TORONTO--(BUSINESS WIRE)--(Pinksheets: HRAL - News) — HearAtLast Holdings, Inc. is pleased to announce that its wholly owned subsidiary HearAtLast, Inc. entered into a formal agreement with Siemens (NYSE:SI - News), one of the world’s largest and most experienced manufacturers of hearing aids. The companies have entered into a capital equipment financing arrangement valued at approximately US$930,240 that will enable HearAtLast to open twenty-four new hearing clinics throughout Canada. HearAtLast currently operates 18 hearing clinics co-located within Wal-Mart Stores, Wal-Mart Supercenters and Sam’s Clubs in Canada under a master licensing agreement with Wal-Mart Canada Corp. The Company also operates two free standing clinics, one in the Villages, Florida and the other in the Regency Medical Centre in Toronto, Ontario.
In addition to deferring expansion costs for HearAtLast, this unique equipment lease arrangement will also enable the Company to create a standardized platform for each hearing clinic, with each clinic having the same hearing testing equipment, protocol, and appearance. Siemens has agreed to lease to HearAtLast approximately US$38,760 in hearing testing equipment for each new hearing clinic. This arrangement will provide all of the hearing testing equipment needed for each new hearing clinic.
“This is a well thought out, comprehensive agreement and is quite advantageous for us” stated Robert Oswald, President of HearAtLast. “We already sell Siemen’s products and if we meet certain sales requirements, and we are quite confident we will exceed them, we will greatly defer or virtually eliminate our lease payments for the equipment being provided to us by Siemens. It’s a win-win deal for everyone.” Oswald stated.
Management must also states that this agreement does include many provisions that require certain levels of performance by HearAtLast. “We have carefully assessed the risks associated with this agreement and are confident that we can not only meet, but exceed the purchase requirements set forth in this agreement. We are also very pleased that a company like Siemens has provided us this opportunity and given us this vote of confidence as we expand our chain throughout North America,” stated Oswald.
For more information please visit www.hearatlast.com.
About HearAtLast Holdings, Inc.
HearAtLast Holdings, Inc. is a Nevada corporation that owns and operates its wholly-owned subsidiary HearAtLast Inc., a chain of hearing stores specializing in the sale of digital hearing aids and testing services. The company develops, owns, and operates hearing aid clinics co-located within select Wal-Mart stores throughout Canada. HearAtLast facilities sell a selection of high quality brand name hearing aids and also offer complimentary screening tests, clinical hearing tests, instant custom MP3 headphones and custom hearing protection. The Company’s mission is to consolidate the highly fragmented hearing services industry while providing unparalleled service to the estimated 30+ million hearing impaired individuals throughout North America. After a prescription is approved, the independent on-site audiologists and hearing aid practitioners at HearAtLast utilize a refined process to dispense a hearing aid in about an hour.
For additional information log on to: www.hearatlast.com.
About Siemens:
Siemens AG, headquartered in Berlin and Munich, is one of the world’s largest electrical engineering and electronics companies and holds leading market positions in all its business areas. The company has approximately 475,000 employees working to develop and manufacture products, design and install complex systems and projects, and tailor a wide range of services for individual requirements. Siemens provides innovative technologies and comprehensive know-how to benefit customers in over 190 countries. Founded 160 years ago, the company focuses on the areas of Automation and Control, Power, Transportation, Medical, Information and Communications and Lighting. In fiscal 2006 (ended September 30), Siemens had sales from continuing operations of €87.325 billion (US $125 billion) and net income of €3.033 billion (US $4.3 billion). Further information is available in the Internet at: www.siemens.com
Safe Harbor
Statements about the Company's future expectations and all other statements in this press release other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby.
The above information contains information relating to the Company that is based on the beliefs of the Company and/or its management as well as assumptions made by and information currently available to the Company or its management. When used in this document, the words "anticipate," "estimate," "expect," "intend," "plans," "projects," and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. Such statements reflect the current view of the Company regarding future events and are subject to certain risks, uncertainties and assumptions, including the risks and uncertainties noted. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended or projected. In each instance, forward-looking information should be considered in light of the accompanying meaningful cautionary statements herein. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, the impact of competitive services and pricing and general economic risks and uncertainties.
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