CULVER CITY, CA--(Marketwired - Nov 18, 2016) - eWellness Healthcare Corporation (OTCQB: EWLL), a provider of the state of the art PHZIO Platform for the physical therapy and telemedicine market, announced today that it has closed on financing to help accelerate the growth of the Company. Investors affiliated with the financing also purchased the remaining unconverted variable rate note outstanding at the Company.
$375,000 of financing was obtained jointly from Manchester Management, LLC and JLS Ventures, LLC, both having a 20 year+ history of investing in small and micro capitalization companies. Manchester invested $250,000 in a convertible note that converts into common stock of the company. In a separate transaction, Manchester Management and JLS Ventures jointly purchased the remaining unconverted note from Firstfire Global Opportunities Fund LLC, and agreed not to convert for 90 days unless the average closing price exceeded $0.15 for 5 days.
Mr. Darwin Fogt, CEO said "We are excited to have an investment from Manchester and JLS Ventures. They understand the potential future growth of our PHZIO Platform. Their commitment to our performance based long-term capital needs represents our optimum financial partner."
The company launched its PHZIO system in October at the PPS conference in Las Vegas and received larger than anticipated industry interest. These funds will allow us to immediately address the large customer demand for our PHZIO Platform and begin to scale our system. We look forward to updating the market on the progress of our rollout in the coming weeks. Over time, our success should be reflected in our stock price. In addition this financing has removed the near term conversion pressure on our common stock.
This Press Release contains a summary of the matters set forth herein and does not purport to be complete. This Press Release should be read in conjunction with the Current Report on Form 8-K filed with the SEC contemporaneous with its publication.
eWellness Healthcare Corporation (OTCQB: EWLL) is the first physical therapy telemedicine company to offer insurance reimbursable real-time distance monitored treatments. Our business model is to license our PHZIO ("PHZIO") platform to any physical therapy ("PT") clinic in the U.S. and or have large-scale employers use our PHZIO platform as a fully PT monitored corporate wellness program. The Company's PHZIO home physical therapy exercise platform has been designed to disrupt the $30 billion physical therapy and the $8 billion corporate wellness industries. PHZIO re-defines the way physical therapy can be delivered. PHZIO is the first real-time remote monitored 1-to-many physical therapy platform for home use. Due to the real-time patient monitoring feature, the PHZIO platform is insurance reimbursable by payers such as: Anthem Blue Cross and Blue Shield.
The PHZIO Solution: A New Physical Therapy Delivery System
- SaaS technology platform solution for providers bundling rehabilitation services and employer wellness programs;
- First real-time remote monitored 1-to-many physical therapy treatment platform for home use;
- Ability for physical therapists to observe multiple patients simultaneously in real-time;
- Solves what has been a structural problem and limitation in post-acute care practice growth; and
- Allows PT practices to generate increased revenues due to higher adherence and compliance rates.
For more information on eWellness go to:
Safe Harbor Statement
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements (within the meaning of Section 27a of the Securities Act of 1933 and Section 21e of the Securities Exchange Act of 1934) regarding us and our business, financial condition, results of operations and prospects. Forward-looking statements in this press release reflect the good faith judgment of our management and are based on facts and factors currently known to us. Forward-looking statements are subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements as a result of either the matters set forth or incorporated in this press release generally or certain economic and business factors, some of which may be unknown to and/or beyond the control of Visualant, Inc. Specifically, we are exposed to various risks related to our need for additional financing to support our technology development, the sale of a significant number of our shares of common stock could depress the price of our common stock, acquiring or investing in new businesses and ongoing operations, we may incur losses in the future and the market price of our common stock may be volatile. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We do not undertake, and we expressly disclaim, any obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of the press release.
For additional information on eWellness Healthcare Corporation and its PHZIO telemedicine products please contact Mr. Darwin Fogt, CEO.