NewSpring Capital Leads Recapitalization Of Songbird Hearing, Inc.

NewSpring Healthcare

RADNOR, PA, July 30, 2007 – NewSpring Capital of Radnor, PA and Short Hills, NJ announces today that NewSpring Healthcare, the dedicated healthcare venture fund of the NewSpring Capital fund family, has led the recapitalization of Songbird Hearing, Inc. (“Songbird”) of New Brunswick, NJ. Songbird is the leading developer of disposable hearing devices and ancillary products designed to address the needs of people with mild to moderate hearing loss. Founded in 1997, Songbird has invested in excess of $40M in the development of its proprietary hearing applications that feature the ease and efficiency of a disposable device in contrast to conventional hearing aids. Joining NewSpring Healthcare in the recapitalization is The Provco Group, an investment partnership headed by Richard Caruso, current Chairman and founder of Integra Life Sciences Corporation (NASDAQ: IART) and recent winner of the Ernst & Young, United States Entrepreneur of the Year.

“We are extremely pleased to complete this financing which creates the ability to launch our new products directly through consumer channels,” said Christopher DiCostanzo, Songbird’s Chief Executive Officer. “The sophisticated re-design of our products, along with the consumer directed healthcare experience of our new investors should provide the necessary resources to bring new solutions to consumers with mild to moderate hearing loss.”

According to Brian G. Murphy, General Partner of NewSpring Capital and new Chairman of Songbird, “NewSpring and Provco are excited about the Songbird investment as it is rare to find a company with this much advanced technology alongside such a compelling consumer opportunity. The unique characteristics of the Songbird device will appeal to the aging population who are seeking solutions that help them maintain active and interactive lifestyles.” The new investment capital will finance working capital and product launch. Songbird will introduce a disposable hearing device with traditional media and web-based tools.

About Songbird Hearing, Inc.
Songbird Hearing Inc, based in New Brunswick, NJ, was founded in 1997 as a spinoff of the Sarnoff Corporation with a mission to become a worldwide consumer hearing care franchise. With its patented technology Songbird has developed the world’s only digital disposable hearing device offering consumers a solution that is low cost and high quality. The Company’s products allow the millions of consumers who want to hear better an avenue to ease their way into better hearing, without the hassles and commitments that come with traditional hearing aids