Certive Solutions Inc.
CNSX : CBP
OTCQB : CTVEF

Certive Solutions Inc.

April 28, 2016 09:00 ET

Certive Solutions Inc. Provides Corporate Update

SCOTTSDALE, ARIZONA--(Marketwired - April 28, 2016) - Certive Solutions Inc. (OTCQB:CTVEF)(CSE:CBP) - ("Certive" or the "Company"), is pleased to provide shareholders with the following corporate update:

  1. For the nine months ended February 29, 2016, the Company recorded gross revenues of US$4,495,559, of which Billing Support Services accounted for US$1,326,375, Claim Audit and Collections accounted for US$1,432,290, and Consulting Services accounted for US$411,755, with Chargemaster sales totaling US$1,292,160 and Dashboard sales totaling US$32,979. Adjusted working capital as at February 29, 2016, was US$604,692, after taking into account the impact of convertible debt. The Company published its third quarter operating results and financial position on April 27, 2016, the full details of which are available on SEDAR, and this corporate update should be read in conjunction with the audited annual financial statements and accompanying management's discussion and analysis of the Company for the nine months ended February 29, 2016.
  1. The Company recorded gross operating revenues from its Titan Health Management Solutions Inc., Knowledge Capital Alliance Inc., and Omega Technology Solutions LLC divisions for the month of March of US$497,080.
  1. The Company and the vendor, in the previously disclosed acquisition, agreed to amend terms such that the vendor has agreed to subscribe for US$8,000,000 in convertible promissory notes on substantially similar terms as a proposed offering (the "Offering") to accredited investors. The net result is that the Company will pay US$12,000,000 in cash on closing and US$8,000,000 in convertible promissory notes. Additionally, the vendor's promissory notes will bear interest at 5% per annum, as opposed to 8% paid to accredited investors who subscribe to the Offering.
  1. The terms of the Offering to fund the acquisition remain substantially the same as previously disclosed and management expects to close the Offering on or around June 1, 2016.
  1. The Company has successfully secured a contract with a major hospital system to provide charge accuracy and chart review services, representing in excess of US$2,000,000 in revenue to Certive without incurring additional costs related to staffing or occupancy.

Corporately, we are on target for all of our strategic plans, both organically within the current operating divisions of Certive, and with respect to the targeted acquisition and relationships. Further information will be released as it becomes available.

For more information, please visit our website at www.certive.com, or contact Certive directly at 480-922-5327.

About Certive Solutions Inc.

Certive Solutions Inc. (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.

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