HEARx Canada Inc.

October 29, 2009 18:04 ET

HEARx Canada Inc. Announces Redemption of Exchangeable Shares and Exercise of Redemption Call Right by HEARx Acquisition ULC

TORONTO, ONTARIO--(Marketwire - Oct. 29, 2009) - HEARx Canada Inc. (the "Corporation") (TSX:HUX) today announced that its board of directors has established a redemption date in respect of all of the outstanding exchangeable shares of the Corporation at December 26, 2009.

In connection with the establishment of the redemption date, HEARx Acquisition ULC has given notice of its intention to exercise its redemption call right and, in accordance with that right, to purchase all of the outstanding exchangeable shares on the redemption date. In accordance with the exchangeable share provisions of the Corporation and related instruments, the redemption call purchase price will be satisfied by the delivery to holders of exchangeable shares of one share of common stock of HearUSA, Inc. for each exchangeable share held on the redemption date.

A formal notice of redemption and letter of transmittal for the surrender of certificates representing exchangeable shares will be sent to holders of exchangeable shares.

The exchangeable shares are listed on the Toronto Stock Exchange under the symbol "HUX". The Corporation intends to apply to the Toronto Stock Exchange to voluntarily delist the exchangeable shares effective at the close of trading on the redemption date and to seek to cease to be a reporting issuer following the redemption date.

Contact Information

  • HEARx Canada Inc.
    Frank Punal
    Chief Financial Officer
    (561) 478 8770 ext. 109