NEW YORK, NY--(Marketwired - December 08, 2016) - (OTCQB: CPAI) - On December 1, 2016, the Directors and affiliated shareholders of Champion Pain Care Corporation ("Champion", the "Company") entered into a Pledge and Escrow Agreement for a total of over 83 Million shares for the term of the Senior Secured Credit Facility Agreement (the "Credit Facility") entered into on December 1, 2016 and disclosed in a news release and Form 8-K filed by the Company on the SEC website on December 5, 2016.
The Pledge and Escrow Agreement stipulates that these shareholders shall not assign, deal in, pledge, sell, trade or transfer in any manner whatsoever, or agree to do so in the future, any of the shares or any beneficial interest in them on or before all of the obligations under the Credit Facility have been paid in full.
The Company is of the opinion that having the shares of all of the insiders and their affiliates committed to the Pledge and Escrow Agreement will demonstrate to shareholders and potential investors the commitment and confidence that management, directors and affiliated shareholders have in the future of Champion.
Champion is a medical services holding company that is focused on creating a nation-wide network of clinics specializing in providing pain resolution treatments. Chronic pain alone affects 100 Million Americans and is a growing market as the population ages. Across the US, there are approximately 2,500 independent private pain management clinics operated by nearly 4,000 certified pain management specialists.
It is the goal of the Company to acquire a number of those clinics, build a pain resolution network and create a national brand that pain patients will turn to for effective, economical and enduring pain treatments. To accomplish this, the Company plans to provide centralized management and administration, improve infrastructure, achieve economies of scale, implement standard operating procedures and best practices and engage in marketing directly to consumers.
Forward Looking Statements
This press release may contain statements which constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the intent, belief or current expectations of the Company, its directors, or its officers with respect to the future operating performance of the Company. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties (for example, the risk that the acquisition of additional clinics are not consummated), and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The Company's periodic filings with the Securities and Exchange Commission available at www.sec.gov should be viewed for a complete understanding of risk and uncertainty. Any forward-looking statements in this release speak only as of the date on which it is made. The Company assumes no obligation to update or revise any forward-looking statements.