HearAtLast Completes Latest Round of Financing and Converts $2 Million of Debt Into Preferred Series 'B' Shares
MISSISSAUGA, ON, Jun 12, 2009 (MARKETWIRE via COMTEX) -- HearAtLast Holdings, Inc. (PINKSHEETS: HRAL) announced today that it has completed its final round of financing from a private Investor for USD$1.9M by issuing the Company's Series 'B' Preferred Shares at a stated value of $10.00 per share.
Furthermore, the Company also converted USD$2.0M of debt into equity by issuing its Convertible Preferred Series 'B' Shares at $10.00 per unit. The Series 'B' Preferred Shares also have attached 2 year warrants to purchase ten shares of Common Stock at $0.50 a share for every Series 'B' Share held. The Series 'B' shares do not have any voting rights. In total, HearAtLast has issued $3.9M in Series 'B' Preferred Shares at $10.00 per share or 390,000 Series 'B' Preferred Shares.
The infusion of cash in return for the Company's Series 'B' Preferred Shares enabled HearAtLast to obtain funding without further dilution or issuance of the Company's common stock. "Based on today's market value for our stock, we felt it was prudent to issue a special series of our Preferred Shares with a stated value of $10.00 per share rather than issue common shares at today's current price levels that would have drastically diluted our common stock," stated Matthew Sacco, President and CEO of HearAtLast Holdings, Inc.
Matthew Sacco further stated that as the Company seeks out new financing, it will use any future funding as a catalyst in developing new Hearing Stores throughout Canada in Select Wal-Mart locations. "We have created a special class of shares, Series 'B' Convertible Preferred Shares, priced at $10.00 per share for the purpose of funding and capitalizing the Company," added Mr. Sacco.
The cash injection has been used to pay down its payables and develop our model of Hearing Stores within Select Wal-Mart stores. With the conversion of HearAtLast debt being recorded in the last quarter and the infusion of additional capital, HearAtLast will strengthen the Company's shareholder equity.
About HearAtLast
HearAtLast Holdings, Inc. is a Nevada corporation that owns and operates its wholly owned subsidiary of hearing stores co-located within select Wal-Mart stores throughout Canada. Their chain of hearing stores specializes in the sale of digital hearing aids and testing services. The Company is the affordable hearing solution for Canadians, combining the most sought after retail space in North America with convenience and location. HearAtLast provides State of the Art Hearing Testing and Dispensing services to individuals with all types of measurable hearing loss.
HearAtLast facilities sell a selection of high quality brand name hearing aids and also offer complimentary screening tests, clinical hearing tests, high end ear buds and assistive listening devices. 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 the latest in Name Brand digital hearing aids.
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nice news yesterday,
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