HearUSA Granted Temporary Restraining Order Against Siemens
31 März 2011 - 2:30PM
Marketwired
HearUSA, Inc. (NYSE Amex: EAR) announced that on March 29, 2011,
the Appellate Division of the New York State Supreme Court granted
the motion by HearUSA for a temporary restraining order against
Siemens Hearing Instruments, Inc.
Siemens is now enjoined from declaring HearUSA to be in default
under the credit agreement, from engaging in self help to collect
under the credit agreement and from making any efforts to seize
assets or take control of HearUSA's business pending the May 2,
2011 hearing on HearUSA's motion for a preliminary injunction.
The court ordered the temporary restraining order conditioned
upon HearUSA continuing to make all payments currently due under
the credit agreement, except the disputed amount relating to the
Canadian asset sale.
"The court's decision is a positive step toward resolution of
our legal dispute with Siemens regarding an alleged prepayment
obligation that we believe has already been satisfied," said
Stephen J. Hansbrough, HearUSA's chairman and chief executive
officer. "We continue to be current in all payments due to Siemens
and will continue to vigorously defend our rights to ensure that
Siemens does not improperly foreclose on company assets."
About HearUSA HearUSA, Inc. 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.
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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