accessories. It also facilitates manufacturing and distribution using its vast IP portfolio.
Sonomax Technologies makes the world’s most advanced hearing protection product to prevent the # 1 occupational disease, Noise Induced Hearing Loss (NIHL). The Company offers OEM, ODM and aftermarket clients a broader range of opportunities in customized earpieces using SonoFit for the Consumer, Military and Health markets.
This news release contains certain forward-looking statements that reflect the current views and/or expectations of Sonomax Technologies Inc. with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.