NEW YORK, March 17, 2011 (GLOBE NEWSWIRE) -- Arcadia Capital Advisors, LLC ("Arcadia"), a top five shareholder of HearUSA Inc. ("HearUSA", or the "Company") (AMEX:EAR), and its managing director, Richard S. Rofe ("Rofe"), have amended their 13D filing and also released another open letter to shareholders of HearUSA. Arcadia's present letter follows its prior February 1st and March 9th letters, and offers insight into the departure of Mr. Brian Kinnerk, who served as the Chief Executive Officer of Siemens Hearing Instruments, Inc. ("Siemens").
"We assume that Siemens' corporate parent, Siemens AG, was fed up with the debacle orchestrated by Mr. Kinnerk and the deserved negative publicity stemming from his leadership," stated Rofe. "Though we did not expect this drastic action, we are not surprised by this outcome. In our opinion, leadership at Siemens was severely lacking and change was long overdue. We cannot comprehend why such an otherwise reputable company would take such hostile and malicious actions against a loyal, long-time business partner. A 10-year partnership between Siemens and HearUSA was damaged, along with significant HearUSA shareholder value, by the actions of a renegade CEO."
"The removal of the CEO, in our opinion, is an acknowledgement that Siemens' destructive strategy was the wrong path to pursue. We hope that Siemens will release new information on how they plan to work together with HearUSA going forward, perhaps in an update to their 13D filing. We believe a revision of the tone and hostile intentions in that filing will go a long way toward repairing this relationship," Rofe continued.
"If so inclined, Siemens should make a full and fair offer for HearUSA, as they are the natural buyer," stated Rofe. "If not, Siemens should at a minimum cease any hostile actions, and put in a better effort of crafting a working relationship. We believe HearUSA is poised for tremendous success in the near future, and it is up to Siemens to decide if they are to participate productively in that effort."
Click the attached link for the letter:
https://irm.ipreo.com/OpenFileLink.aspx?ID1=fef5186e7a714848a8bc94704d10758d&ID2=74551310
About Arcadia Capital Advisors, LLC
Arcadia Capital Advisors is a private investment firm based in New York that employs a value-oriented investment philosophy in the management of long/short hedge funds focused on small and micro-cap companies. The firm is led by Richard Rofe and is sponsored by M.D. Sass-Macquarie Financial Strategies.