(HRXL) HEARx reaches agreement with vendors to reduce current payable debt based on future purchases.WEST PALM BEACH, Fla.--(BUSINESS WIRE)--June 19, 1995--Paul A. Brown, M.D., chairman of HEARx Ltd., (NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). :BB:HRXL), announced today that HEARx had reached agreement with several of its prime vendors which could result, over the next four years, in the elimination of approximately $1.2 million of debt accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. as a result of prior purchases of products. Dr. Brown stated that, with the increased business from managed care organizations combined with HEARx's current sales, the company should have no difficulty in reaching the goals established in the contracts which would result in the debt reduction. Dr. Brown was encouraged by the confidence in the company shown by these vendors in signing these new agreements. HEARx Ltd., the only public company in the one billion dollar field of hearing care, has comprehensive state-of-the-art facilities offering a full range of diagnostics and rehabilitative re·ha·bil·i·tate tr.v. re·ha·bil·i·tat·ed, re·ha·bil·i·tat·ing, re·ha·bil·i·tates 1. To restore to good health or useful life, as through therapy and education. 2. services. HEARx currently operates forty company-owned centers in Florida, Virginia and Oregon. HEARx has strategic alliances with Minnesota Mining and Manufacturing (3M) as well as AARP AARP, a nonprofit, nonpartisan national organization dedicated to "enriching the experience of aging"; membership is open to people age 50 or older. Founded in 1958 by Ethel Percy Andrus as American Association of Retired Persons, AARP now has over 30 million Pharmacy pharmacy, art of compounding and dispensing drugs and medication. The term is also applied to an establishment used for such purposes. Until modern times medication was prepared and dispensed by the physician himself. In the 18th cent. Service, and managed care contracts with AvMed, CAC-United HealthCare Plans of Florida, CareFlorida (Foundation Health), Florida Health Choice, Health Options (Blue Cross-Blue Shield), HIP Health Plan of Florida, Humana Health Care Plans, PacifiCare and Prudential (SeniorCare Plan). CONTACT: HEARx Ltd. Paul A. Brown Paul Aaron Brown (January 15, 1932 -- July 3, 1996) was only the second Republican since Reconstruction to have served as mayor of the north Louisiana city of Minden, the seat of Webster Parish. , M.D. 407/478-8770 |
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