SOURCE: First Choice Healthcare Solutions, Inc.

First Choice Healthcare Solutions, Inc.

February 06, 2015 07:30 ET

First Choice Healthcare Solutions and Hillair Capital Investment Agree to Revise Terms of Financing Agreement

First Periodic Redemption Payment Extended up to 90 Days in Support of Company's Planned Expansion Strategies

MELBOURNE, FL--(Marketwired - Feb 6, 2015) - First Choice Healthcare Solutions, Inc. (OTCQB: FCHS) ("FCHS" or "First Choice"), a diversified holding company focused on delivering clinically superior, patient-centric, multi-specialty care through state-of-the-art medical centers of excellence, today announced that in support of the Company's planned business expansion strategies, Hillair Capital Investments, L.P. ("Hillair") has agreed to amend the terms of the financing agreement originally entered into on November 8, 2013. 

In a Form 8-K filed yesterday with the U.S. Securities and Exchange Commission, First Choice reported that the Company and Hillair signed an Extension Agreement amending the 8% Original Issue Discount Secured Convertible Debenture due November 1, 2015, providing for the extension of the first Periodic Redemption due February 1, 2015 to April 1, 2015. In consideration of the 60-day extension, Hillair received 100,000 shares of First Choice's Common Stock and a cash payment of $30,000. The amendment also provides First Choice with the option to further extend the Period Redemption date up to 90 days, or May 1, 2015, for an additional $20,000 payment paid on or before March 15, 2015.

Christian Romandetti, Chairman, President and CEO of First Choice, stated, "In view of key growth initiatives currently being implemented by First Choice, we are very pleased that Hillair has agreed to modify the loan repayment terms. We greatly appreciate their vote of confidence in our ability to execute our plan and to achieve our near term growth objectives."

For more details relating to the Extension Agreement, please refer to the Form 8-K available for viewing on www.sec.gov.

About First Choice Healthcare Solutions, Inc.
Headquartered in Melbourne, Florida, First Choice Healthcare Solutions (FCHS) is actively engaged in developing a network of multi-specialty medical centers of excellence throughout the southeastern U.S., which are distinguished as premier destinations for clinically superior, patient-centric care. Through its wholly owned subsidiary FCID Medical, Inc., the Company currently operates one Medical Center of Excellence, First Choice Medical Group of Brevard, which specializes in the delivery of musculoskeletal medicine and rehabilitative care. FCHS' commercial real estate interests, which house its medical centers of excellence, are managed by its wholly owned subsidiary, FCID Holdings, Inc. For more information, please visit www.myfchs.com or www.myfcmg.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.

Contact Information

  • For additional information, please contact:
    First Choice Healthcare Solutions, Inc.
    Julie Hardesty
    800-941-0090, Extension 288