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Cochlear Osia System - June 2024

Helix Signs Definitive Agreement to Acquire National Ear Care Plan


MONTREAL - Helix Hearing Care of America Corp. (TSE: HCA) announced that it has signed and closed a definitive Stock Purchase Agreement to acquire Auxiliary Health Benefits Corporation, doing business as National Ear Care Plan (NECP) of Denver, Colorado, for US $3.5 million in cash. NECP is a hearing care benefit administrator for Fortune 500 companies, insurance carriers, employer sponsored plans and affinity groups with a network of 1,300 affiliated audiologists with approximately 1,400 locations in 49 states and Puerto Rico.

Helix and HEARx Ltd. (AMEX:EAR) are currently in the process of combining their companies. After the combination, HEARx will change its corporate name to HearUSA, Inc. Part of the combined companies' business plan will be to operate a network of audiologists called the HearUSA Advantage Network. The Helix acquisition of NECP will allow the NECP network to be included in the HearUSA Advantage Network. Completion of the combination is dependent upon shareholder, regulatory and third party approvals.

"This is one of the most significant transactions for the HearUSA Advantage Network," stated Steve Forget, President and CEO of Helix Hearing Care. "By adding a significant network of quality providers and a specialty benefit manager, this acquisition only reinforces our integrated hearing benefit management strategy."

"We believe this is an excellent match," expressed Pauline Casey, President of NECP. "By joining the HearUSA Advantage Network, we will be able to offer even more benefits to our current network providers, such as increased referrals and greater product buying opportunities."

Paul A. Brown, M.D., the Chairman of HEARx Ltd. Board stated, "On the completion of the combination with Helix, we will be able to offer our contracted healthcare providers an opportunity to service their patients nationwide."

The acquisition of NECP, when combined with the combined operations of Helix and HEARx, would make HearUSA Advantage Network the largest Audiology-based hearing healthcare provider and network in North America. HearUSA Advantage Network would have access to more than 1600 hearing centers (including the 200 company-owned centers), covering 49 states in the U.S., Puerto Rico, and the provinces of Quebec and Ontario in Canada.


Helix Hearing Care of America Corp., through its primary operating subsidiaries, owns or manages 129 hearing healthcare clinics located in the States of Massachusetts, New York, Ohio, Michigan, Wisconsin, Minnesota, Missouri, Washington and also in the Provinces of Ontario and Quebec. Helix is one of the largest corporate-owned clinic, e-commerce and direct marketing hearing healthcare company in North America.

This press release contains forward-looking statements which involve risks and uncertainties. Such forward-looking statements include the statements concerning the expected effects of the acquisition (the expected benefits to the combined company and provider contracts). Actual events could differ materially from those stated herein and depend on a number of risks and uncertainties, including approvals of the shareholders of each party and certain third-parties, as well as regulatory and judicial approvals of the transaction, the ability of the companies to combine operations successfully and to integrate management and other aspects of the business, and realization as planned of the proposed combination and acquisition. Investors are cautioned not to rely on these forward-looking statements.

Signia Xperience - July 2024

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