Sonic Innovations Announces Loan Amendment With German Bank
20 Junio 2008 - 12:05PM
PR Newswire (US)
Restricted Cash Security of $5.2 Million Lifted SALT LAKE CITY,
June 20 /PRNewswire-FirstCall/ -- Sonic Innovations, Inc.
(NASDAQ:SNCI), the only U.S.-based publicly traded manufacturer of
digital hearing aids, announced today that the company's German
subsidiary successfully negotiated an amendment with Commerzbank
AG, a German bank, on a loan related to the 2003 acquisition of the
German subsidiary. The amendment resulted in Commerzbank AG
removing the restricted cash security related to the original loan,
freeing up approximately $5.2 million, and allowing the company to
utilize the unrestricted cash for corporate purposes. Sonic
Innovations has guaranteed the remaining loan amount of
approximately euro 2.75 million with the other terms of the
original loan unchanged and pursuant to which Sonic will continue
to make principal payments of euro 250,000 each quarter until the
end of the loan. As of March 31, 2008, Sonic Innovations had cash
and cash equivalents of $14.1 million and a line of credit of $6.0
million with Silicon Valley Bank that the company has not drawn
upon. "I am pleased that we were able to reach this amendment with
Commerzbank, which is a reflection on the Company's solid
performance since entering into the loan," said Sonic Innovations
Chairman and CEO Sam Westover. "Sonic Innovations continues to
perform well, achieving record first quarter sales of $31.9 million
and gross margin of 64 percent this year. We are executing our
business strategies, producing significant customer satisfaction
and introducing exciting new products." ABOUT SONIC INNOVATIONS:
Sonic Innovations is a global provider of superior hearing
solutions. The company is passionate about quality, technology, and
improving the lives of the hearing impaired. Sonic Innovations and
its hearing-healthcare partners are passionate about bettering the
lives of their patients. Sonic Innovations, headquartered in Salt
Lake City, Utah, has international offices and manufacturing
centers across the globe. Through its distribution partners, Sonic
Innovations provides hearing care services and solutions in more
than 25 countries. Sonic Innovations is listed on the NASDAQ Global
Market System (SNCI) and can be found online at
http://www.sonici.com/. Sonic Innovations has sold more than
1,000,000 hearing instruments. This press release may contain
"forward-looking statements" as defined under securities laws.
Actual results may differ materially and adversely from those
described herein depending on a number of factors including, but
not limited to, the following risks: we face aggressive competition
in our business; acquisitions could be difficult to integrate and
disrupt our current business and therefore may harm our operating
results; we may not launch more product lines this year; our
products may not help people hear better or more naturally; we may
poorly operate newly acquired businesses; we may lose a large
customer or suffer a reduction in orders from a large customer; we
must have innovative, technologically superior products to compete
effectively; our products, due to their complexity, may contain
errors or defects that are only discovered after sales by our
customers, thus harming our reputation and business; we may have
issues with intellectual property; and we have important
international operations, which expose us to a variety of risks
including government reimbursement, that could impact sales and
operating results. For additional information regarding the risks
inherent in our business, please see "Factors That May Affect
Future Performance" included in our Annual Report on Form 10-K for
the year ended December 31, 2007, as filed with the Securities and
Exchange Commission. We undertake no obligation to revise our
forward-looking statements to reflect events or circumstances after
the date hereof as a result of new information, future events or
otherwise. DATASOURCE: Sonic Innovations, Inc. CONTACT: Michael
Halloran, Vice President and CFO, +1-801-365-2854, or Sam Westover,
Chairman and CEO, +1-801-365-2800, both of Sonic Innovations, Inc.
Web site: http://www.sonici.com/
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