19. October 2009 08:36
Sonomax Hearing Healthcare Inc. (TSX Venture: SHH) is pleased to announce that it has signed a five year license agreement with Hearing Coach Africa (Pty). The agreement for V3 hearing protectors specifies quarterly commitments over five years, totaling a minimum of $1,000,000. The agreement is renewable for an additional 5 years if all contractual conditions and minimum quarterly commitments are met. The agreement is in line with Sonomax's previously announced licensing business model. Hearing Coach has many major customers throughout Africa, many of which are currently using Sonomax hearing protection. The first of these to buy into the Sonomax Solution(TM) under this new agreement is BHP Billiton, the world's largest mining company. BHP Billiton has started a process of fitting 2,800 of its workers; the company employs in excess of 38,000 people.
"Until now, most of Sonomax's industrial sales have been to Europe where in many markets custom hearing protection enjoys a 25% plus market share.", said Nick Laperle, Sonomax's President & CEO. "With our previously announced European licensing agreement now up-and-running, (CNW/Telbec) http://www.cnw.ca/en/releases/archive/September2009/25/c8981.html Sonomax's strategy for securing market share in the industrial marketplace will be to focus on regulated markets globally who share the European mindset for custom hearing protection."
Said Mr. Albert Lodder, CEO of Hearing Coach Africa, "There are several large mining operations in Africa which employ hundreds of thousands of mine workers. Hearing Coach's established presence in this industry, will provide Sonomax with an excellent opportunity to penetrate a very fertile and regulated marketplace."
Source: SONOMAX HEARING HEALTHCARE INC.
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