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Parametric Sound Appoints Stephen Thesing Vice President of Marketing and Business DevelopmentInducement Grant Under NASDAQ Listing Rule 5635(c)(4) (June 27, 2012)
POWAY, CA -- (Marketwire) -- 06/27/12 -- Parametric Sound Corporation (NASDAQ: PAMT), a leading innovator of directed audio products and solutions, today announced that it has appointed Stephen Thesing as Vice President, Marketing and Business Development, bringing with him over 20 years of experience in the development of global marketing programs and revenue streams for high-growth technology companies.
"We are at a point where we plan to begin aggressively scaling our business development relationships and activities," said Kenneth F. Potashner, executive chairman of Parametric Sound. "Steve will be instrumental to helping us achieve that growth."
Steve was influential in successfully launching and building several startup companies in Silicon Valley and San Diego, as well as startup divisions within larger companies. He was an Internet pioneer with Sun Microsystems (Verisign, Travelocity), built the OEM ecosystem at Veritas Software (Dell, HP/Compaq), and the global alliances and sales channels for Troika Networks, acquired by Qlogic. Most recently, Steve was Vice President of Channels and OEM for Anakam, a San Diego-based software company that was sold to Equifax in October, 2010. He holds a degree in Business, MIS & Marketing from California Polytechnic in San Luis Obispo, California.
In connection with such appointment, Mr. Thesing received an option to purchase 32,000 shares of Parametric common stock at an exercise price of $9.25 per share, the closing price of Parametric common stock on June 25, 2012, and which is exercisable for five years from the grant date. The vesting schedule for the option grant is quarterly over three years commencing on September 30, 2012 with the option becoming fully vested on June 30, 2015, subject to continued service and other conditions. This grant is outside Parametric's existing shareholder approved equity plan and was approved by the Company's independent directors as an inducement material to Mr. Thesing entering into employment with Parametric in reliance on NASDAQ Listing Rule 5635(c)(4), which requires this public announcement.
About Parametric Sound Corporation
Parametric Sound Corporation is a pioneering innovator of directed audio solutions. With a substantial body of intellectual property, Parametric Sound is the foremost authority in the application of acoustic technology to beam sound to target a specific listening area without the ambient noise of traditional speakers. Recent innovations produce a distinctive 3D audio image from just two speakers opening opportunities for 3D sound solutions for computers and entertainment. For more information, visit www.parametricsound.com.
Cautionary note on forward-looking statements
This press release includes forward-looking statements. Except for historical information contained in this release, statements in this release, including those by Mr. Potashner, 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 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. Except as required by law, 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.
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