AFTM Aftermaster Inc bullish on India partnershipRitika of Mumbai India to Manufacture, Finance and Distribute Aftermaster Products Worldwide
HOLLYWOOD, Calif., Oct. 14, 2019 (GLOBE NEWSWIRE) -- Aftermaster, Inc. (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.”
