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   Technology StocksTurtle Beach Corp


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To: Savant who wrote (141)3/27/2014 4:48:44 PM
From: Savant
   of 199
 
Parametric Sound Provides Post Merger Update

Introduces 2014 Outlook for the Combined Company

SAN DIEGO, CA--(Marketwired - Mar 27, 2014) - Parametric Sound Corporation (NASDAQ: PAMT) today filed an amendment to its Current Report on Form 8-K originally filed on January 16, 2014 which includes audited financial statements for Turtle Beach (VTB Holdings, Inc. and its subsidiaries) along with unaudited pro forma financial information of the combined companies as of and for the year ended December 31, 2013.

Business Update

-- Merger between Parametric Sound and Turtle Beach successfully closed January 15, 2014 and the teams are now fully integrated. -- Corporate name change to Turtle Beach Corporation and ticker symbol change to HEAR is underway and expected to be complete by May. The new name will not affect our business, operations, reporting requirements or stock price but will require a new CUSIP. -- First-to-market with three Xbox One compatible headsets at retail on March 6, including a licensed model for the highly anticipated game Titanfall released on March 11. -- Sony PlayStation(R) 4 and Microsoft Xbox(R) One consoles continue to report strong sales, providing a rapidly growing installed base of new generation platforms, which we estimate to be over 10 million units already. -- Sales for the first quarter of 2014 are trending positively and expected to increase approximately 10% over the same period in 2013, which was a strong quarter, and more than 50% over the same period in 2012. -- Received U.S. Food and Drug Administration (FDA) clearance for the marketing of a product incorporating the HyperSound(R) Audio System as a hearing improvement device. -- HyperSound sales team in place and driving revenue growth in multiple commercial segments. Development of first product for hearing impaired listeners underway for anticipated 2015 launch. R&D staffing expanded and pursuing further HyperSound technology advancements. -- Work continues and is progressing well on improving the company's credit facility to provide a global line more suited to the company's needs and growth plans.

"We are very excited about the strong prospects we believe exist for our Turtle Beach and HyperSound businesses," said Juergen Stark, chief executive officer of Parametric Sound. "The recent merger has created a company with significant growth opportunities in consumer, commercial and healthcare audio. Our plan is to leverage our proprietary audio technology and operational strengths to continue to bring to market innovative, high quality audio products that elevate the consumer experience and drive sustainable growth and increased shareholder value."

2013 Turtle Beach (VTB Holdings, Inc.) Review

The audited consolidated financial statements of Turtle Beach for years ended December 31, 2013 and prior relate to a pre-Closing period, and therefore all information presented herein, including any per share information, relates to Turtle Beach on a standalone basis and not Parametric Sound or the combined company. The first combined results will be reported for the first quarter ending March 31, 2014.

2013 net revenue was $178.5 million, compared with $207.1 million in 2012. As expected, transitions of both the Microsoft Xbox and Sony PlayStation consoles in 2013 contributed to a down year for the gaming industry. Microsoft's delayed implementation of headset audio for the Xbox One console until March 2014 also meaningfully reduced our Q4 revenues. 2013 Adjusted EBITDA (as defined below) was $13.9 million, compared with $47.4 million in the year ago period. See the accompanying tables at the end of this release for a reconciliation of Adjusted EBITDA.

"The gaming industry experienced a cyclical event last year as Microsoft and Sony each introduced new consoles for the first time in eight years, " commented Stark. "The temporary headwinds we experienced throughout most of last year, as consumers delayed purchases in advance of the introduction of new consoles, have begun to ease. The consumer response to Xbox One and PlayStation 4 has been overwhelmingly positive creating a rapidly growing installed base which we estimate to be over 10 million units already. As the leader in gaming headsets we are well positioned to benefit from the anticipated growth in the segment as consumers purchase new consoles over the next three years and beyond."

Outlook

For 2014, the company currently forecasts net revenues in the Turtle Beach headset segment to be in the range of $210 to $230 million representing growth of approximately 24% over 2013 levels at the mid-point of the range. The strong anticipated revenue growth is primarily driven by the expected rebound in the core console gaming headset market, which we expect to be a multi-year trend. Net revenues from HyperSound are expected to be in the range of $1 to $4 million consistent with our expectations for the early stages of commercializing that technology. Gross margins are expected to be approximately 30%, a 150 basis point increase over 2013 with further improvement expected in 2015 as Turtle Beach's gaming headset product portfolio for new consoles expands and HyperSound becomes a more material part of the revenues.

Full Year Adjusted EBITDA for the Turtle Beach headset segment is expected to be in the range of $30 to $35 million representing growth of over 100% from 2013 and an Adjusted EBITDA margin of approximately 15% at the mid-point of the range, up from approximately 8% in 2013 (approximately a 700 basis point improvement). The company plans to invest approximately $10 million dollars in HyperSound in 2014 in order to capitalize on the broad array of expected future opportunities for this technology. Total company Adjusted EBITDA for 2014 therefore is expected to be in the range of $20 to $25 million, representing anticipated growth of approximately 140% over the pro-forma combined company Adjusted EBITDA for 2013 at the mid-point of the range. The combined Adjusted EBITDA range for 2014 also reflects approximately $3 million of additional public company associated general and administrative costs. As of the completion of the merger, the combined company had approximately 37 million shares outstanding.

Stark concluded, "We believe 2014 represents the initial stage of the post console transition rebound for the gaming industry and Turtle Beach. The recent launch of our Xbox One compatible headset is another step towards returning our business to a more normalized run rate. In addition, we continue to be very excited about the market opportunities from our HyperSound technology. We expect our top-line momentum to accelerate in 2015 driven by the introduction of a full line of Turtle Beach headsets for new generational consoles including more mid-tier and high-end styles, and fully wireless options. At the same time, we expect that the commercialization of HyperSound will begin contributing much more meaningfully to our financial results in 2015 as we continue to grow the commercial business for HyperSound and introduce the first HyperSound product for people with hearing impairments."

Conference Call Details

Juergen Stark, CEO, and John Hanson, CFO, will host a conference call and simultaneous webcast to discuss the financial results and outlook today, March 27, 2014, at 1:30 PM Pacific Time / 4:30 PM Eastern Time. To participate in the conference call, investors should dial (877) 303-9855 (domestic) or (408) 337-0154 (international) 10 minutes prior to the scheduled start of the call. A simultaneous audio-only webcast of the call may be accessed on the Internet at www.parametricsound.com. An archive of the webcast will be available on the company's website through June 30, 2014, and a recorded replay of the call will be available one week at (855) 859-2056 or (404) 537-3406 and entering conference ID number 17105196.

Non-GAAP Financial Measures

In addition to its reported results, Parametric Sound has included in this earnings release certain financial results that the Securities and Exchange Commission defines as "non-GAAP financial measures." Management believes that such non-GAAP financial measures, when read in conjunction with the Company's reported results, can provide useful supplemental information for investors analyzing period to period comparisons of the Company's results. These non-GAAP financial measures relate to presenting Adjusted EBITDA, as defined by the Company, for the years ended December 31, 2013, and 2012. Please see a reconciliation of GAAP results to Adjusted EBITDA which is included below for the years ended December 31, 2013, and 2012.

All trademarks are the property of their respective owners.





VTB HOLDINGS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) Year Ended Year Ended December 31, 2013 December 31, 2012 ------------------- ------------------- Net Revenue $ 178,470 $ 207,136 Cost of Revenue 128,141 132,795 --- -------------- --- -------------- Gross Profit 50,329 74,341 Operating expenses: Selling and marketing 31,645 22,837 Product development 4,873 2,099 General and administrative 8,349 6,153 Business transaction 3,864 342 --- -------------- --- -------------- Total operating expenses 48,731 31,431 --- -------------- --- -------------- Operating (loss) income 1,598 42,910 Other expense (income), net: Interest expense 6,626 4,738 Other expense, net 45 7 Gain on bargain purchase from acquisition - (2,303) --- -------------- --- -------------- Total other expense, net 6,671 2,442 --- -------------- --- -------------- (Loss) income before provision for income taxes (5,073) 40,468 Provision for income taxes 1,090 14,008 --- -------------- --- -------------- Net (loss) income (6,163) 26,460 Non cumulative dividends and earnings allocated to Series A Convertible Preferred - (24,849) --- -------------- --- -------------- Net Loss attributable to common stockholders $ (6,163) $ 1,611 === ============== === ============== Net (loss) income per share attributable to common stockholders: Basic $ (0.17) $ 0.05 === ============== === ============== Diluted $ (0.17) $ 0.04 === ============== === ============== Weighted-average shares used to computing net (loss) income per share attributable to common stockholders: Basic 35,282 35,282 === ============== === ============== Diluted 35,282 36,265 === ============== === ============== VTB HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) As of December 31, As of December 31, ASSETS 2013 2012 -------------------- --------------------- CURRENT ASSETS: Cash and cash equivalents $ 6,509 $ 5,219 Accounts receivable, net of allowances of $8,980 as of December 31, 2013 and $14,404 December 31, 2012 48,542 65,586 Inventories, net 49,643 40,706 Deferred tax assets 3,299 4,452 Prepaid expenses and other current assets 2,476 1,932 Prepaid income taxes 2,482 1,198 --- --------------- --- ---------------- Total Current Assets 112,951 119,093 Property and equipment, net 7,369 5,732 Deferred financing costs, net 1,575 2,128 Deferred tax assets, long-term portion 827 2,266 Intangible assets, net 3,972 4,955 Other assets 170 21 --- --------------- --- ---------------- TOTAL ASSETS $ 126,864 $ 134,195 === =============== === ================ LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES: Revolving line of credit $ 39,736 $ 33,000 Term loan, current portion 14,500 15,000 Accounts payable 44,136 24,190 Accrued liabilities 8,615 12,496 Due to shareholders, current portion 3,125 3,125 Income taxes payable - 8,106 Other current liabilities 654 470 --- --------------- --- ---------------- Total Current Liabilities 110,766 96,387 Term loan, long-term portion - 26,250 Due to shareholders, long-term portion - 3,125 Series B redeemable preferred stock 13,713 12,703 Income tax payable, long-term portion 1,986 1,933 Deferred tax liabilities 850 1,174 Subordinated loan 10,342 - --- --------------- --- ---------------- TOTAL LIABILITIES 137,657 141,572 --- --------------- --- ---------------- Commitments and Contingencies Series A convertible stock, $0.01 par value - 50,000,000 shares authorized; 48,689,555 shares issued and outstanding as of December 31, 2013, December 31, 2012 24,345 24,345 STOCKHOLDERS' DEFICIT Common stock, $0.01 par value - 100,000,000 shares authorized; 35,282,286 shares issued and outstanding as of December 31, 2013 and December 31, 2012 353 353 Additional paid-in capital (54,371) (56,934) Retained earnings 18,775 24,938 Accumulated other comprehensive income (loss) 105 (79) --- --------------- --- ---------------- TOTAL STOCKHOLDERS' DEFICIT (35,138) (31,722) --- --------------- --- ---------------- TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT $ 126,864 $ 134,195 === =============== === ================


TB HOLDINGS, INC. GAAP TO ADJUSTED EBITDA RECONCILIATION (in thousands) Adj Adj FY Ended GAAP Adj Stock Adj Trans Adjusted 12-31-13 Reported Depr Comp Amort Exp EBITDA -------- ------- ------- ----- ------- -------- Revenue, net $178,470 $ - $ - $ - $ - $178,470 Cost of Revenue $128,141 $ (183) $ (60) $ - $ - $127,898 ------- ------ ------ ---- ------ ------- Gross Profit $ 50,329 $ 183 $ 60 $ - $ - $ 50,572 Operating Expenses Selling & Marketing $ 31,645 $(3,970) $ (343) $(922) $ - $ 26,410 Product Development $ 4,873 $ (50) $ (342) $ - $ - $ 4,481 Gen & Admin $ 8,349 $ (219) $(1,818) $ - $ (527) $ 5,785 Business Trans $ 3,864 $ - $ - $ - $(3,864) $ - ------- ------ ------ ---- ------ ------- Total Operating Exp $ 48,731 $(4,239) $(2,503) $(922) $(4,391) $ 36,676 Operating Income $ 1,598 $ 4,422 $ 2,563 $ 922 $ 4,391 $ 13,896 Other Income Interest Expense, net $ 6,627 Other Expense, net $ 44 Gain on Bargain Purch $ - ------- Total Other Expense, net $ 6,671 Earnings Before Taxes $ (5,073) Tax Provision $ 1,090 ------- Net Income (Loss) $ (6,163) VTB HOLDINGS, INC. GAAP TO ADJUSTED EBITDA RECONCILIATION (in thousands) Adj Adj FY Ended GAAP Adj Stock Adj Trans Adjusted 12-31-12 Reported Depr Comp Amort Exp EBITDA -------------- -------- ------- ----- ----- ----- -------- Revenue, net $207,136 $ - $ - $ - $ - $207,136 Cost of Revenue $132,795 $ (74) $ (60) $ - $ - $132,661 ------- ------ ---- ---- ---- ------- Gross Profit $ 74,341 $ 74 $ 60 $ - $ - $ 74,475 Operating Expenses Selling & Marketing $ 22,837 $(1,713) $(281) $(748) $ - $ 20,095 Product Development $ 2,099 $ (21) $(122) $ - $ - $ 1,956 Gen & Admin $ 6,153 $ (49) $(522) $ - $(527) $ 5,055 Business Trans $ 342 $ - $ - $ - $(342) $ - ------- ------ ---- ---- ---- ------- Total Operating Exp $ 31,431 $(1,783) $(925) $(748) $(869) $ 27,106 Operating Income $ 42,910 $ 1,857 $ 985 $ 748 $ 869 $ 47,369 Other Income Interest Expense,net $ 4,738 Other Expense, net $ 7 Gain on Bargain Purch $ (2,303) ------- Total Other Expense, net $ 2,442 Earnings Before Taxes $ 40,468 Tax Provision $ 14,008 ------- Net Income (Loss) $ 26,460

For more information:

Anne Rakunas

ICR

Anne Rakunas@icrinc.com

+1-310-954-1113

David Lowey

Corporate Communications

david.lowey@turtlebeach.com

+1-914-844-2759









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From: Savant4/1/2014 11:52:18 AM
   of 199
 
Parametric Sound Announces Closing of New $60 Million Credit Facility

SAN DIEGO, CA--(Marketwired - Apr 1, 2014) - Parametric Sound Corporation (NASDAQ: PAMT) is pleased to announce that it has entered into a new five year $60 million asset-based revolving credit facility (the "ABL Facility") with Bank of America. The new credit facility replaces Parametric Sound Corporation's previous credit facility and will provide improved and expanded funding for both U.S. and European operations.

"This new ABL Facility provides more borrowing capacity, better terms and a lower interest rate than our prior facility," said John Hanson, Chief Financial Officer of Parametric Sound Corporation. "We believe this new agreement reflects our strong financial fundamentals and the confidence our lender has in our company."

Details of the new financing are included in a corresponding Form 8-K filing.

"The new credit facility will allow us to better finance our international operations, which is an important growth vehicle of our gaming headset business," said Juergen Stark, Chief Executive Officer of Parametric Sound Corporation. "Securing financing that is properly aligned with our business and our long-term growth strategy is an important milestone for our company and we are delighted to be working with Bank of America."

About Parametric Sound

Parametric Sound Corporation is an audio technology company that markets innovative products under the Turtle Beach and HyperSound brands.

The company designs and markets premium audio peripherals for video game consoles, personal computers and mobile devices under the brand Turtle Beach (TurtleBeach.com), including officially-licensed headsets for the next-generation Xbox One and PlayStation 4 consoles. Turtle Beach is the leading brand in video game audio and the official audio provider for Major League Gaming, the world's largest eSports league, and Twitch, the world's leading video platform and community for gamers.

Under the brand HyperSound (HyperSound.com), the company markets pioneering directed audio solutions that beam sound to a specific listening area without the ambient noise of traditional speakers. HyperSound has applications in digital signage and kiosks, consumer electronics and health care.

Cautionary note on forward-looking statements

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To: Savant who wrote (143)4/1/2014 12:01:38 PM
From: Savant
   of 199
 
sec.gov

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From: Savant4/24/2014 12:04:24 PM
   of 199
 
Parametric Sound Announces Common Stock Offering
SAN DIEGO, April 23, 2014 /PRNewswire/ -- Parametric Sound Corporation (NASDAQ: HEAR) announced today that it intends to offer and sell approximately $45 million of its common stock in an underwritten public offering. The offering is subject to market, regulatory and other conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. Parametric Sound intends to use the net proceeds from this offering to repay certain indebtedness and for working capital and other general corporate purposes.

The securities described above are being offered by the Company pursuant to a registration statement on Form S-3 which was filed with the Securities and Exchange Commission (SEC) and became effective on May 16, 2013. A preliminary prospectus supplement relating to the offering has also been filed with the SEC and is available on its website at www.sec.gov.

Needham & Company, LLC is acting as the sole book-running manager, Cowen and Company, LLC and Wedbush Securities Inc. are acting as co-lead managers, and Lake Street Capital Markets is acting as co-manager for the offering.

This press release does not constitute an offer to sell these securities or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the preliminary prospectus supplement and accompanying prospectus may be obtained from Needham & Company, LLC, 445 Park Avenue, New York, NY 10022, via telephone at (800) 903-3268 or by email to prospectus@needhamco.com.

About Parametric Sound

Parametric Sound Corporation is an audio technology company that markets innovative products under the Turtle Beach and HyperSound brands.

The company designs and markets premium audio peripherals for video game consoles, personal computers and mobile devices under the brand Turtle Beach (TurtleBeach.com), including officially-licensed headsets for the next-generation Xbox One and PlayStation 4 consoles. Turtle Beach is the leading brand in video game audio and the official audio provider for Major League Gaming, the world's largest eSports league, and Twitch, the world's leading video platform and community for gamers.

Under the brand HyperSound (HyperSound.com), the company markets pioneering directed audio solutions that beam sound to a specific listening area without the ambient noise of traditional speakers. HyperSound has applications in digital signage and kiosks, consumer electronics and health care.

Cautionary note on forward-looking statements

This press release includes forward-looking information and statements. Except for historical information contained in this release, statements in this release, including those regarding the proposed public offering and the intended use of proceeds from the offering, may constitute forward-looking statements regarding assumptions, projections, expectations, targets, intentions or beliefs about future events. Forward looking statements are based on management's belief, as well as assumptions made by, and information currently available to, management. While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that its goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect actual results and may cause results to differ materially from those expressed in forward-looking statements made by the Company or on its behalf. Some of these factors include whether or not the Company will be able to raise capital through the sale of shares of common stock or close the offering, the satisfaction of customary closing conditions, prevailing market conditions, the anticipated use of the proceeds of the offering which could change as a result of market conditions or for other reasons, the substantial uncertainties inherent in acceptance of existing and future products, the difficulty of commercializing and protecting new technology, the impact of competitive products and pricing, general business and economic conditions, our indebtedness and other factors detailed in the Company's Annual Report on Form 10-K, the prospectus supplement filed in connection with the offering and the Company's other periodic reports filed with the SEC. Except as required by law, the Company specifically disclaims any obligation to update or revise any forward-looking statement whether as a result of new information, future developments or otherwise.

SOURCE Parametric Sound

/CONTACT: Anne Rakunas, Investor Relations, Anne.Rakunas@icrinc.com, +1-310-954-1113; or David Lowey, Corporate Communications, david.lowey@turtlebeach.com, +1-914-844-2759

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To: Savant who wrote (145)4/24/2014 12:05:17 PM
From: Savant
   of 199
 
PR NEWSWIRE Parametric Sound Announces Pricing of Common Stock Offering
SAN DIEGO, April 24, 2014 /PRNewswire/ -- Parametric Sound Corporation (NASDAQ: HEAR), announced today the pricing of an underwritten offering of 4 million shares of its common stock at a price to the public of $10.00 per share. The Company has also granted the underwriters an option to purchase up to 600,000 additional shares of its common stock at the public offering price to cover over-allotments, if any. The offering is expected to close on or about April 29, 2014, subject to satisfaction of customary closing conditions.

Assuming no exercise of the over-allotment option, the Company expects to receive net proceeds from the offering of approximately $35.6 million after deducting the underwriting discount and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from this offering to repay certain indebtedness and for working capital and other general corporate purposes.

The securities described above are being offered by the Company pursuant to a registration statement on Form S-3 which was filed with the Securities and Exchange Commission (SEC) and became effective on May 16, 2013.

Needham & Company, LLC is acting as the sole book-running manager, Cowen and Company, LLC and Wedbush Securities Inc. are acting as co-lead managers, and Lake Street Capital Markets is acting as co-manager for the offering.

This press release does not constitute an offer to sell these securities or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the prospectus supplement (when available) and accompanying prospectus may be obtained from Needham & Company, LLC, 445 Park Avenue, New York, NY 10022, via telephone at (800) 903-3268 or by email to prospectus@needhamco.com.

About Parametric Sound

Parametric Sound Corporation is an audio technology company that markets innovative products under the Turtle Beach and HyperSound brands.

The company designs and markets premium audio peripherals for video game consoles, personal computers and mobile devices under the brand Turtle Beach (TurtleBeach.com), including officially-licensed headsets for the next-generation Xbox One and PlayStation 4 consoles. Turtle Beach is the leading brand in video game audio and the official audio provider for Major League Gaming, the world's largest eSports league, and Twitch, the world's leading video platform and community for gamers.

Under the brand HyperSound (HyperSound.com), the company markets pioneering directed audio solutions that beam sound to a specific listening area without the ambient noise of traditional speakers. HyperSound has applications in digital signage and kiosks, consumer electronics and health care.

Cautionary note on forward-looking statements

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From: Savant5/1/2014 12:33:38 PM
   of 199
 
Parametric Sound to Report First Quarter Financial Results on May 12, 2014
Posts Updated Investor Presentation on Company Website

SAN DIEGO, May 1, 2014 /PRNewswire/ -- Parametric Sound Corporation (NASDAQ: HEAR) today announced that it will report first quarter 2014 financial results after the market close on May 12, 2014. On that same day, Juergen Stark, CEO, and John Hanson, CFO will host a conference call and simultaneous webcast to discuss results at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time.

In the prospectus supplement filed with the SEC on April 24, 2014, the Company disclosed that it expected net revenue to be in the range of $36 million to $38 million for the first quarter ended March 31, 2014, an increase of approximately 22% to 29% over the same period a year ago.

"Fiscal year 2014 has gotten off to a very good start with first quarter sales tracking ahead of our initial expectations," said Juergen Stark, Chief Executive Officer of Parametric Sound Corporation. "Our growth is being fueled by strong retailer and consumer demand for new product introductions, including our recently launched line of Xbox One compatible headsets. We are encouraged with our strong top-line momentum and believe we are well positioned to execute our near and long-term growth strategies and generate increased value for our shareholders."

The company also announced it has posted an updated investor presentation on the investor relations section of its corporate website. The new presentation can be accessed at parametricsound.com.

To participate in the conference call, investors should dial (877) 303-9855 (domestic) or (408) 337-0154 (international), pass code 36801752, 10 minutes prior to the scheduled start of the call. A simultaneous audio-only webcast of the call may be accessed on the internet at www.parametricsound.com.

For investors unable to participate in the live event, an archive of the webcast will be available on the company's website for approximately 1 year. A taped replay of the call will be available for one week at (855) 859-2056 and (404) 537-3406, pass code 36801752.

About Parametric Sound

Parametric Sound Corporation is an audio technology company that markets innovative products under the Turtle Beach and HyperSound brands.

The company designs and markets premium audio peripherals for video game consoles, personal computers and mobile devices under the brand Turtle Beach (TurtleBeach.com), including officially-licensed headsets for the next-generation Xbox One and PlayStation 4 consoles. Turtle Beach is the leading brand in video game audio and the official audio provider for Major League Gaming, the world's largest eSports league, and Twitch, the world's leading video platform and community for gamers.

Under the brand HyperSound (HyperSound.com), the company markets pioneering directed audio solutions that beam sound to a specific listening area without the ambient noise of traditional speakers. HyperSound has applications in digital signage and kiosks, consumer electronics and health care.

Cautionary note on forward-looking statements

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From: Savant5/12/2014 10:27:40 PM
   of 199
 
Parametric Sound Announces First Quarter 2014 Results
-- First Quarter Net Revenue Increased 30% to $38.3 million -- First Quarter Gross Profit Increased 42% to $12.3 million

SAN DIEGO, May 12, 2014 /PRNewswire/ -- Parametric Sound Corporation (NASDAQ: HEAR) today announced financial results for the first quarter ended March 31, 2014.

First Quarter 2014 Financial Highlights

-- Net revenue of $38.3 million, a 30% increase from $29.5 million in the first quarter of 2013. -- Gross profit of $12.3 million, a 42% increase from $8.6 million in the first quarter of 2013. -- Gross margin of 32.1%, a 290 basis point increase from 29.2% in the first quarter of 2013. -- Adjusted EBITDA (as defined below) for the headset business totaled approximately $4.8 million, a 182% increase from $1.7 million in the first quarter of 2013. The Company invested approximately $2 million in HyperSound during the quarter, Adjusted EBITDA on a consolidated basis was $2.8 million. -- Headset Adjusted EBITDA margins of 12.5%, a 680 basis point increase from 5.7% in the first quarter of 2013.

Recent Developments

-- Signed a new $60 million global asset backed credit facility with Bank of America that better supports our domestic and international growth strategies. -- Completed equity offering that raised $35.6 million net of all commissions and fees that improved stock liquidity and increased institutional ownership. -- Used proceeds from the equity offering to significantly improve the balance sheet; as of April 29, 2014 cash and cash equivalents were approximately $20 million, an increase of $14.5 million from March 31, 2014, and net debt was approximately $24.8 million, a reduction of $35.9 million from March 31, 2014. -- Received U.S. Food and Drug Administration (FDA) clearance for the marketing of the HyperSound Audio System as a hearing improvement device. -- Changed ticker symbol to
HEAR and moved closer to completing a corporate name change to Turtle Beach Corporation and related CUSIP change, which is expected to occur May 28th.

"It has been a busy and productive first quarter for Parametric Sound, and a formative period during which we laid the groundwork for what I believe will be a bright future for our company and our stockholders," commented Juergen Stark, chief executive officer of Parametric Sound. "In less than 90 days we completed the merger and strengthened our financial position by signing a new asset backed credit facility, paying down long-term debt, and raising capital through a common stock offering. In that same 90 day window, we successfully capitalized on the initial opportunities created by the gaming console transition through the well-executed launch of the first Xbox One headsets to market. We've also moved quickly to get the right people and pieces in place to successfully execute on the commercialization of our HyperSound technology, which will begin in earnest later this year. We are confident that our recent actions have put the Company in a stronger position to capitalize on the many global opportunities that lie ahead."

First Quarter 2014 Review

Net revenue increased 30% to $38.3 million, compared with $29.5 million in the same period in 2013. The increase in revenue was driven primarily by demand for the Company's new Xbox One headsets, which launched during the first quarter of 2014.

Gross profit increased 42% to $12.3 million, compared to $8.6 million in the same period in 2013. Gross margin increased 290 basis points to 32.1% from 29.2% in the same period in 2013 driven primarily by a favorable product and channel mix.

Operating expenses, excluding $4.2 million in one-time business transactions costs related to the VTBH and Parametric Sound merger that closed on January 15, 2014, increased 40% to $12.6 million, or 32.8% of net revenue, compared to $9.0 million, or 30.3% of net revenue in the same period in 2013. The increase in operating expenses was primarily attributable to investments in personnel and R&D to support future growth of HyperSound technology as well as additional general and administrative costs associated with being a larger public company, partially offset by lower marketing expenses.

Adjusted EBITDA (as defined below) for the headsets business totaled approximately $4.8 million, a 182% increase from $1.7 million in the first quarter of 2013. The Company invested approximately $2 million in HyperSound during the quarter, Adjusted EBITDA on a consolidated basis was $2.8 million.

"Our first quarter results represent a very good start to the new fiscal year," commented Mr. Stark. "Demand for our first Xbox One compatible headsets, including the popular Titanfall licensed series, has been strong, driving robust top-line growth and gross margin expansion versus a year ago. We expect the momentum across our Turtle Beach business to remain positive as household penetration of Xbox One and PlayStation 4 gaming consoles continues to increase in the U.S. and in international markets."

Balance Sheet Highlights

As of March 31, 2014, cash and cash equivalents totaled $5.5 million. As of April 29, 2014, immediately after the closing of our common stock offering, our cash and cash equivalents totaled approximately $20 million. As of March 31, 2014, the Company had outstanding net debt of $60.7 million. The debt at March 31, 2014 consisted of $34.5 million drawn down from our revolver, $17.7 million of subordinated notes and $14.0 million in Series B Preferred Stock. Following the closing of the offering, on April 29, 2014, the Company's net debt outstanding was $24.8 million, a decrease of $35.9 million. Total inventory as of March 31, 2014 was $41.6 million, a decrease of 16.2% as compared to the same period in 2013. There were approximately 37.7 total shares outstanding on March 31, 2014. Immediately after the closing of the offering on April 29, 2014, there were approximately 41.7 million.

Full Year 2014 Expectations

Based on first quarter results and current visibility, the Company is reiterating its outlook for the full year. The Company expects net revenues in the Turtle Beach headset business to be in the range of $210 to $230 million representing growth of approximately 24% over 2013 levels at the mid-point of the range. The anticipated revenue growth is primarily driven by the expected rebound in the core console gaming headset market, which the Company expects to be a multi-year trend. Net revenues from the HyperSound business are still expected to be in the range of $1 to $4 million consistent with our expectations for the early stages of commercializing the HyperSound technology. Total company gross margins are expected to be in the 30% range, a 180 basis point increase over 2013 with further improvement expected in 2015 as Turtle Beach's gaming headset product portfolio for new consoles expands and HyperSound becomes a more material part of the revenues.

Full year Adjusted EBITDA for the headset business is expected to be in the range of $30 to $35 million representing year-over-year growth of 134% at the midpoint of the range. Full year Adjusted EBITDA margin is expected to be approximately 15%, a 730 basis point increase over 2013 at the mid-point of the range. The Company remains committed to investing in HyperSound in order to capitalize on the broad array of expected future opportunities for this technology. Adjusted EBITDA for the businesses in 2014 is expected to be in the range of $20-$25 million, reflecting the impact of a $10 million anticipated investment during the year in HyperSound.




Conference Call Details

Juergen Stark, CEO, and John Hanson, CFO, will host a conference call and simultaneous webcast to discuss the financial results and outlook today, May 12, 2014, at 1:30 PM Pacific Time / 4:30 PM Eastern Time. To participate in the conference call, investors should dial (877) 303-9855 (domestic) or (408) 337-0154 (international) and provide the pass code 36801752, 10 minutes prior to the scheduled start of the call. A simultaneous audio-only webcast of the call may be accessed on the Internet at www.parametricsound.com. An archive of the webcast will be available on the Company's website for approximately one year, and a recorded replay of the call will be available for one week at (855) 859-2056 or (404) 537-3406 and entering conference ID number 36801752.

Non-GAAP Financial Measures

In addition to its reported results, the Company has included in this earnings release certain financial results that the Securities and Exchange Commission defines as "non-GAAP financial measures." Management believes that such non-GAAP financial measures, when read in conjunction with the Company's reported results, can provide useful supplemental information for investors analyzing period to period comparisons of the Company's results. These non-GAAP financial measures relate to presenting Adjusted EBITDA, as defined by the Company, for the years ended December 31, 2013, and 2012. Please see a reconciliation of GAAP results to Adjusted EBITDA, which is included below for the first quarters ended March 31, 2014, and 2013.

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Parametric Sound Corporation Condensed Consolidated Balance Sheet (in thousands, except share and per-share data) As of As of December 31, March 31, 2014 2013 ---------------- ---------------- ASSETS (unaudited) CURRENT ASSETS: Cash and cash equivalents $ 5,552 $ 6,509 Accounts receivable, net 28,904 48,542 Inventories, net 41,584 49,643 Deferred tax assets 9,745 2,214 Prepaid expenses and other current assets 4,131 3,561 Prepaid income taxes 2,925 2,925 ---------------- -------------- Total Current Assets 92,841 113,394 Property and equipment, net 6,229 7,369 Deferred financing costs, net 449 1,575 Deferred tax assets, long-term portion 6,322 827 Intangible assets, net 40,210 3,972 Goodwill 80,868 -- Other assets 119 170 TOTAL ASSETS $ 227,038 $ 127,307 ============ ========== LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES: Revolving credit facilities $ 34,490 $ 39,736 Term loan, current portion -- 14,500 Subordinated notes 17,737 -- Accounts payable 28,833 44,136 Accrued liabilities 10,341 8,615 Due to shareholders, current portion 3,125 3,125 Capital lease obligation, current portion 38 -- Other current liabilities 288 1,097 ---------------- -------------- Total Current Liabilities 94,852 111,209 Series B redeemable preferred stock 13,983 13,713 Income tax payable, long-term portion 1,986 1,986 Capital lease obligation, long-term portion 75 -- Deferred tax liabilities 14,325 850 Subordinated note -- 10,342 ---------------- -------------- TOTAL LIABILITIES 125,221 138,100 ---------------- -------------- Commitments and Contingencies Series A convertible stock, $0.01 par value - 50,000,000 shares authorized; 48,689,555 shares issued and outstanding as of December 31, 2013 -- 24,345 STOCKHOLDERS' EQUITY (DEFICIT) Common stock, $0.001 par value - 50,000,000 shares authorized; 37,651,247 shares issued and outstanding as of March 31, 2014 and 12,700,460 shares issued and outstanding as of December 31, 2013 38 13 Additional paid-in capital 85,678 (54,031) Retained earnings 15,868 18,775 Accumulated other comprehensive income 233 105 ---------------- -------------- TOTAL STOCKHOLDERS' EQUITY (DEFICIT) 101,817 (35,138) ---------------- -------------- TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) $ 227,038 $ 127,307 ============ ========== Parametric Sound Corporation Condensed Consolidated Statements of Operations (unaudited) (in thousands) Quarter Ended Quarter Ended March 31, 2014 March 31, 2013 ---------------- ------------------ Net Revenue $ 38,288 $ 29,533 Cost of Revenue 26,012 20,908 Gross Profit 12,276 8,625 ---------------- ---------------- Operating expenses: Selling and marketing 7,000 5,706 Research and development 1,998 887 General and administrative 3,573 2,370 Business transaction costs 4,228 -- Total operating expenses 16,799 8,963 ---------------- ---------------- Operating loss (4,523) (338) Other (income) expense, net: Interest expense 4,240 1,314 Other (income) expense, net (25) 389 Total other expense, net 4,215 1,703 ---------------- ---------------- Loss before (benefit) provision for income taxes (8,738) (2,041) (Benefit) provision for income taxes (5,832) 263 Net loss $ (2,906) $ (2,304) ============ ============ Net loss per share: Basic $ (0.09) $ (0.18) ============ ============ Diluted $ (0.09) $ (0.18) ============ ============ Weighted-average shares used to compute net loss per share: Basic 33,715 12,700 ================ ================ Diluted 33,715 12,700 ================ ================ Parametric Sound Corporation GAAP to Adjusted EBITDA Reconciliation GAAP Adj Adj Adj Adj Adjusted Q1 2014 Reported Depr Stock Comp Amort Trans Exp EBITDA

Revenue, net $ 38,288 $ - $ - $ - $ - $ 38,288 Cost of Revenue $ 26,012 $ (54) $ (30) $ (6) $ - $ 25,922 ----------- ----------- ----------- ---------- ----------- ---------- Gross Profit $ 12,276 $ 54 $ 30 $ 6 $ - $ 12,366 Operating Expenses Selling & Marketing $ 7,000 $ (1,361) $ (120) $ (231) $ - $ 5,288 Product Development $ 1,998 $ (79) $ (206) $ - $ - $ 1,713 Gen & Admin $ 3,573 $ (320) $ (693) $ - $ - $ 2,560 Business Trans $ 4,228 $ - $ - $ - $ (4,228) $ - ----------- ----------- ----------- ---------- ----------- ---------- Total Operating Exp $ 16,799 $ (1,760) $ (1,019) $ (231) $ (4,228) $ 9,561 Operating Income (Loss) $ (4,523) $ 1,814 $ 1,049 $ 237 $ 4,228 $ 2,805 Other Income Interest Expense, net $ 4,240 Other Expense, net $ (25) $ (25) ----------- ---------- Total Other Expense, net $ 4,215 Loss Before Taxes $ (8,738) Tax Benefit $ (5,832) ----------- Net Income(Loss) $ (2,906) Adjusted EBITDA $ 2,830 GAAP Adj Adj Adj Adj Adjusted Q1 2013 Reported Depr Stock Comp Amort Trans Exp EBITDA Revenue, net $ 29,533 $ - $ - $ - $ - $ 29,533 Cost of Revenue $ 20,908 $ (34) $ (20) $ - $ - $ 20,854 ----------- ---------- ---------- ---------- ---------- --------- Gross Profit $ 8,625 $ 34 $ 20 $ - $ - $ 8,679 Operating Expenses Selling & Marketing $ 5,706 $ (852) $ (75) $ (231) $ - $ 4,548 Product Development $ 887 $ (13) $ (65) $ - $ - $ 809 Gen & Admin $ 2,370 $ (37) $ (548) $ - $ (527) $ 1,258 Business Trans $ - $ - $ - $ - $ - $ - ----------- ---------- ---------- ---------- ---------- --------- Total Operating Exp $ 8,963 $ (902) $ (688) $ (231) $ (527) $ 6,615 Operating Income (Loss) $ (338) $ 936 $ 708 $ 231 $ 527 $ 2,064 Other Income Interest Expense,net $ 1,314 Other Income, net $ 389 $ 389 ----------- --------- Total Other Expense, net $ 1,703 Loss Before Taxes $ (2,041) Tax Provision $ 263 ----------- Net Income(Loss) $ (2,304) Adjusted EBITDA $ 1,675 ---------------------- ---------

Parametric Sound Announces Ken Potashner Leaving Board of Directors


SAN DIEGO, May 12, 2014 /PRNewswire/ -- Parametric Sound Corporation (NASDAQ: HEAR) today announced Kenneth F. Potashner has stepped down from the company's board of directors.

"It has been a pleasure serving on the Parametric Sound board, and helping to guide Parametric Sound and Turtle Beach through a successful merger," Potashner said. "I am confident in the combined company's prospects for growth and long-term success, and I am proud to have played a role in those efforts."

Mr. Potashner joined the Board of Parametric Sound in December 2011 and was appointed executive chairman March 2012. After the merger with Turtle Beach, Mr. Potashner remained on the board and served on the compensation committee.

"Ken has made invaluable contributions to Parametric Sound and the development of our HyperSound business," said Juergen Stark, chief executive officer of Parametric Sound. "Ken has invested his valuable time and talent to help make our company successful and we will miss his passion for the business."

Mr. Potashner has served in leadership positions at a number of technology companies, including Chairman of the Board of Directors of Maxwell Technologies, Inc., a manufacturer of ultracapacitors, microelectronics and high voltage capacitors, President, Chief Executive Officer and Chairman of SONICblue Incorporated (formerly S3 Incorporated), a supplier of digital media appliances and services, and Executive Vice President and General Manager of Disk Drive Operations for Conner Peripherals, a manufacturer of storage systems.

Ken serves on the boards of directors of a number of private technology companies, and is Chairman of the Board of Newport Corporation.



About Parametric Sound

Parametric Sound Corporation is an audio technology company that markets innovative products under the Turtle Beach and HyperSound brands.

The Company designs and markets premium audio peripherals for video game consoles, personal computers and mobile devices under the brand Turtle Beach (TurtleBeach.com), including officially-licensed headsets for the next-generation Xbox One and PlayStation 4 consoles. Turtle Beach is the leading brand in video game audio and the official audio provider for Major League Gaming, the world's largest eSports league, and Twitch, the world's leading video platform and community for gamers.

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From: Savant5/28/2014 4:55:42 PM
   of 199
 
Parametric Sound Completes Name Change To Turtle Beach Corporation
CUSIP change effective on opening of trading on May 28

SAN DIEGO, May 27, 2014 /PRNewswire/ -- Turtle Beach Corporation (NASDAQ: HEAR), a leading innovator of audio products and solutions, has announced it has changed its name from Parametric Sound Corporation, effective immediately.

The Company's common stock has been assigned a new CUSIP number 900450 107 in connection with the name change. Outstanding stock certificates are not affected and do not need to be exchanged.

"For over three decades Turtle Beach has used innovation and quality to redefine audio for millions of consumers," said Juergen Stark, chief executive officer of Turtle Beach. "As we move our business forward the name Turtle Beach Corporation will benefit shareholders by aligning the name with our highly visible consumer brand and its legacy of performance in audio."

Investors are encouraged to visit the company's new website, www.turtlebeachcorp.com, to learn more about the company and its new investment profile. The company will continue to market innovative audio products under the Turtle Beach and HyperSound(R) brands.

The company designs and markets premium audio peripherals for video game consoles, personal computers and mobile devices under the brand Turtle Beach (TurtleBeach.com), including officially-licensed headsets for the next-generation Xbox One and PlayStation(R)4 consoles.

Under the brand HyperSound (HyperSound.com), the company markets pioneering directed audio solutions that beam sound to a specific listening area without the ambient noise of traditional speakers. HyperSound has applications in digital signage and kiosks, healthcare and consumer electronics.

About Turtle Beach Corporation

Turtle Beach Corporation (www.turtlebeachcorp.com) designs audio products for consumer, commercial and healthcare markets. Under the brand Turtle Beach (TurtleBeach.com), the company markets premium headsets for use with personal computers, mobile devices and video game consoles, including officially-licensed headsets for the next-generation Xbox One and PlayStation(R)4 consoles. Under the brand HyperSound (HyperSound.com), the company markets pioneering directed audio solutions that have applications in digital signage and kiosks, consumer electronics and healthcare. The Company's shares are traded on the NASDAQ Exchange under the symbol NASDAQ:HEAR.

Logo - photos.prnewswire.com

SOURCE Turtle Beach Corporation

/CONTACT: Anne Rakunas, Investor Relations, ICR, Anne.Rakunas@icrinc.com, +1-310-954-1113; David Lowey, Corporate Communications, Turtle Beach Corporation, David.Lowey@turtlebeach.com, +1-914-844-2759

/Web site: turtlebeachcorp.com

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From: Savant5/28/2014 4:56:58 PM
   of 199
 
Turtle Beach Corporation Signs IAVI as a Value-Added Distributor for HyperSound Directional Audio Products
New distribution agreement to accelerate HyperSound expansion in North and South America

SAN DIEGO, May 28, 2014 /PRNewswire/ -- Turtle Beach Corporation (NASDAQ: HEAR), a leading innovator of audio products and solutions, today announced the addition of IAVI as a distributor for its HyperSound(R) directional audio speakers. IAVI's customers will obtain access to HyperSound's highly directional audio speakers through its network of Pro-AV resellers in North and South America.

HyperSound speakers beam highly focused audio so that messages reach only the intended target, allowing for the creation of multiple sound zones. These targeted listening zones improve in-store customer experiences by creating immersive, personalized audio environments without disturbing employees or other patrons. Additionally, HyperSound's precise sound beam enhances message clarity, making visual displays more attention-grabbing, informative, and memorable. Uniquely designed for retail, kiosk, casino and trade show applications, HyperSound is easily integrated into a wide range of applications.

"We are excited to partner with IAVI to drive HyperSound product sales across a number of key domestic and international markets," said Todd Savitt, vice president of HyperSound sales and marketing at Turtle Beach Corporation. "Additionally, we view this partnership as a significant opportunity to provide IAVI's value-added systems integrator partners with a product that can add audio to retail and kiosk applications without noise pollution or bleed."

"Turtle Beach Corporation's breakthrough HyperSound innovation gives our dealers access to an effective sound isolation solution that will both simplify and enhance their commercial installations," said Michael Soch, vice president of marketing and business development at IAVI. "We are pleased to introduce this ground-breaking directional audio system and further diversify our portfolio of top-tier AV technology products."

About IAVI

With headquarters in Fort Lauderdale, FL, IAVI employs a devoted team of Visual Technology Specialists focused on the Pro AV marketplace. Specializing in commercial grade hardware and accessories from well-known, trusted manufacturers, IAVI has over 15 staffed sales offices across the contiguous United States. Learn more about the solutions IAVI can offer your business and improve your competitive advantage by contacting IAVI toll free at 888-999-6564 or visit the company online at www.iavi.com. For more information, please visit www.iavi.com or call (888) 999-6564. Follow IAVI on Facebook (www.facebook.com/iavipage), LinkedIn (www.linkedin.com/company/iavi) and our blog at www.iavi.com/blog.

About Turtle Beach Corporation

Turtle Beach Corporation (TurtleBeachCorp.com) designs audio products for consumer, commercial and healthcare markets. Under the brand Turtle Beach (TurtleBeach.com), the company markets premium headsets for use with personal computers, mobile devices and video game consoles, including officially-licensed headsets for the next-generation Xbox One and PlayStation(R)4 consoles. Under the brand HyperSound (HyperSound.com), the company markets pioneering directed audio solutions that have applications in digital signage and kiosks, consumer electronics and healthcare. The Company's shares are traded on the NASDAQ Exchange under the symbol NASDAQ:HEAR.

Logo - photos.prnewswire.com

SOURCE Turtle Beach Corporation

/CONTACT: For IAVI: Michael Soch, Vice President of Marketing and Business Development, michaels@iavi.com, (888) 999-6564; For HyperSound: Lyndsay Swann, Director of Marketing and Sales Operations, lyndsay.swann@turtlebeach.com, (888) 477-2150 ext. 525 ; For Turtle Beach Corporation: David Lowey, Corporate Communications, david.lowey@turtlebeach.com, +1-914-844-2759

/Web site: corp.turtlebeach.com

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From: Savant6/9/2014 8:08:24 PM
   of 199
 
Turtle Beach Brings New Line of Feature-Rich PlayStation(R)4 Headsets to E3
The First DTS Headphone:X Surround Sound Gaming Headsets for the PS4(TM) New Elite 800 and Stealth 400 Feature Fully Wireless Chat and Game Audio

SAN DIEGO, June 9, 2014 /PRNewswire/ -- Turtle Beach, the leading audio brand in the video games industry, today announced new gaming headsets designed for the popular PlayStation(R)4 console. The new headsets, which will be available in stores in the Fall of 2014, will be on display at the Electronic Entertainment Expo (E3) in Los Angeles at Booth #1447 in the South Hall from June 10 to 12. Turtle Beach is the gaming audio brand of Turtle Beach Corporation (NASDAQ: HEAR).

"Turtle Beach is taking audio for the PlayStation(R)4 to a new level," said Juergen Stark, Chief Executive Officer at Turtle Beach Corporation. "With features like DTS Headphone:X 7.1 surround sound, active noise cancellation, and our new Tournament Audio Controller, it is a whole new game for PlayStation console owners."

The all new Ear Force Elite 800 sets a new standard for premium wireless gaming headsets. Compatible with the PlayStation(R)4 and PlayStation(R)3, the Elite 800 utilizes DTS Headphone:X 7.1 surround sound and active noise cancellation to create an incredible, immersive audio experience. Both are firsts for console gaming headsets. A completely reimagined preset system allows surround sound modes to be finely tuned for different types of games, movies and music. For example, the game surround sound mode offers presets that have been acoustically tuned for first person shooter, racing, and sports games. Presets can be customized and managed using a new mobile app. Use Bluetooth to connect a mobile device for phone calls, music and more. Dual invisible microphones provide high-quality chat audio and a clean, boom-free look. Rocker plate controls makes using features easy and keeps the Elite 800 looking sharp. Customize the look of the Elite 800 with a wide range of snap-on speaker plates available at TurtleBeach.com. A low profile magnetic charging stand keeps the Elite 800 charged without cables, and the rechargeable battery provides up to 15 hours of playing time. Available in the Fall of 2014, the Elite 800 has a US MSRP of $299.95.

The Ear Force Stealth 400 is a fully wireless stereo headset compatible with PlayStation(R)4 and PlayStation(R)3 consoles. A new lightweight, sleek design provides comfort during long sessions of game play or movie marathons. Controls on the ear cup provide quick access to separate game and chat volume, as well as 4 distinct surround sound presets for games, movies and music. The built-in 'charge-and-play' battery provides up to 15 hours of playing time, and new high-performance WiFi ensures an interference-free wireless experience. Acoustically angled, large 50mm Neodymium speakers deliver an immersive audio experience. Swap out the removable microphone for the included mobile cable with inline mic and use the Stealth 400 on the road as wired headset. Available in the Fall of 2014, the Stealth 400 has a US MSRP of $99.95.

Also showcased at E3 is the Ear Force P12 amplified stereo gaming headset, which provides high-quality digital game and chat audio through a single USB connection for the PlayStation(R)4. The P12 incorporates features popular with gamers, including Adjustable Bass Boost and Microphone Monitor. An inline amplifier provides easy access to volume controls microphone mute. Large 50mm speakers deliver a full-range of high-quality audio, from crisp highs to thumping lows. The P12 also disconnects from the in-line amp for use on PS Vita(TM) and other mobile devices. Available globally on July 10, the Ear Force P12 has a US MSRP of $59.95.

The purchase of any Elite gaming headset includes the opportunity to enroll in the Turtle Beach Elite Membership Program. Member benefits include discounts, two-year extended product warranty, early access to news and product information, and a range of unique, member-only opportunities at Major League Gaming (MLG) and other gaming events. The Turtle Beach Elite Program is only available to participants who reside in markets where Turtle Beach Elite products are sold. Additionally, specific program benefits vary by market and will also be subject to local restrictions.

"The Turtle Beach Elite Membership Program is a unique offering for tournament professionals and competitive gamers," said Bob Picunko, Chief Marketing Officer at Turtle Beach Corporation. "We look forward to providing members with one-of-a-kind opportunities and special benefits."

www.turtlebeach.com/elite800

www.turtlebeach.com/stealth400

www.turtlebeach.com/p12

About Turtle Beach Corporation

Turtle Beach Corporation (www.turtlebeachcorp.com) designs audio products for consumer, commercial and healthcare markets. Under the brand Turtle Beach (TurtleBeach.com), the company markets premium headsets for use with video game consoles, including officially-licensed headsets for the next-generation Xbox One and PlayStation(R)4, personal computers and mobile devices and video game consoles, including officially-licensed headsets for the next-generation Xbox One and PlayStation(R)4 consoles. Under the brand HyperSound (HyperSound.com), the company markets pioneering directed audio solutions that have applications in digital signage and kiosks, consumer electronics and healthcare. The Company's shares are traded on the NASDAQ Exchange under the symbol NASDAQ:HEAR.

Photo - photos.prnewswire.com

Logo - photos.prnewswire.com

SOURCE Turtle Beach Corporation

/CONTACT: David Lowey, Director of Corporate Communications, Turtle Beach Corporation, David.Lowey@turtlebeach.com, +1-914-844-2759; Keith Hennessey, European Communications Manager, Turtle Beach, Keith.Hennessey@turtlebeach.com, +44 (0) 1254-51725

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