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HOLLYWOOD, Calif., Oct. 14, 2019 (GLOBE NEWSWIRE) -- Aftermaster, Inc. (OTCQB: AFTM) an industry leading audio technology company based in Hollywood, California today announced that it has entered into a manufacturing, finance and distribution agreement with Ritika Research Labs Private Limited ("Ritika") of Mumbai, India. The agreement calls for Ritika to manufacture and finance all Aftermaster, Inc. ("Aftermaster") products worldwide, and covers distribution outside the United States and Canada. Ritika and their affiliates have extensive experience in manufacturing and distribution of products internationally. Ritika has been working with Aftermaster engineers for several months to expedite the development and manufacturing of its products. The initial products that are currently set for manufacture under the agreement are the Aftermaster Pro, HearClearTV, "The Superbar" soundbar and the Aftermaster Studio Pro.
The agreement is a true milestone for Aftermaster as it provides not only high-quality manufacturing and worldwide distribution, but also the funding and engineering support for Aftermaster's manufacturing, inventory and future product development. The partnership is expected to provide increased financial stability for Aftermaster with less financing related dilution for shareholders. The partnership will also pave the way for Aftermaster to commit the resources for its elite engineering team to develop new, groundbreaking and competitive world class audio technologies.
Aftermaster looks forward to having its products manufactured in India. To support India's incredible growth in manufacturing, a "Make in India" program was launched to help support quality with competitive pricing, which are important to Aftermaster and its customers. India is now on the path to further extend its industrial base as global giants such as GE, Siemens, HTC, Toshiba, and Boeing have either set up or are in the process of establishing manufacturing plants in India.
"The agreement with Ritika marks a critical turning point for Aftermaster," explained Aftermaster CEO, Larry Ryckman. "Our new partnership substantially reduces Aftermaster’s ongoing capital requirements for product development, manufacturing, inventory, and distribution. This capital relief has been structured in return for a revenue share and equity stake to Ritika, which greatly aligns our mutual efforts in the best interests of Aftermaster’s shareholders."
"We are very pleased to enter into this agreement with Aftermaster, and believe in the long-term value proposition of these world-class, patented audio technologies," stated Ritika CEO, Rajiv Kacholia. "Aftermaster’s team" has produced, engineered and mastered music for over 200 of the most successful artists of our time. They deeply understand what sounds right.”
Kacholia added, "In fitting with our mission, we find the blend of Aftermaster's products not only attractive to consumers looking for the best quality audio, but also socially important on two counts related to the rise in noise pollution globally. First, we can assist groups with special hearing needs. Second, by encouraging less time on headphones, and more time with Aftermaster devices, we can help our youth at risk of hearing loss to reduce stress on their ears by listening at lower decibel volumes, while achieving greater clarity of sound.”
The United Nations’ World Health Organization (WHO) estimates that more than 5% of the world’s population, at 460 million people worldwide, suffer from disabling hearing loss, of which 34 million are children. It is further estimated that by 2050, over 900 million people will have disabling hearing loss (1 in 10 individuals globally). Moreover, 1.1 Billion of our age 12-35-year-olds are at risk of hearing loss, much of which stems from listening to loud sounds from personal audio devices at high volumes for prolonged periods of time, with some youth having already aged 20 years relative to global benchmarks for hearing.
Excessive noise damages our ears and our ability to function and communicate normally, creating a cycle of increasing difficultly for people to follow what others are saying. It also leads to emotional and behavioral stresses. Noise pollution can affect the cognitive development of children, and it continues to expand its impact. A WHO study also found that “there is overwhelming evidence that exposure to environmental noise has adverse effects on the health of the population”.
Aftermaster’s patented technologies deliver unparalleled clarity, depth, fullness and volume throughout the entire frequency range without compromise. Its products can help the hearing-impaired experience the best sounds they’ve heard without added distortion or loss of dynamic range. Aftermaster enables significantly greater sound clarity at lower volumes, thus, reducing the stress on ears.
Based in Hollywood, California, Aftermaster, Inc. is an award-winning audio laboratory which develops patented and groundbreaking audio technologies for use in consumer and professional audio enabled products. Aftermaster's unique expertise and approach is rooted in its world class expertise in music engineering and production. The Aftermaster team includes well known industry veterans such as Ari Blitz, Pete Doell, Rodney Jerkins, Larry Ryckman, Justin Timberlake, Andrew Wuepper and Shelly Yakus. Aftermaster’s team has produced, engineered and mastered more hit records than any other audio company in the world. A partial list of artists who have trusted the Aftermaster team can be found at: www.Aftermaster.com/discography
Based in Mumbai, India, Ritika Research Labs Private Limited and its affiliates have extensive experience in research & development, manufacturing, financing and distribution internationally. Ritika is a technology-focused organization with businesses in dynamic growth sectors that meet fundamental global needs. Through an underlying differentiation in creative research, design, and engineering, Ritika aims to bring value to its stakeholders and raise social and environmental impact in the broader communities it serves.
Investor/Media Contact for Aftermaster, Inc.
Mark Depew, Senior Vice President