Parametric Sound To Merge With Turtle Beach

(RTTNews) - Parametric Sound Corp. (PAMT) and Turtle Beach said Monday that they have reached a definitive agreement to merge in a stock for stock deal.

Turtle Beach is majority owned by the Stripes Group, an entrepreneurial growth equity fund based in New York City.

The merger will combine Parametric's audio innovations with Turtle Beach's significant financial, technical, design, sales and marketing resources. Parametric's strong research and development capabilities will be leveraged to accelerate innovation enabling the combined company to deliver sustained growth and shareholder value.

Under the terms of the agreement, former Turtle Beach stockholders are expected to own about 80% of the combined company´s shares outstanding at closing, and Parametric stockholders are expected to own about 20% of the combined company's shares, subject to adjustment as provided in the merger agreement.

The new company will continue to operate under the name Parametric Sound Corp. and will be headquartered in San Diego.

The gaming products will continue under the well regarded Turtle Beach brand.

Juergen Stark, CEO of Turtle Beach, will serve as CEO upon completion of the merger.

The merger deal, approved by the Board of Directors of both companies, is expected to close before the end of the 2013 calendar year.