HearUSA Responds to Siemens Filing
March 17 2011 - 3:51PM
Marketwired
HearUSA, Inc. (NYSE Amex: EAR) announced that it has filed today in
New York State Supreme Court to obtain a temporary restraining
order against Siemens Hearing Instruments Inc. The purpose of the
restraining order is to allow the court to address the merits of
the dispute between HearUSA and Siemens concerning the alleged $2.3
million pre-payment. HearUSA said it will vigorously resist the
efforts by Siemens to engage in self-help measures and to take
possession of the Company's assets.
"We have a legitimate dispute with Siemens concerning this
alleged shortfall in our payment to them on the sale of our
Canadian assets," said Stephen J. Hansbrough, chairman and chief
executive officer. "We believe efforts by Siemens to take this
dispute out of the court and unilaterally declare us in default is
overbearing and inappropriate. We have tried to work with Siemens
and have otherwise been in compliance with all of our agreements
with them. Their recent unwillingness to consent to a proposed
subordinated financing by the Company has delayed achievement of
our short-term objectives. We will vigorously defend our rights in
the New York courts under the credit agreement, and take all legal
measures to prevent Siemens from unilaterally foreclosing on
company assets."
Given the pendency of these matters, the company has determined
that it will not host an earnings call when it releases its fourth
quarter and year-end earnings at the end of next week.
About HearUSA HearUSA, Inc. (NYSE Amex:
EAR) is the recognized leader in hearing care for the nation's top
managed care organizations through its network of more than 2,000
hearing care providers and 176 company-owned centers. HearUSA is
the nation's only hearing care network accredited by URAC, an
independent, nonprofit health care accrediting organization
dedicated to promoting health care quality through accreditation,
certification and commendation. HearUSA is also the administrator
of the AARP Hearing Care Program, designed to help millions of
Americans aged 50+ who have untreated hearing loss. For more
information about HearUSA visit www.hearusa.com.
Company Contact: HearUSA, Inc. Stephen J. Hansbrough
Chairman and CEO Tel 561-478-8770, ext 132 Investor
Relations Scott Liolios or Ron Both Liolios Group, Inc. Email
Contact Tel 949-574-3860
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