SCOTTSDALE, ARIZONA--(Marketwired - Aug. 25, 2016) - Certive Solutions Inc. (OTCQB:CTVEF) (CSE:CBP) - ("Certive" or the "Company"), is pleased to announce that pursuant to the terms of convertible promissory notes issued in a private placement that closed on February 26, 2015, the Company has secured conversion of a total of US$600,000 in convertible promissory notes, along with US$111,841 in accrued interest, held by three of the primary investors in the private placement.
The Company raised total gross proceeds of USD$955,000 from the promissory note private placement. The conversion of the promissory notes into common shares was set, and remains at, a price of CDN$0.25 (US$0.20) per share. Upon conversion of the notes, the holders will receive one-half of one common share purchase warrant for each note converted, with each warrant being exerciseable at a price of CDN$0.50 (US$0.375) per share for a term of two years from the date of conversion.
As a result of the note conversion, the total number of shares to be issued on the conversion will be 3,746,532 shares. The total number of warrants issuable upon this conversion will be 1,873,266 warrants, exercisable at a price of CDN$0.50 (US$0.375) per share until August 24, 2018.
Van Potter, CEO, and Brian Cameron, CFO, stated "This conversion represents an ongoing and significant participation by several of our major shareholders in the growth strategies and plans of Certive's future. We look forward to securing conversions on the remaining promissory notes held by note holders from this February 2015 private placement."
About Certive Solutions Inc.
Certive Solutions Inc. (Certive), based in Scottsdale, Arizona, provides revenue cycle management solutions to the U.S. healthcare market. Certive's claim audit and recovery services, billing services, and software solutions help providers work with payers to efficiently manage the reimbursement process and improve financial performance. Certive's highly skilled and experienced management team, combined with proprietary workflow and analytics, audit and identify, and bill and collect, underpayments in accordance with contractual obligations between the public or commercial insurance carrier and the designated provider. The healthcare market is changing. Certive works with clients to provide efficient and effective solutions aligned with reform initiatives to improve healthcare and reduce costs.
FORWARD-LOOKING AND OTHER STATEMENTS
This press release contains forward-looking statements. These statements relate to future events or future performance and reflect our expectations and assumptions regarding our growth, results of operations, performance, and business prospects and opportunities. Such forward-looking statements reflect our current beliefs and are based on information currently available to us. In some cases, forward-looking statements can be identified by terminology such as "may", "would", "could", "will", "should", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential", "continue" or the negative of these terms or other similar expressions concerning matters that are not historical facts.
A number of factors could cause actual events, performance or results, including those in respect of the foregoing items, to differ materially from the events, performance and results discussed in the forward looking statements.
Factors that could cause actual events, performance or results to differ materially from those set forth in the forward-looking statements include, but are not limited to:
- the effect of continuing operating losses on our ability to obtain, on satisfactory terms, or at all, the capital required to remain a going concern;
- the ability to obtain sufficient and suitable financing to support operations, development and commercialization of our services;
- the risks associated with the development of our technology;
- the risks associated with the increase in operating costs from additional development costs and increased staff;
- the timing and nature of feedback from customers; and
- our ability to successfully compete in our targeted markets.
Although the forward-looking statements contained in this press release are based on what we consider to be reasonable assumptions based on information currently available to us, there can be no assurance that actual events, performance or results will be consistent with these forward-looking statements, and our assumptions may prove to be incorrect. These forward-looking statements are made as of the date of this press release. Forward-looking statements made in this press release are made as of the date of the original document and have not been updated by us except as expressly provided for in this press release. As required by securities legislation applicable to reporting issuers, it is our policy to update, from time to time, forward-looking information in our periodic management discussions and analyses and provide updates on our activities to the public through the filing and dissemination of news releases and material change reports.