Sonic Innovations (SNCI)

Sonic Innovations (SNCI) announced that its shareholders at the annual shareholder meeting approved a name change of the company to Otix Global, Inc, where Otix Global is to become the parent company of Sonic Innovations. SNCI filed with the Securities and Exchange Commission its Form 10-Q for the quarterly period ended March 31, 2009.

Revenue from SNCI's German subsidiary is at risk of declining from unsuccessful attempts at renegotiating insurance contracts that is required as a result of new legislation passed by the Federal Council of Germany in Nov. 2008 that became effective April 1, 2009.

Our price target of $0.80 per share is based on a price-to-sales multiple of roughly 0.3x our FY09 sales estimate.