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Sonic Innovations Announces Loan Amendment With German Bank
Date:6/20/2008

Restricted Cash Security of $5.2 Million Lifted

SALT LAKE CITY, June 20 /PRNewswire-FirstCall/ -- Sonic Innovations, Inc. (Nasdaq: SNCI), the only U.S.-based publicly traded manufacturer of digital hearing aids, announced today that the company's German subsidiary successfully negotiated an amendment with Commerzbank AG, a German bank, on a loan related to the 2003 acquisition of the German subsidiary. The amendment resulted in Commerzbank AG removing the restricted cash security related to the original loan, freeing up approximately $5.2 million, and allowing the company to utilize the unrestricted cash for corporate purposes. Sonic Innovations has guaranteed the remaining loan amount of approximately euro 2.75 million with the other terms of the original loan unchanged and pursuant to which Sonic will continue to make principal payments of euro 250,000 each quarter until the end of the loan.

As of March 31, 2008, Sonic Innovations had cash and cash equivalents of $14.1 million and a line of credit of $6.0 million with Silicon Valley Bank that the company has not drawn upon. "I am pleased that we were able to reach this amendment with Commerzbank, which is a reflection on the Company's solid performance since entering into the loan," said Sonic Innovations Chairman and CEO Sam Westover. "Sonic Innovations continues to perform well, achieving record first quarter sales of $31.9 million and gross margin of 64 percent this year. We are executing our business strategies, producing significant customer satisfaction and introducing exciting new products."

ABOUT SONIC INNOVATIONS:

Sonic Innovations is a global provider of superior hearing solutions. The company is passionate about quality, technology, and i
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SOURCE Sonic Innovations, Inc.
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