PARAMETRIC SOUND AND CALIFORNIA HEARING AND BALANCE CENTER COLLABORATE ON HEALTHCARE APPLICATIONS FOR HYPERSOUND™ TECHNOLOGY
SAN DIEGO, CALIFORNIA, January 3, 2013 – Parametric Sound Corporation (NASDAQ: PAMT), a leading innovator of directed audio products and solutions, announced today a collaboration with the California Hearing & Balance Center (the “Center”) to investigate health applications of the Company’s HyperSound (“HSS”) audio technology.
The Center recently reviewed preference testing reported by audiologists and observations from listeners speaking to the clarity and improved comprehension possible with HSS. Preference testing by third-party audiologists using the Company’s HSS sound technology side-by-side with traditional audio indicated that a broad range of these listeners preferred the improved clarity of HSS. Most of these observations focused on television viewing where clarity and comprehension are important factors as people age.
“In our review of comparison testing observations, HSS appeared to provide a richer, more robust listening experience compared to traditional audio,” said Dr. Ritvik Mehta at the California Hearing and Balance Center. “We are evaluating the mechanisms at work with HSS and we look forward to collaborating with Parametric and their advisors to further assess the possible benefits of and applications for HSS sound technology.”
The Company and the Center have agreed to collaborate on a range of activities and studies to explore the use of HSS in personal sound amplification and in both group and individual assisted listening applications for those with normal hearing and those with various stages of hearing loss. Amongst other health applications targeted by the collaboration is the investigation of using HSS for those suffering with tinnitus.
“We are very pleased the Center has agreed to collaborate with us to help validate our technology’s potential in the large health care market,” said Kenneth F. Potashner, executive chairman of Parametric Sound. “We are extremely pleased with the initial observations we are seeing and look forward to pursuing potential licensing opportunities in this sector.”
According to a study in a November 2011 issue of Archives of Internal Medicine, hearing loss affects nearly 48 million Americans. For individuals 12 years and older in the United States, nearly 1 in 8 has bilateral hearing loss, and nearly 1 in 5 has a unilateral or bilateral hearing loss severe enough to interfere with day-to-day communication. The study further states that the prevalence of hearing loss is expected to rise because of the aging of the population. The Company believes one of the major issues experienced by the hearing impaired is lack of clarity in differentiating words from each other even with loud volume. The Company also believes its emitters may provide benefits in this area by delivering with clarity the frequencies important in speech recognition, thus improving the TV viewing experience by those with normal hearing, and by providing amplification for those with some hearing loss without the need for headphones or any coupling to the ear or body.
About Parametric Sound Corporation
Parametric Sound Corporation is a pioneering innovator of directed audio solutions. With a substantial body of intellectual property, the Company is a leading authority in the application of acoustic technology to beam sound to target a specific listening area without the ambient noise of traditional speakers. The Company’s HSS-3000 product models target digital signage, kiosk and related applications. Recent innovations produce a distinctive 3D audio image from just two speakers opening potential opportunities for 3D sound solutions for computers and entertainment. For more information, visit www.parametricsound.com.
About California Hearing & Balance Center
The California Hearing and Balance Center (CHBC) is a San Diego, CA based practice dedicated to Otology/Neurotology and Audiology. Founded in 2009 by Dr. Ritvik Mehta (MD) and Dr. Sara Mattson (AuD), The California Hearing and Balance Center provides full-service care for all hearing and balance needs. The practice includes full-service audiology, including diagnostics and audiology treatment. CHBC also specializes in implantable hearing devices including cochlear implants, implantable hearing technology, and bone anchored hearing solutions (including the latest SoundBite device). Its tinnitus center includes Tinnitus Retraining Therapy (TRT) and treatment of tinnitus with sound therapies including Neuromonics, OtoSound, and SoundCure. CHBC is well versed in working with the hearing healthcare industry and has been involved in clinical studies and consulting for tinnitus as well as hearing devices.
Trademark Information: HyperSound is a tradename and HSS is a registered trademark of the Company. All other trade names are either trademarks or registered trademarks of their respective holders.
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 by the Company and the Center, including those related to the initial preference test reports and possible benefits of HSS technology for the hearing impaired 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 beliefs and 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 significant regulatory issues that could bar or delay product marketing or limit indicates uses should the Company seek medical device marketing clearance, acceptance of new Parametric Sound products and technologies, 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. The Company specifically disclaims 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 509
INVESTOR RELATIONS CONTACT:
Three Part Advisors, LLC