OTCBB Stock Symbol is PAMT
HENDERSON, NEVADA, October 4, 2010 – Parametric Sound Corporation today announced that it has completed the previously announced spin-off from LRAD Corporation (Nasdaq:LRAD). Parametric’s common stock is expected to begin “regular way” trading today in the over the counter market with quotations on the OTC Bulletin Board (OTCBB) quotation and trading system under the ticker symbol PAMT. Parametric Sound is focused on innovating directed audio solutions to customers primarily targeting digital signage, point-of-purchase, in-store networks and related markets and applications that benefit from sound that can be focused and controlled in specified locations.
“We pioneered the use of parametric sound for directed audio and have strong intellectual property in this market,” said Elwood G. Norris, CEO and inventor of the Company’s technology. “With my grant of an exclusive license for an improved electronics solution we expect our third generation product line (HSS®-III) to enhance the market opportunities for directed audio. Our pre-production prototypes evidence improved sound clarity, wider frequency response, reduced distortion and higher sound volume from less power, all at a lower cost. We are excited about the prospects for our new products in existing markets and the opportunity to explore uses of our improved technology in the emerging stereoscopic (three-dimensional or 3D imaging) marketplace to provide 3D audio for computers, entertainment and other applications.”
The Company, after rounding up for fractional shares resulting from the spin-off, has 15,306,064 common shares issued and outstanding. The Company established its corporate and sales office in Henderson, Nevada where it also intends to assemble and ship the new HSS-III line of directed audio products.
Cautionary note on forward-looking statements
This press release includes forward-looking information and statements. Except for historical information contained in this release, statements in this release, including those by Mr. Pratt, 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 the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that the Company’s goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect the Company’s actual results and may cause results to differ materially from those expressed in forward-looking statements made by or on behalf of the Company. Some of these factors include the acceptance of new products, the impact of competitive products and pricing, the timely development and release of products by the Company, general business and economic conditions, and other factors detailed in the Company’s Annual Report on Form 10-K and other periodic reports filed with the SEC. Parametric Sound Corporation specifically disclaims any obligation to update or revise any forward-looking statement whether as a result of new information, future developments or otherwise.