Health and Fitness Health and Fitness
Wed, March 30, 2011
Tue, March 29, 2011
Mon, March 28, 2011
Sun, March 27, 2011
Fri, March 25, 2011
Thu, March 24, 2011
Wed, March 23, 2011
Tue, March 22, 2011
Mon, March 21, 2011
[ Mon, Mar 21st 2011 ] - Market Wire
30 p.m. ET
Sun, March 20, 2011
Fri, March 18, 2011
Thu, March 17, 2011
Wed, March 16, 2011
Tue, March 15, 2011
Mon, March 14, 2011
Sun, March 13, 2011
Sat, March 12, 2011
Fri, March 11, 2011
[ Fri, Mar 11th 2011 ] - Market Wire
Covidien????????????????FDA??
Thu, March 10, 2011
Wed, March 9, 2011
Tue, March 8, 2011

HearUSA Responds to Siemens Filing


//health-fitness.news-articles.net/content/2011/03/17/hearusa-responds-to-siemens-filing.html
Published in Health and Fitness on Thursday, March 17th 2011 at 13:05 GMT by Market Wire   Print publication without navigation


WEST PALM BEACH, FL--(Marketwire - March 17, 2011) - 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 ].


Publication Contributing Sources