Sonomax Hearing Healthcare Inc. ("Sonomax" or "The Company") (TSX VENTURE: SHH) today reported a net loss of $1,622,840 on sales of $98,513 for the quarter ended September 30, 2006, versus a net loss of $1,639,305 on sales of $130,617 for the quarter ended September 30, 2005.
Results for the period of nine months ending September 30, 2006 were a net loss of $3,793,858 on sales of $535,381, versus a net loss of $4,449,166 on sales of $680,692 for the same period last year.
The decrease in the net loss is primarily attributable to reduction of financial expenses following the settlement of promissory convertible notes having an aggregate face value of $5,915,000 which effect was offset by the increase in costs incurred in the production ramp-up for the new generation of hearing protectors and hearing aids and the increase in general and administrative expenses attributable to issuance of stock option.
During the quarter ended September 30, 2006, the Company finalized the design and commercialization of V3, the improved version of its SonoCustom® hearing protection device. Now that V3 is market ready, the Company has ramped up production so that its present objective remains to achieve its original sales targets by making up in the fourth quarter for the shipping that it held back in the second and third quarters.
About Sonomax Hearing Healthcare Inc:
Sonomax Hearing Healthcare Inc (TSX Venture Exchange: SHH) is a leader in the development and manufacturing of intra-ear technology for hearing protection, hearing enhancement, and other auditory applications. Sonomax created SonoCustom®, a unique expansion earpiece and a highly efficient gatekeeper between sounds and eardrums. Sonomax is actively building a worldwide licensee network, as recently highlighted by signing important partners such as Oilind Safety, a leading safety service supplier in the United States. Sonomax was awarded the prestigious 2005 British Safety Industry Federation Product Innovation Award for its SonoCustom® technology. Furthermore, Sonomax was granted third-party validation for its SonoPass® software by universities, military contractors and government. Sonomax's SonoPlatform(TM) is the foundation for state-of-the-art hearing aids and digital wireless applications. The company plans to launch SonoPlatform(TM) later on this year via a new paradigm of quality, affordability, and consumer access.
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