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HearUSA: AARP Extends Date to Restructure Royalty

  //health-fitness.news-articles.net/content/2009/ .. sa-aarp-extends-date-to-restructure-royalty.html
  Published in Health and Fitness on Monday, January 19th 2009 at 6:27 GMT, Last Modified on 2009-01-19 06:27:49 by Market Wire
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WEST PALM BEACH, FL--(Marketwire - January 19, 2009) - HearUSA, Inc. (AMEX: [ EAR ]), the recognized leader in hearing care for the nation's top managed care providers through more than 200 company-owned hearing care centers and a network of over 1,900 affiliated providers, announced that on January 16, 2009, AARP notified HearUSA that AARP was exercising its right to extend the date for restructuring the royalty compensation provision of its license agreement with HearUSA to February 23, 2009. The restructuring was contemplated by the license amendment disclosed by the Company on December 23, 2008. That amendment eliminated the $7.6 million annual licensing payment provision of the agreement and provided that the parties would negotiate a restructured royalty compensation. Originally the parties agreed to complete the restructuring by January 16, 2009 or such later date as decided by AARP. AARP's decision on January 16, 2009 extends that deadline to February 23, 2009. If the parties are unable to reach agreement, AARP may terminate the Company's exclusive license.

About HearUSA

HearUSA, Inc. provides hearing care to patients primarily through more than 200 company-owned hearing care centers, which offer a complete range of quality hearing aids with an emphasis on the latest digital technology. HearUSA Centers are located in California, Florida, New York, New Jersey, Massachusetts, Ohio, Michigan, Missouri, North Carolina, and the province of Ontario, Canada. The company also derives revenues from its HearUSA Hearing Care Network, comprised of over 1,900 affiliated audiologists in 49 states, as well as its website that enables online purchases of hearing related products, such as batteries, hearing aid accessories and assistive listening devices. For further information, click on "investor information" at the HearUSA website: [ www.hearusa.com ].