TORONTO, Jan. 4 /PRNewswire-FirstCall/ -- (Pink Sheets: HRAL) -- HearAtLast Holdings, Inc. President Robert Oswald provides a shareholder update.
We were quite busy in both November and December as we opened 5 new locations across Canada, including the expansion of our chain into the province of Alberta. We were fortunate to have our Official Spokesperson for Canada, Mr. Walter Gretzky to appear at many of the grand opening events for our new locations. I was very pleased with the warm reception we both received from the media and the public at these events.
HearAtLast clinics posted record sales for the month of November and December in 2007. Gross sales in November were US $159,290 and our gross sales in December totaled US $203,446, our biggest month ever. It is important to note that these are gross sales figures and they do not include deductions for returns or other applicable allowances.
We also announced that on November 2, 2007 we secured private placement financing totaling US $1,000,000. This funding was an initial round of private equity financing (commonly referred to as a "PIPE" transaction) we received since HearAtLast shares began trading publicly. We obtained these investment funds from accredited investors in the aggregate sum of US $1,000,000 for the purchase of 666,667 shares of our company's restricted common stock, which represents a purchase price of US $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 we feel are very favorable to our company and our current shareholders.
We are pleased to point out that the PIPE funding terms we negotiated were simple stock purchase agreements with no convertible features, warrants, stock options or any type of preferred securitization. All common stock that was sold in these two transactions will bear a two year restriction and holders of these 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. We are currently working to obtain additional financing so that we can continue meet our capital requirements for expansion. We intend to obtain this financing in the same manner with similar terms to provide maximum shareholder value.
As I previously mentioned in my October press release, our current per- store sales levels are well above the industry average and were accomplished with a new brand that has only recently been advertised. We expect that monthly unit sales will continue to increase as our brand recognition grows and Wal-Mart shoppers become more familiar with our concept.
In November we began our public relations and marketing campaign to create an awareness of our HearAtLast Hearing Store brand and inform the general public with regard to general hearing health and the importance of hearing protection. Mr. Gretzky and I were featured on several TV networks and radio stations promoting HearAtLast clinics and the many brand name products that we currently sell. In addition to our November radio and TV appearances, we launched a direct mail campaign targeting the geographic locations of our new store openings. The mailer invites consumers to visit our clinics for a complimentary hearing test as well as providing them with general information about new store locations and product offerings.
On November 5, 2007 we announced our plans to enter the United States market in mid-January 2008. HearAtLast is currently scheduled to open its first free-standing clinic in the Villages, Florida this month. The Villages is the nation's largest gated community for seniors with a population of over 70,000 people that are age 55 or older. We expect to pursue many additional locations in the U.S. market as the response to our television campaign on CNBC's business channels produced many promising leads.
HearAtLast currently operates within 14 Canadian Wal-Mart locations. We also recently announced the opening of our new clinic in the Sam's Club located at 255 Silver Linden Drive in Richmond Hill, Ontario. The HearAtLast clinic model utilized in Sam's Club is a specially designed, modular building, constructed to provide maximum portability. Although we previously announced our intention to open our first Sam's Club location in Vaughan, Ontario, the subsequent opportunity to open the Richmond Hill location proved to be a preferable option.
Much of the early successes that we've had have been due to our quality
products, excellent customer service, and our strong relationship with Wal-
Mart Canada. The fact that our clinics are often located in high-traffic
areas in many of the new Wal-Mart stores in Canada has been exceptionally
beneficial for us. We are confident our unique concept and strategic
locations will provide us the opportunity to achieve many of our goals, one
of which includes exceeding the standard sales averages in the hearing
heath industry. We look forward to a prosperous and exciting 2008 and want
to thank all of our shareholders for their continued support and confidence
in our company.
HearAtLast Stores are currently located in the following Wal-Mart locations:
Wal-Mart Store # 5742
150 McEwan Dr.E.
Bolton On., L7E-2Y3
Wal-Mart Store #3016
881 St Clair St. Extension
Chatham On., N7M-5J7
Wal-Mart Store # 3031
165 North Queen St.
Etobicoke On., M9C-1A7
Wal-Mart Store # 3050
1280 Fanshawe Park Rd. W.
London On., N6G-1B5
Wal-Mart Store #3131
2210 Bank St.
Ottawa On., K1V-1J5
Wal-Mart Store #3082
1444 Quinn Dr.
Sarnia On., N7T-7H4
Wal-Mart Store #3159
1900 Eglington Ave. E
Scarborough Ont., M1L-2L9
Wal-Mart Store # 3114
3120 Dougall Ave.
Windsor On., N9E-1S7
Wal-Mart Store # 3195
1070 Major Mackenzie Dr.
Richmond Hill On, L4S 1P3
Wal-Mart Store # 3053
5000 Highway #7 Unit Y006A
Markham On, L3R 4M9
Wal-Mart Store # 3029
9717-21st Avenue N.W.
Edmonton, AB T6N 1J5
Wal-Mart Store # 3027
18521 Stony Plain Rd. NW
Edmonton, AB T5S 2V9
Wal-Mart Store #1078
3195, 3055 26th Ave N
Lethbridge, Alberta T1HSP4
Wal-Mart Store #3065
3900 Innes Road
Orleans, Ontario K1C 1T1
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: 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.
|SOURCE HearAtLast Holdings, Inc.|
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