TORONTO, Nov. 26 /PRNewswire-FirstCall/ -- (OTC Pinksheets: HRAL)- HearAtLast Holdings, Inc. announced today that it has completed a US $1 million private placement of its restricted common stock. On November 2, 2007, the Company closed its initial round of private equity financing since going public (commonly referred to as a "PIPE" transaction), and obtained investment funds from accredited investors in the aggregate sum of US $1,000,000 for the purchase of 666,667 shares of the Company's restricted common stock, which represents a purchase price of $1.50 per share. The private equity investors have agreed to a contractual two year "lock-up" on re-sale of the shares in the public market, terms which management believes are very favorable to the Company and its current shareholders.
HearAtLast management is pleased to point out that the PIPE funding terms negotiated are simple stock purchase agreements with no convertible features, warrants, stock options or any type of preferred securitization. All common stock sold in these two transactions will bear a two year restriction and holders of such securities are restricted from selling their stock pursuant to rule 144 prior to the two year anniversary of the stock purchase date. The Company is not subject to any "death spiral" or dilutive terms in these straight forward restricted stock purchase agreements.
As a condition of the private placements, HearAtLast CEO, Matteo Sacco, has agreed to return to treasury and cancel the like amount of 666,667 shares of the Company's common stock he currently holds, to eliminate any dilution to the current HearAtLast shareholders.
"This initial funding tranche will provide us with the necessary capital to continue the aggressive expansion set forth in our business plan," stated Matteo Sacco, CEO of HearAtLast. "We could not be more pleased with the terms of these agreements as it demonstrates the long term commitment and overall confidence that these funders have in our company," Mr. Sacco added.
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 more information please visit http://www.hearatlast.com
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.
Taylor Capitol, Inc.
Office: (973) 351-3868
|SOURCE HearAtLast Holdings, Inc.|
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