Parametric Sound - Turtle Beach Merger Receive Regulatory Approval

(RTTNews) - Parametric Sound Corp. (PAMT) announced that on September 5, 2013, it received the U.S. Federal Trade Commission or FTC Clearance to proceed With Turtle Beach Merger.

"We are proceeding with the merger which we expect to close before the end of the year," said Ken Potashner, executive chairman, Parametric Sound.

In early August 2013, Parametric Sound and Turtle Beach 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 would combine Parametric's audio innovations with Turtle Beach's significant financial, technical, design, sales and marketing resources.

As per 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 would 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, would serve as CEO upon completion of the merger.