ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

SHH Sonomax Technologies

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type
Sonomax Technologies TSXV:SHH TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Summary of Sonomax's Conference Call Held on August 13th, 2008

15/08/2008 4:15pm

Marketwired Canada


Sonomax Hearing Healthcare Inc. (TSX VENTURE:SHH) is please to provide a summary
of the Progress Update Conference call held on August 13, 2008.


The 5 "P's"

As outlined in the past, Sonomax constructs its strategy and executes its path
forward towards positive cash and profitability based on the 5 "P" systems. The
5 "P's" represent: People, Profitability, Products, Potential and
Predictability. Based on this system, please find our latest highlights as they
pertain to each "P" provided below:


People

The staffing levels have remained constant since the last update; the company
has not added, nor has it lost any employees. The company has been refocused to
pay a higher level of attention to the top line. The revenues must increase as
we move towards profitability. This focus on sales is a top down driven
initiative and all employees are expected to make a contribution towards
increasing the sales of the company in an accelerated fashion. The newly
assembled inside sales team has been working pro-actively with the licensees to
provide them the support required to drive more activities that will result in
increased sales.


Profit

The second quarter results will show some progress as compared to the first
quarter of 2008. This follows the overall company plan to turn the company
around within a four to six quarter period and to show improvements on a
quarterly basis.


One of the major breakthroughs for the company occurred this week when it
received its first order to sell Soundcage products to a software development
company based in Montreal. This initial order will be for over one hundred
SonoCustom Hearing Protection Devices and over fifty Soundcage earphones. This
first order will allow Sonomax to use this company as a reference and,
hopefully, become a springboard for other orders in this space. You may recall
from previous conference calls that this was a target area for the Soundcage
products; we are pleased that the first order has materialized so quickly.


With regards to the Soundcage(TM) earphones, we are also having discussion with
a few interested parties that may take over the responsibility for a geographic
region. Should an agreement be reached that is mutually beneficial, they will
open free standing kiosks in high traffic retail areas.


On the industrial side, things continue to progress with SonoCustom(TM) HPDs and
the SonoPass(TM) proof of concept testing software. Installations at many
Fortune 500 companies are progressing well. The international licensees have
also been challenged to sell the Soundcage(TM) products into available channels
within their regions.


Operating expenses have been reduced with more improvement expected in the third
quarter of 2008, when severance payments from our right sizing are completed.
Cash management is being tightly controlled through new policies and controls
that are in place and working well.


The third quarter is always challenging in Europe due to the vacation period
however the inside sales team is working hard with the international licensees
to make up for any lost time either before or after the vacation period.


Products

A new version of the SonoPass(TM) software will be launched before the end of
the quarter. The new 3.2 version has been beta tested with excellent results and
feedback. It is more user- friendly and should accelerate the adoption process
within the customer base.


The Push to Talk (PTT) Communications earpiece has been improved over the past
45 days and is now being beta tested in Denmark and the UK. So far to date, the
feedback is positive. The product is now ready for a full commercial launch and
all marketing collateral has been prepared.


Potential

Over the past 45 days the inside sales team has worked hard to assist the
international licensees in the preparation of their individual business plans.
Each licensee has prepared and submitted a business plan that will be reviewed
at least quarterly. This will allow the company to target the right customers,
market segments, specific applications and focus on the easiest customers to
penetrate.


The business plans will also provide the company with a rolling forecast that
will be used to establish a more robust supply chain.


Predictability

As the licensees provide more data and in greater detail, the company will be
much better at predicting future results. This is still an area of development
for the company that will be closely scrutinized to ensure quarter to quarter
improvement.


Additional Highlights

-Channel inventory continues to be reduced

-A first order has been received from VitaSound for the SonoPlatform(TM)
product. This is the product VitaSound will use to assemble a finished hearing
aid. Their strategy is to sell high quality, affordable hearing aids through the
large pharmacy chains in the United States. This first order will be delivered
to VitaSound by the end of the quarter.


-MSA in South America has placed their first order for the SonoCustom(TM) HPDs
and is now introducing the product to their wide customer base.


-A 3 year Sonomax business plan has been prepared and will be used as the basis
to drive the company to profitability. The plan is a dynamic document that will
be modified and enhanced as the external environment changes and the company
progresses.


A Review of the Company's Objectives for the next 12 months



  1. Get to positive cash, breakeven and then profitability

    -Overall company focuses on the top line.
    -International licensees have all submitted business plans.
    -Cash burn has decreased due to internal controls and right 
     sizing.
    -Purchasing has been centralized to realize cost reductions.

  2. Quarter to quarter sales improvement and margin improvement

    -First VitaSound order received
    -Costs of all products now being benchmarked so that improvement 
     targets can be set.
    -Licensee business plans allow for specific customers to be 
     targeted and actions established with relentless follow up.

  3. Build a sales organization and channel strategy

    -Inside sales team in place and using newly developed sales 
     processes.
    -Entire team will be used to work with customers as required.
    -Aearo/3M presented an aggressive roll out plan of the 
     SonoPass(TM) software in many Asian and European countries.

  4. Implement key metrics

    -Each functional manager has 90 day objectives that are reviewed 
     regularly. Each objective has an associated metric as 
     applicable.

  5. Improve communications to employees, channel partners, 
     suppliers, customers, board members and shareholders.

    -Over the last 45 days an improved level of communication took 
     place with all licensees to ensure the focus on revenues is 
     consistent.

  6. Complete the commercialization of products.

    -PTT Communications headset is now complete.

    -SonoPlatform(TM) products now have new work instructions and 
     quality standards, in preparation for the ramp in sales from 
     VitaSound.

    -Version 3.2 of the SonoPass(TM) software is ready to be 
     launched.

    -Easier fit/implementation techniques have been developed and 
     should be commercialized by the end of the year.

  7. Determine what new investments in a sales structure will be 
     needed to achieve objectives.

    -A large part of the 3 year business plan has been allocated to 
     this topic

    -Sales processes and resources will continue to be added in order 
     to drive profitable sales.



Over the next 30 days the company has a few critical items that require flawless
execution. They are: 1) Finalize the path forward with Aearo/3M globally; 2)
Ensure the first software development customer is a resounding success and 3)
Ensure the launch of version 3.2 of the SonoPass(TM) software is seamless.


The Company is focused, has a plan, and will execute consistently.

About Sonomax

Sonomax Hearing Healthcare Inc. is a leader in the development and manufacturing
of intra-ear technologies. The company's patented custom-fit, instant-fit
expansion earpieces deliver a perfect acoustic seal every time and can be
certified by SonoPass(R), the company's proprietary, computer generated
proof-of-performance software. Building on its technology leadership in hearing
protection, Sonomax has expanded the applications for its technologies into high
growth consumer products such as MP3 audio, multi-media and gaming earphones and
custom earpieces for other applications such as Bluetooth(TM) cellular headsets
and hearing aids.


This news release contains certain forward-looking statements that reflect the
current views and/or expectations of Sonomax Hearing Healthcare 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.


1 Year Sonomax Technologies Chart

1 Year Sonomax Technologies Chart

1 Month Sonomax Technologies Chart

1 Month Sonomax Technologies Chart

Your Recent History

Delayed Upgrade Clock