HearUSA Files Suit Against Siemens
04 Februar 2011 - 7:50PM
Marketwired
HearUSA, Inc. (NYSE Amex: EAR) has filed an action against Siemens
Hearing Instruments, Inc. in the Supreme Court of the State of New
York. HearUSA is seeking adjudication of a dispute between the
parties concerning a claim by Siemens for an additional loan
prepayment under the credit agreement of $2.3 million arising from
HearUSA's sale of its Canadian assets in 2009.
"Despite our efforts to avoid litigation, we believe we had no
alternative other than to file suit," commented Stephen J.
Hansbrough, chairman and chief executive officer. "We recognize
that the public statements made by Siemens in its Schedule 13D
filing about our relationship and HearUSA's financial condition
have been troubling to our stockholders, employees, patients and
contracting parties. We are current in our regular payments to
Siemens under the supply agreement and credit agreement. We intend
to continue to abide by our agreements with Siemens."
"We regret that our long-term partner has chosen these courses
of action, forcing us to turn to the courts for resolution of our
dispute concerning the 2009 sale of assets. The dispute relates to
a special prepayment obligation under the credit agreement which we
believe has been satisfied. We will vigorously pursue our rights
under the credit agreement," concluded Hansbrough.
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, or go to
www.hearingshop.com for a wide selection of hearing related
products available for purchase online.
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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