AUDEARA LIMITED — Capital/Financing Update 2023

Feb 21, 2023

Feb 22, 2023

ASX Announcement

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• Cooperative Agreement signed with Clinico Inc. to develop healthy hearing earbuds to meet the needs of Clinico's audiology and health distribution network

• Clinico Inc. is a leading audiology product and service provider in Taiwan and China

• ▸ Expansion of Audeara product range

Audeara Ltd (ASX:AUA) (Audeara or the Company) is pleased to announce the execution of a Cooperative Agreement (Agreement) with Clinico Inc., a Taiwanese company, based in Taipei, and the largest hearing aid retailer in Taiwan with over 33% market share, and a presence in Taiwan and China.

The Agreement forms the basis of intention for both parties to enter into a formal binding agreement.

Under the Agreement and any subsequent formal binding agreement, Audeara will develop a series of healthy hearing earbuds. In Taiwan and China, Audeara will be exclusively distributed through Clinico. The exclusivity also means Clinico will place Audeara branded products as a priority to sell and promote through Clinico’s distribution channels. The development of the Audeara branded products in conjunction with Clinico and its team is expected to be completed within the next 18 months.

There are no termination provisions or revenues specified within the Cooperative Agreement but if and when the parties enter into a formal binding agreement, the Company will make a further announcement containing the material terms and conditions at that time.

The Agreement continues the expansion of Audeara’s product offering into the audiology industry. Any products developed as an outcome of the cooperation will enter the market with a clear path to market.

Audeara has been working with Clinico for some time and the relationship was cemented when David Lin, the CEO of Clinico, took a strategic placement in Audeara (see ASX announcement dated 22 November 2022), which was approved by shareholders at a General Meeting on 23 December 2022.

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Figure 1: Dr. James Fielding and Mr. David Lin at the signing ceremony held on 21st February 2023 in Taipei, Taiwan.

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Figure 2: Audeara Ltd. and Clinico Inc. signing ceremony attended by AusTrade and TIQ.

Audeara CEO, Dr James Fielding, said “This Cooperative Agreement strengthens and diversifies our relationship with Clinico Inc., a leader in the audiology industry. The scope of this agreement is to develop a novel product aligned to the needs of the market and is a great opportunity both now and for years to come."

Clinico Inc. CEO Mr David Lin said, "This agreement marks the natural progression of the strong relationship between Clinico and Audeara as we strive to improve the quality of life for our communities. We're excited about the prospect of a new product offering and confident that we can create beneficial outcomes for all parties."

This announcement has been authorised by the board of Audeara Limited.

For more information please visit, audeara.com

				INVESTOR ENQUIRIES	INVESTOR ENQUIRIES
		CORPORATE & MEDIA ENQUIRIES
			Dr James Fielding		Stephen Buckley
			Managing Director and Chief Executive Officer		Company Secretary
			james.fielding@audeara.com		stephen.buckley@audeara.com
			+61 422 292 678

ABOUT AUDEARA

Audeara Limited (ASX: AUA) is a global hearing health leader specialised in innovative listening solutions for people with hearing challenges.

They are passionate about redefining hearing health, with a particular focus on delivering products that provide world-class tailored listening experiences.

All Audeara products are purposefully designed and engineered in Australia with precision detail and state-of-the-art technology. Each product delivers optimum listening experiences to enhance quality of life for people of all ages and abilities. Their headphones use a health-check algorithm to tailor sound to a unique hearing profile.

Audeara sells its products through distributors and resellers in Australia, Europe, Asia and North America, and through e-commerce channels.

ABOUT CLINICO INC.

Clinico Inc. is the largest audiology clinic group in Taiwan with more than 140 direct owned clinics through a greenfield and acquisition strategy, including the Bay Audio group in Taiwan. Clinico’s vision is to create an environment where hearing is without obstacles. They strive to improve the health of Chinese people through their philosophy of ‘Professional Clinico, Carefree purchase.’