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<TITLE>Form 8-K</TITLE>
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<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
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<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 OR 15(d) of The Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported): April 27, 2009</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>HearUSA, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>

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<TD nowrap align="center" valign="top"><B>Delaware
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>001-11655
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>22-2748248</B></TD>
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<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
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<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
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<TR valign="bottom">
<TD align="center" valign="top">(State or other jurisdiction<BR>
of incorporation)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(Commission File Number)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(IRS Employer Identification No.)</TD>
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<TD align="center" valign="top"><B>1250 Northpoint Parkway<BR>
West Palm Beach, FL
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>&nbsp;<BR>33407</B></TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">(Address of principal executive offices)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(Zip Code)</TD>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: <B>(561) 478-8770</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B></B></DIV>

<DIV align="center" style="font-size: 10pt"><FONT style="border-top: 1px solid #000000">(Former name or former address, if changed since last report.)</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </DIV>

<DIV style="margin-top: 6pt">
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<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
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<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
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<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
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<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio --> </DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;1.01. Entry into a Material Definitive Agreement.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>Asset Purchase Agreement among Helix Hearing Inc., Helix Hearing Care of America Corp. and 3371727
Canada Inc.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">On April&nbsp;27, 2009, Helix Hearing Care of America Corp. (the &#147;Seller&#148;) and 3371727 Canada Inc.
(&#147;Canada&#148;), both indirect wholly owned subsidiaries of HearUSA, Inc. (&#147;HearUSA&#148; or the &#147;Company&#148;),
entered into an Asset Purchase Agreement (the &#147;Purchase Agreement&#148;) with
Helix Hearing Inc. (the &#147;Purchaser&#148;). Pursuant to the Purchase Agreement, the Purchaser purchased
substantially all of the assets of the Seller, including all of the issued and outstanding shares
of Canada, with certain exceptions as set forth in the Purchase Agreement (the &#147;Asset Sale&#148;).
These assets constitute substantially all of the assets and operations of HearUSA in Canada. In
exchange, the Purchaser paid $28.6&nbsp;million Canadian dollars (approximately $23.7&nbsp;million U.S. dollars at the
opening exchange rate on April&nbsp;27, 2009), which amount is subject to adjustment under the terms
of the Purchase Agreement. All other amounts included in Item&nbsp;1.01 of this 8-K are in U.S.
dollars at the opening exchange rate on April&nbsp;27, 2009. Pursuant to the Purchase Agreement, a portion of the purchase price will
be paid to trade creditors of the Seller and approximately $828,000 will be held in
escrow for up to 180&nbsp;days pending any future claims under the Purchase Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Seller has made customary representations and warranties in the Purchase Agreement regarding
legal and business matters of the Seller and Canada. Additionally, HearUSA agreed to guarantee the
obligations of the Seller under the Purchase Agreement, the Escrow Agreement and an accounts
receivable trust agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Seller and HearUSA also entered into a Noncompetition Agreement with the Purchaser pursuant to
which the Seller and HearUSA agreed not to directly or indirectly compete in the business of
marketing, distributing and selling hearing aids to product end-users in Canada for a period of
five years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>Support and Management Services Agreement between HearUSA, Inc. and Helix Hearing Inc.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">On April&nbsp;27, 2009, in connection with the execution of the Purchase Agreement and the completion of
the Asset Sale, HearUSA entered into a Support and Management Services Agreement (the &#147;Support
Agreement&#148;) with the Purchaser to provide certain ongoing
services to the Purchaser for 18&nbsp;months. Pursuant to the
agreement, HearUSA will provide training, installation and support
services for 18&nbsp;months in exchange for monthly payments totaling
approximately $1.16&nbsp;million and transition support
services for up to 9&nbsp;months for quarterly payments totaling
approximately $331,000. The Support and Management Services Agreement includes customary
representations and warranties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Pursuant to a separate agreement between HearUSA and a third party, HearUSA sold the right to the
approximately $1.16&nbsp;million of its fee over 18&nbsp;months for training, installation and support services
under the Support Agreement in exchange for a lump-sum payment of approximately
$1.11&nbsp;million at the closing of the Asset Sale.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>License Agreement between HearUSA, Inc. and Helix Hearing Care of America Corp.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">On April&nbsp;24, 2009, in contemplation of the execution of the Purchase Agreement and the completion
of the Asset Sale, HearUSA entered into a License Agreement with the Seller, which was assigned to
the Purchaser as part of the Asset Sale on April&nbsp;27, 2009. Pursuant to the License Agreement,
HearUSA granted to the Seller a perpetual, non-transferable, non-exclusive license to use
proprietary customer management software related to the operation of the business acquired by the
Purchaser in the Asset Sale. The license is valid for use by the Purchaser in Canada. The License
Agreement includes customary representations and warranties, including that the use of the software
licensed thereunder will not infringe the intellectual property rights of any third party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">HearUSA expects proceeds of approximately $20.0&nbsp;million in cash from these transactions after the
settlement of the remaining Canadian liabilities, taxes, transaction costs and closing adjustments.
The Company is required to use approximately 50% of these proceeds to pay down debt under its acquisitions
line of credit. The shareholders of HearUSA will not receive any direct consideration in connection
with this transaction and will retain their existing rights as shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company knows of no material relationships between it or its affiliates and the Purchaser other
than in respect of the Asset Sale and related agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">A copy of
the Purchase Agreement is attached as Exhibit&nbsp;10.1. The Purchase Agreement has been attached to provide investors with information
regarding its terms. It is not intended to provide any other factual information about the parties
to the Purchase Agreement. In particular, the assertions embodied in the representations and
warranties contained in the Purchase Agreement may be qualified by information in confidential
disclosure schedules provided by the parties in connection with the signing of the Purchase
Agreement. These disclosure schedules contain information that modifies, qualifies and creates
exceptions to the representations and warranties set forth in the Purchase Agreement. Moreover,
certain representations and warranties in the Purchase Agreement were used for the purpose of
allocating risk among the parties thereto rather than establishing matters as facts. Accordingly,
you should not rely on the representations and warranties in the Purchase Agreement as
characterizations of the actual state of facts about the parties to the Purchase Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;2.01
Completion of Acquisition or Disposition of Assets.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">On April&nbsp;27, 2009, HearUSA and the Seller completed the sale of substantially all of the assets
related to HearUSA&#146;s Canadian operations. The information under Item&nbsp;1.01 above is incorporated
herein by this reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;8.01
Other Events.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">On April&nbsp;27, 2009, HearUSA issued a press release announcing the execution of the Purchase
Agreement and the completion of the Asset Sale, a copy of which is furnished as Exhibit&nbsp;99.1
hereto.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">(b) <U>Pro forma financial information.</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In
accordance with Item&nbsp;9.01(b), the following pro forma financial statements are furnished herewith as
Exhibit&nbsp;99.2:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">I. Unaudited Pro Forma Consolidated Balance Sheet as at December&nbsp;27, 2008
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">II. Unaudited Pro Forma Consolidated Statement of Operations for the year ended December&nbsp;27, 2008
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">III. Unaudited Pro Forma Consolidated Statement of Operations for the year ended December&nbsp;29, 2007
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">IV.
Unaudited Pro Forma Consolidated Statement of Operations for the year
ended December&nbsp;30, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">(d)&nbsp;Exhibits.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="5%">&nbsp;</TD>
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    <TD width="3%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exhibit.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit Description</B></TD>
</TR>

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<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Asset Purchase Agreement among Helix Hearing Inc., Helix
Hearing Care of America Corp. and 3371727 Canada Inc.,
dated April&nbsp;27, 2009</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Press Release, dated April&nbsp;27, 2009</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Pro Forma Financial Statements</DIV></TD>
</TR>
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</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>SIGNATURE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>HearUSA, Inc.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date:  May&nbsp;1, 2009&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
Stephen J. Hansbrough
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Stephen J. Hansbrough&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chairman and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>Exhibit&nbsp;Index</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
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    <TD width="3%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exhibit.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit Description</B></TD>
</TR>

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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Asset Purchase Agreement among Helix Hearing Inc., Helix
Hearing Care of America Corp. and 3371727 Canada Inc.,
dated April&nbsp;27, 2009</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Press Release, dated April&nbsp;27, 2009</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Pro Forma Financial Statements</DIV></TD>
</TR>
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</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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{"company-data": {"conformed-name": "HEARUSA INC", "cik": "0000821536", "assigned-sic": "5990", "irs-number": "222748248", "state-of-incorporation": "DE", "fiscal-year-end": "1225"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-11655", "film-number": "09790039"}, "business-address": {"street1": "1250 NORTHPOINT PARKWAY", "city": "WEST PALM BEACH", "state": "FL", "zip": "33407", "phone": "5614788770"}, "mail-address": {"street1": "1250 NORTHPOINT PARKWAY", "city": "WEST PALM BEACH", "state": "FL", "zip": "33407"}, "former-company": {"former-conformed-name": "HEARX LTD", "date-changed": "19950808"}}
Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 27, 2009
HearUSA, Inc.
(Exact name of registrant as specified in its charter)
Delaware
001-11655
22-2748248
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
1250 Northpoint Parkway
West Palm Beach, FL
33407
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
(561) 478-8770
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement.
Asset Purchase Agreement among Helix Hearing Inc., Helix Hearing Care of America Corp. and 3371727
Canada Inc.
On April 27, 2009, Helix Hearing Care of America Corp. (the "Seller") and 3371727 Canada Inc.
("Canada"), both indirect wholly owned subsidiaries of HearUSA, Inc. ("HearUSA" or the "Company"),
entered into an Asset Purchase Agreement (the "Purchase Agreement") with
Helix Hearing Inc. (the "Purchaser"). Pursuant to the Purchase Agreement, the Purchaser purchased
substantially all of the assets of the Seller, including all of the issued and outstanding shares
of Canada, with certain exceptions as set forth in the Purchase Agreement (the "Asset Sale").
These assets constitute substantially all of the assets and operations of HearUSA in Canada. In
exchange, the Purchaser paid $28.6 million Canadian dollars (approximately $23.7 million U.S. dollars at the
opening exchange rate on April 27, 2009), which amount is subject to adjustment under the terms
of the Purchase Agreement. All other amounts included in Item 1.01 of this 8-K are in U.S.
dollars at the opening exchange rate on April 27, 2009. Pursuant to the Purchase Agreement, a portion of the purchase price will
be paid to trade creditors of the Seller and approximately $828,000 will be held in
escrow for up to 180 days pending any future claims under the Purchase Agreement.
The Seller has made customary representations and warranties in the Purchase Agreement regarding
legal and business matters of the Seller and Canada. Additionally, HearUSA agreed to guarantee the
obligations of the Seller under the Purchase Agreement, the Escrow Agreement and an accounts
receivable trust agreement.
The Seller and HearUSA also entered into a Noncompetition Agreement with the Purchaser pursuant to
which the Seller and HearUSA agreed not to directly or indirectly compete in the business of
marketing, distributing and selling hearing aids to product end-users in Canada for a period of
five years.
Support and Management Services Agreement between HearUSA, Inc. and Helix Hearing Inc.
On April 27, 2009, in connection with the execution of the Purchase Agreement and the completion of
the Asset Sale, HearUSA entered into a Support and Management Services Agreement (the "Support
Agreement") with the Purchaser to provide certain ongoing
services to the Purchaser for 18 months. Pursuant to the
agreement, HearUSA will provide training, installation and support
services for 18 months in exchange for monthly payments totaling
approximately $1.16 million and transition support
services for up to 9 months for quarterly payments totaling
approximately $331,000. The Support and Management Services Agreement includes customary
representations and warranties.
Pursuant to a separate agreement between HearUSA and a third party, HearUSA sold the right to the
approximately $1.16 million of its fee over 18 months for training, installation and support services
under the Support Agreement in exchange for a lump-sum payment of approximately
$1.11 million at the closing of the Asset Sale.
License Agreement between HearUSA, Inc. and Helix Hearing Care of America Corp.
On April 24, 2009, in contemplation of the execution of the Purchase Agreement and the completion
of the Asset Sale, HearUSA entered into a License Agreement with the Seller, which was assigned to
the Purchaser as part of the Asset Sale on April 27, 2009. Pursuant to the License Agreement,
HearUSA granted to the Seller a perpetual, non-transferable, non-exclusive license to use
proprietary customer management software related to the operation of the business acquired by the
Purchaser in the Asset Sale. The license is valid for use by the Purchaser in Canada. The License
Agreement includes customary representations and warranties, including that the use of the software
licensed thereunder will not infringe the intellectual property rights of any third party.
HearUSA expects proceeds of approximately $20.0 million in cash from these transactions after the
settlement of the remaining Canadian liabilities, taxes, transaction costs and closing adjustments.
The Company is required to use approximately 50% of these proceeds to pay down debt under its acquisitions
line of credit. The shareholders of HearUSA will not receive any direct consideration in connection
with this transaction and will retain their existing rights as shareholders.
The Company knows of no material relationships between it or its affiliates and the Purchaser other
than in respect of the Asset Sale and related agreements.
A copy of
the Purchase Agreement is attached as Exhibit 10.1. The Purchase Agreement has been attached to provide investors with information
regarding its terms. It is not intended to provide any other factual information about the parties
to the Purchase Agreement. In particular, the assertions embodied in the representations and
warranties contained in the Purchase Agreement may be qualified by information in confidential
disclosure schedules provided by the parties in connection with the signing of the Purchase
Agreement. These disclosure schedules contain information that modifies, qualifies and creates
exceptions to the representations and warranties set forth in the Purchase Agreement. Moreover,
certain representations and warranties in the Purchase Agreement were used for the purpose of
allocating risk among the parties thereto rather than establishing matters as facts. Accordingly,
you should not rely on the representations and warranties in the Purchase Agreement as
characterizations of the actual state of facts about the parties to the Purchase Agreement.
Item 2.01
Completion of Acquisition or Disposition of Assets.
On April 27, 2009, HearUSA and the Seller completed the sale of substantially all of the assets
related to HearUSA's Canadian operations. The information under Item 1.01 above is incorporated
herein by this reference.
Item 8.01
Other Events.
On April 27, 2009, HearUSA issued a press release announcing the execution of the Purchase
Agreement and the completion of the Asset Sale, a copy of which is furnished as Exhibit 99.1
hereto.
Item 9.01. Financial Statements and Exhibits.
(b)
Pro forma financial information.
In
accordance with Item 9.01(b), the following pro forma financial statements are furnished herewith as
Exhibit 99.2:
I. Unaudited Pro Forma Consolidated Balance Sheet as at December 27, 2008
II. Unaudited Pro Forma Consolidated Statement of Operations for the year ended December 27, 2008
III. Unaudited Pro Forma Consolidated Statement of Operations for the year ended December 29, 2007
IV.
Unaudited Pro Forma Consolidated Statement of Operations for the year
ended December 30, 2006.
(d) Exhibits.
Exhibit.
Exhibit Description
10.1
Asset Purchase Agreement among Helix Hearing Inc., Helix
Hearing Care of America Corp. and 3371727 Canada Inc.,
dated April 27, 2009
99.1
Press Release, dated April 27, 2009
99.2
Pro Forma Financial Statements
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
HearUSA, Inc.
Date:  May 1, 2009
By:
/s/
Stephen J. Hansbrough
Name:
Stephen J. Hansbrough
Title:
Chairman and Chief Executive Officer
Exhibit Index
Exhibit.
Exhibit Description
10.1
Asset Purchase Agreement among Helix Hearing Inc., Helix
Hearing Care of America Corp. and 3371727 Canada Inc.,
dated April 27, 2009
99.1
Press Release, dated April 27, 2009
99.2
Pro Forma Financial Statements