News

FORMER PRESIDENT OF HEALTH CARE SERVICES AT CVS CAREMARK ELECTED CHAIRMAN OF THE BOARD AT SONGBIRD HEARING

RADNOR, PA, August 18 2009 – NewSpring Capital, headquartered in Radnor, PA with offices in Short Hills, NJ and Washington, D.C., is pleased to announce that Chris Bodine, Former President of Health Care Services at CVS Caremark, has joined the Board of its portfolio company, Songbird Hearing, Inc. and will serve as Chairman.

Mr. Bodine announced his retirement from CVS Caremark in January of 2009 after 24 years with the company. Prior to his retirement, he held the position of President, Health Care Services at CVS Caremark, where he was responsible for Strategy, Business Development, Pharmacy Merchandising, Marketing and Minute Clinic.

“We are thrilled to have Chris joining the Board at Songbird Hearing,” Brian Murphy, General Partner of NewSpring Capital and Board member of Songbird stated. His 35 years of experience in the retail and pharmacy marketplace will add substantial value to the Board and the Company as we continue to commercialize our product.” Chris DiCostanzo, CEO of Songbird, commented, “I am excited to work with Chris and benefit from his experience. His knowledge will be critical to the success of the organization as we move forward with our marketing and sales plans behind our low cost, high quality disposable hearing devices.”

“After my retirement from CVS, I wanted to partner with a company where I could share all that I have learned in my career,” said Chris Bodine. NewSpring introduced me to the Songbird opportunity and I was intrigued by their technology and marketing strategy. I believe they are a perfect fit for my skill set and I look forward to helping this Company grow and prosper as Chairman of the Board.”