Audio Pixels Holdings Limited (ASX:AKP) Announce Launch Of American Depositary Receipt Program
The primary benefit of establishing the program is to create a broader secondary market for AKP, particularly in North America, thereby providing better access for American investors to deal in AKP securities and assist liquidity in AKP stock. The ADR's will be tradeable via licensed U.S. brokers in the ordinary course of trading.
AKP has appointed BNY Mellon as its authorised U.S. representative and Depositary Bank to establish and maintain the ADR facility. BNY Mellon is the leading depositary bank, managing substantially more sponsored Depositary Receipt programs than any other depositary bank. At the end of 2010, BNY Mellon acted as Depositary for 62%, or 1,366 of 2,205 sponsored DR programs, counting issuers from 67 countries as clients.
Particulars for the U.S. sponsored ADR program are as follows:
- Type of ADR Program: Level 1
- U.S. Exchange: OTC
- CUSIP Number: 05072T108
- ISIN Number: US05072T1088
- ADR Ticker Symbol: ADPXY
- ADR Effective Date: 28 June 2011
- Ratio (ADR:ORDINARY) 1:1
- Local Custodian: National Australia Bank Limited (ASX:NAB)
For further information, please contact:
Audio Pixels Holdings Limited
About Audio Pixels Holdings Limited
Audio Pixels Holdings Limited is company listed on the Australian Stock Exchange with the code AKP. Audio Pixels Holdings Limited owns 100% of Audio Pixels Limited, an unlisted Israeli corporation and was founded in July 2006 and has developed a revolutionary technological platform for reproducing sound, thus enabling the production of an entirely new generation of speakers that will exceed the performance specifications and design demands of the world's top consumer electronics manufacturers.
Audio Pixels patented technologies employ entirely new techniques to generate sound waves directly from a digital audio stream using low cost micro-electromechanical structures (MEMS) rather than conventional loudspeaker elements. This innovation enables the production of speaker products that deliver performance that is many orders of magnitude better than conventional speaker technologies, all in an affordable package that is only one millimetre thick.
Audio Pixels MEMS-based Digital Sound Reconstruction platform enables the market for audio speakers to follow the evolution of the video display market from large, heavy analog tube based monitors to the digital flat panel displays of today. Driving the rationale for change in audio speakers is the ever-increasing demand for smaller, thinner, clearer sounding, more power-efficient speakers. Conventional speaker technologies remain deeply rooted in the original voice coil inventions of Alexander Graham Bell. The inherent limitations of such speakers prohibit the delivery of quality sound in smaller packages. Audio Pixels innovative patents in the fields of electromechanical structures, pressure generation, acoustic wave generation and control, signal processing and packaging, combine to forever change this paradigm.
Market research overwhelmingly suggests that both manufacturers and consumers alike are starving for real innovation in audio speakers, in particular for good quality sound in a form factor that is far more compliant with current device and lifestyle trends. While the industry at large has been able to digitize and shrink all other device electronics, the last remaining barrier is the speaker, which remains large, heavy, bulky and extremely restrictive.
Upon achieving mass production capabilities Audio Pixels plans to sell and/or license its products to the manufacturers of speakers and consumer electronic devices worldwide, which collectively consume billions of speaker units annually. Audio Pixels will produce and sell a single type of silicon chip that can be used either as a standalone speaker or cascaded in any multiples of the same chip in order to achieve the desired performance specifications. This modular paradigm is entirely unique to the audio industry, which today expends significant resources designing and specifying new drivers, acoustic chambers and drive electronics for each new device. Audio Pixels innovative approach not only facilitates maximum flexibility to its customers, it further enables the customer to calibrate on the design and production of a singular product model, maximizing economies of scale, while limiting overhead associated with multiple versions of products.
Management maintains active exchange with industry leading companies spanning a broad cross section of the MEMS and consumer electronic industries. Audio Pixels Limited has already demonstrated the technology to potential customers and strategic partners.
National Australia Bank Limited
Audio Pixels Holdings Limited