MELBOURNE, FL--(Marketwired - Jan 10, 2017) - First Choice Healthcare Solutions, Inc. (OTCQB: FCHS) ("FCHS," "First Choice" or the "Company"), one of the nation's only non-physician-owned, publicly traded healthcare services companies focused on the delivery of total musculoskeletal solutions with an emphasis on Orthopaedics, including spine care and treatment, today announced that in accordance with the terms set forth in its Loan and Security Agreement (the "Agreement") with CT Capital LTD ("CTC"), CTC has converted $1.4 million in obligations due under the Agreement into 1,866,667 shares of First Choice's common stock.
Chris Romandetti, CEO and President of First Choice, noted, "Aside from the positive impact this debt conversion has had on our balance sheet, it represents a significant vote of confidence by CTC in our Company and future growth strategies. CTC has been a significant supporter of First Choice for the past several years as our primary lender, and now we are delighted to welcome them as one of our single largest shareholders."
The Agreement, dated June 13, 2013, as amended, provided for a $2.5 million accounts receivable line of credit for First Choice Medical Group of Brevard, LLC, a wholly owned subsidiary of First Choice. The Agreement provided CTC with the right to convert up to $2 million of the outstanding line of credit into shares of the Company's common stock at $0.75 per share.
About First Choice Healthcare Solutions, Inc.
Headquartered in Melbourne, Florida, First Choice Healthcare Solutions (FCHS) is implementing a defined growth strategy aimed at expanding its network of non-physician-owned medical centers of excellence, which concentrate on treating patients in the following specialties: Orthopaedics, Spine Surgery, Neurology, Interventional Pain Management and related diagnostic and ancillary services in key expansion markets throughout the Southeastern U.S. Serving Florida's Space Coast, the Company's flagship integrated platform currently administers over 100,000 patient visits each year and is comprised of First Choice Medical Group, The B.A.C.K. Center and Crane Creek Surgery Center. For more information, please visit www.myfchs.com, www.myfcmg.com, www.thebackcenter.net and www.cranecreeksurgerycenter.com.
Safe Harbor Statement
Certain information set forth in this news announcement may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of First Choice Healthcare Solutions, Inc. Such forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management beliefs and certain assumptions made by its management. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Information concerning factors that could cause the Company's actual results to differ materially from those contained in these forward-looking statements can be found in the Company's periodic reports on Form 10-K and Form 10-Q, and in its Current Reports on Form 8-K, filed with the Securities and Exchange Commission. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise to reflect future events or circumstances or reflect the occurrence of unanticipated events.