SOURCE: HearAtLast Holdings, Inc.

June 12, 2009 16:00 ET

HearAtLast Completes Latest Round of Financing and Converts $2 Million of Debt Into Preferred Series 'B' Shares

MISSISSAUGA, ON--(Marketwire - June 12, 2009) - 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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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 any 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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