Andrew Raguskus to Serve as Senior Technology Advisor
SALT LAKE CITY, May 13 /PRNewswire-FirstCall/ -- The Board of Directors
of Sonic Innovations, Inc. (Nasdaq: SNCI), a leading producer of advanced
digital hearing aids, today announced that Andrew Raguskus has stepped down
as Chairman of the Board. Mr. Raguskus will continue as a member of the
Board of Directors and serve as its Senior Technology Advisor. As a result
of Mr. Raguskus' announcement, the Board of Directors appointed CEO Sam
Westover to serve as Chairman of the Board and Chief Executive Officer for
the company.
James Callahan will continue to serve as Lead Independent Director for
the Board of Directors. Mr. Callahan has been a director for the company
since 2004 and was reelected for an additional three year term at this
year's annual shareholders meeting. He is also a member of the Board's
Audit and Compensation Committees.
In making his announcement, Mr. Raguskus stated, "When I was asked to
serve as Chairman of the Board it was with the intention of giving Sam
[Westover] time to focus his attention on the strategy and operations of
the business. He has clearly set the company on the right path and,
therefore, it is time for me to step aside and allow him to assume full
leadership responsibility for the company."
"Andy has been a tremendous asset to this company and the Board and I
have the utmost respect for his leadership and accomplishments," said Mr.
Westover in response to his appointment as Chairman of the Board. "Sonic
would not be celebrating its 10-year anniversary were it not for his
commitment to developing and delivering the best hearing instruments. I am
pleased that Andy has agreed to accept the role of Senior Technical
Advisor. His knowledge and insight to the hearing aid industry will be
invaluable as we continue to develop new products to meet the needs of our
customers."
About Sonic Innovations
Sonic Innovations, Inc. is the largest, publicly traded U.S.-based
hearing aid manufacturer. The company was founded with a mission to
commercialize a unique digital signal processing platform for hearing aids.
Sonic Innovations hearing aids were among the first of their kind
clinically proven to increase speech understanding in noise for the hearing
impaired. Sonic Innovations, headquartered in Salt Lake City, is listed on
the NASDAQ Global Market System and can be found online at
http://www.sonici.com.
This press release may contain "forward-looking statements" as defined
under securities laws. Actual results may differ materially and adversely
from those described herein depending on a number of factors including, but
not limited to, the following risks: we face aggressive competition in our
business; acquisitions could be difficult to integrate and disrupt our
current business and therefore may harm our operating results; we may
poorly operate newly acquired businesses; we may lose a large customer or
suffer a reduction in orders from a large customer; we must have
innovative, technologically superior products to compete effectively; our
products, due to their complexity, may contain errors or defects that are
only discovered after sales by our customers, thus harming our reputation
and business; we may have issues with intellectual property; and we have
important international operations, which expose us to a variety of risks
including government reimbursement, that could impact sales and operating
results. For additional information regarding the risks inherent in our
business, please see "Factors That May Affect Future Performance" included
in our Annual Report on Form 10-K for the year ended December 31, 2007, as
filed with the Securities and Exchange Commission.
We undertake no obligation to revise our forward-looking statements to
reflect events or circumstances after the date hereof as a result of new
information, future events or otherwise.
SOURCE Sonic Innovations, Inc.
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Related links:
http://www.sonici.com/
CONTACT:
Sam Westover, President and CEO,
+1-801-365-2800, or Michael Halloran, Vice President and CFO,
+1-801-365-2854, both of Sonic Innovations, Inc.
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