Advanced Bionics to Be Acquired by Sonova.-- Acquisition to Expand Sonova Group's Position as a Leader in Hearing Healthcare Solutions -- VALENCIA, Calif. -- Advanced Bionics (AB), the only U.S.-based manufacturer of cochlear implants Cochlear Implants Definition A cochlear implant is a surgical treatment for hearing loss that works like an artificial human cochlea in the inner ear, helping to send sound from the ear to the brain. (or "bionic A machine that is patterned after principles found in humans or nature; for example, robots. It also refers to artificial devices implanted into humans replacing or extending normal human functions. See biomimicry. ears"), announced today that it has entered into a definitive merger agreement with Sonova Holding AG, the world's leading provider of hearing systems. Pending regulatory and shareholder approval, the transaction is expected to close within the next three months. The acquisition represents a strategic expansion into the area of cochlear implants for the Sonova Group, enabling the group to offer a comprehensive range of solutions for hearing loss. "Sonova was attracted to our company for our advanced technology, commitment to our patients and our potential for expansion," said Jeffrey Greiner, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Advanced Bionics. "Not only will we continue to grow under the leadership of Sonova, but we have taken an enormous step toward ensuring that AB remains the industry's performance leader, now and in the future. We are truly excited by the technological possibilities that this acquisition will offer our candidates and our recipients." The Sonova Group brings together Advanced Bionics, a global leader in cochlear implant cochlear implant n. An electronic device that stimulates auditory nerve fibers in the inner ear in individuals with severe or profound bilateral hearing loss, allowing them to recognize some sounds, especially speech sounds. manufacturing, and Phonak, a global provider of micro hearing systems. Both pioneers in their field, Advanced Bionics and Phonak have 75 years of combined experience in engineering innovative hearing solutions. Like Phonak, AB will remain an independent division within the Sonova Group, but will share the elements that have been driving the success of AB's new parent company over the last decade: global sales coverage, outstanding customer service, a global supply chain, and a dedication to innovation. The partnership will also provide: * Versatile, attractive, easy-to-use products * High-performance hearing devices * State-of-the-art acoustics acoustics (ək  `stĭks) [Gr.,=the facts about hearing], the science of sound, including its production, propagation, and effects. and engineering
* Industry-leading technology and performance innovations * Expanded international distribution * Lifelong commitment to patients' needs * Attentive at·ten·tive adj. 1. Giving care or attention; watchful: attentive to detail. 2. Marked by or offering devoted and assiduous attention to the pleasure or comfort of others. , caring customer service * Improved quality of life for patients In addition, Phonak's proven capabilities in the field of micro auditory auditory /au·di·to·ry/ (aw´di-tor?e) 1. aural or otic; pertaining to the ear. 2. pertaining to hearing. au·di·to·ry adj. devices will set the stage for AB to develop smaller, higher performing sound processors for patients across the globe. Combined, Sonova, Phonak and Advanced Bionics will provide the most comprehensive product line in the hearing healthcare industry, offering a full range of hearing options for those with mild-to-profound hearing loss. For the acquisition, UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System Investment Bank acted as exclusive financial advisor and O'Melveny & Myers LLP LLP - Lower Layer Protocol acted as exclusive legal advisor to Advanced Bionics. About Advanced Bionics Advanced Bionics is a global leader in developing the most advanced cochlear implant systems in the world. Founded in 1993 and headquartered in Valencia, Calif., AB is the only American company developing cutting-edge cochlear implant technology that restores hearing to the deaf and allows recipients to hear their best today, tomorrow, and always. AB has the most sophisticated cochlear implant system on the market, the Harmony([R])HiResolution([R])Bionic Ear System, with five times more sound resolution than its competitors, designed to allow recipients to go beyond deciphering simple speech to hearing music. With sales in over 30 countries and a proven track record for developing high-performing, state-of-the-art products, AB's talented group of 660 technologists and professionals from all over the world are driven to succeed, work with integrity and stay firmly committed to quality. To learn more about AB and its revolutionary cochlear implant technology, please visit www.advancedbionics.com. About Sonova Sonova is the leading provider of innovative hearing healthcare solutions. This globally active group of companies is one of the world's top three manufacturers of hearing systems, the market leader in wireless communication systems for audiology audiology /au·di·ol·o·gy/ (aw?de-ol´ah-je) the study of impaired hearing that cannot be improved by medication or surgical therapy. au·di·ol·o·gy n. applications and a provider of professional solutions for hearing protection. Sonova is pursuing a clear growth strategy and is intent on building its market share. To this end it is constantly expanding its existing business segments and branching out into other areas of the hearing healthcare industry. Present in over 90 countries, and with a workforce of over 5,300 employees, Sonova generated sales of CHF CHF In currencies, this is the abbreviation for the Swiss Franc. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1.249 billion in the financial year 2008/09 and a net profit of CHF 284 million. This financially strong group of companies bases its success on innovation, customer focus and proactive cost management. The company has been successfully promoting understanding and communication for over 60 years, and is ideally positioned to benefit from the trends in this growth industry. Sonova shares (ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors : SOON) have been listed on the SIX Swiss Exchange Swiss Exchange The major securities market of Switzerland. since 1994. For more information please visit www.sonova.com. |
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