Parametric Sound Completes Public Offering of Common Stock
(Marketwire Via Acquire Media NewsEdge) HENDERSON, NV -- (Marketwire) -- 03/28/12 --
Parametric Sound Corporation (NASDAQ: PAMT), a leading innovator of directed audio products and solutions, announced today the completion of its public offering of 1,888,888 shares of common stock. All such shares were sold at the price of $4.50 per share resulting in gross proceeds of $8.5 million and net proceeds of approximately $7.3 million after deducting underwriting discounts and commissions and estimated offering expenses.
"We are pleased to have successfully completed the offering," stated Ken Potashner, Executive Chairman. "The offering will enable the company to launch its licensing and product-based strategies. We also now have the financial resources necessary to further strengthen our industry-leading IP portfolio."
MDB Capital Group LLC acted as the sole manager of the offering. The offering was made only by means of a prospectus, copies of which may be obtained from MDB Capital Group LLC, 401 Wilshire Boulevard, Suite 1020, Santa Monica, CA 90401, (310) 526-5000. The Company has granted the underwriters a 45-day option to purchase up to an additional 283,333 shares of Parametric Sound's common stock to cover over-allotments, if any.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities nor shall there be any offer or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.
About Parametric Sound CorporationParametric Sound Corporation's pioneering HyperSound™ technology employs a tightly focused beam of sound to target specific audiences without the ambient noise of traditional speakers. The Company owns a substantial body of intellectual property. Recent innovations enhance stereo output to produce a robust 3D audio image from just two ultra-thin speakers opening opportunities for consumer markets. For more information about the Company and its products, please visit: www.parametricsound.com.
About MDB Capital GroupMDB Capital Group LLC is an investment banking and institutional research firm focused exclusively on companies possessing or seeking to develop market-changing, disruptive technologies and intellectual property. For more information on MDB Capital Group, visit www.mdb.com.
Cautionary note on forward-looking statementsThis 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 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 we believe that our expectations are based upon reasonable assumptions, there can be no assurances that our goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect our actual results and may cause results to differ materially from those expressed in forward-looking statements made by us or on our behalf. Some of these factors include the acceptance of existing and future products, the impact of competitive products and pricing, general business and economic conditions, and other factors detailed in our Annual Report on Form 10-K and other periodic reports filed with the SEC. We specifically disclaim any obligation to update or revise any forward-looking statement whether as a result of new information, future developments or otherwise.
888-HSS-2150 Ext 3
Source: Parametric Sound Corporation
[ Back To SIP Trunking Home's Homepage ]