Toronto -- The GATX/MM Venture Finance Partnership ("the Partnership") is pleased to announce that it has completed a $3.5MM venture loan financing with Sonigistix Corporation ("Sonigistix"). The proceeds will be used to fund key strategic initiatives and for general corporate purposes.
Sonigistix is a leading innovator of audio delivery technology headquartered in Richmond, B.C. with US offices in Los Angeles, Detroit, and Little Rock. Sonigistix prime business centres on a line of flat panel speakers it has developed that are built with proprietary planar magnetic speaker technology called Planar Focus. It is also actively developing products for the emerging Digital Audio Market.
Sonigistix flat panel speakers are manufactured using a proprietary manufacturing processes and enable a PC's digital signal processing capability to create 3-D effects and "position" sounds when directed at the listener. The overall result of these speakers is that they deliver superior audio fidelity and space savings, at competitive prices. The speakers are receiving many rave reviews a small sample of which are described below:
- "Overall, we give the Monsoon MM-700s five stars- the amazing design, sound quality and reasonable price make it the choice for PC audio enthusiasts and gamers alike" ZDTV Fresh Gear, May, 1999."
- "Best Overall Audio PC Speakers" Equip Magazine, October 1988
The Company's focus is in the PC Multimedia and Automotive markets. With respect to its PC Multimedia business Sonigistix has put in place strong partnerships with strategic manufacturers, distributors, and resellers including Compaq, Dell, and Micron Electronics. It's Automotive business is centred around a key strategic relationship with Delco Electronics (formerly a division of General Motors) which is the major supplier of audio equipment for GM vehicles and a growing portion of Volkswagen, and BMW vehicles. The speakers for both the PC Multimedia and Automotive businesses will be marketed under the established "Monsoon" brand in a joint venture with Delco. The use of Delco's brand and their marketing support greatly enhances the Company's ability to gain market share quickly. Delco is aggressively spending to create public awareness of the Monsoon brand.
Sonigistix is led by President & CEO Kirk Loncar who brings twenty years of experience in the successful management of advanced technology companies and was most recently Group President of the Audio for Computers (AFC) division of Harman International Inc. Kirk is complemented by a senior management team with significant skill sets and experience. "The MM Venture Partner's financing was very advantageous for us. It protected our shareholders from dilution and was executed very quickly allowing us to stay focused on our business." said John Rybinski, CFO.
"We are excited to be an investor in Sonigistix. It has put together a strong management team and built key sales and marketing relationships with companies such as Delco, Compaq, and Dell which should allow it to execute on its business strategy in a substantial way over the next 12 months" said Ron Patterson, Partner MM Venture Partners.
For further information please contact:
Mr. John Rybinski
Chief Financial Officer
Sonigistix Corporation Phone: 604-204-7754
Mr. Ron Patterson
MM Venture Partners