Patient Home Monitoring Corp.
TSX VENTURE : PHM

June 20, 2013 09:27 ET

Patient Home Monitoring (PHM) Announces Closing of Non-Brokered Private Placement to Fuel Pharmacy Channel Revenue and Profit Margin Growth

SAN FRANCISCO, CALIFORNIA--(Marketwired - June 20, 2013) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.

Patient Home Monitoring Corp. ("PHM") (TSX VENTURE:PHM), a profitable company focused on in-home management for patients with chronic disease, today announced that it has raised additional capital to fuel growth in the pharmacy channel and secure the rights to a lower cost meter and testing supplies. While PHM's Board of Director's authorized an equity financing in late May 2013 of up to $1.5 million to finance these investment opportunities, PHM projects that these opportunities will require only $750,000 to complete. Therefore, PHM announced today that it limited the equity issuance to $798,244. The net proceeds of just over $750,000 will be used by PHM to fuel revenue growth, secure rights to a lower cost meter and testing supplies, and for general corporate purposes and working capital.

The placement has also increased PHM's shareholder base with an aim to improve liquidity through the engagement of strategic market participants.

Details

The non-brokered private placement financing was completed by issuing 9,978,050 common share units ("Units") at a price of $0.08 per Unit for gross proceeds of $798,244. Each Unit consists of one common share in the capital of PHM (a "Common Share") and one-half of one common share purchase warrant (a "Warrant") of PHM. Each whole Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $0.12 per Common Share up to the date that is the one year anniversary of closing, and at a price of $0.16 per Common Share from the day after the one year anniversary of closing until the two year anniversary of closing. All securities issued pursuant to the financing are subject to a four-month hold period.

In connection with the financing, PHM paid cash commissions of $45,377, and issued compensation warrants to purchase 567,214 Common Shares at an exercise price of $0.08 per Common Share exercisable for a period of twelve months from closing. Receiving brokers included Caldwell Securities Ltd., Canaccord Genuity Corp., Leede Financial Markets Inc., Raymond James Ltd., Dundee Securities Ltd. and Navigator Capital Partners Inc.

Including the issuance of shares detailed in this news release, there are currently 74,397,136 Common Shares issued and outstanding.

About PHM

PHM is a healthcare services company focused on providing in-home services for patients suffering from chronic disease. PHM's main revenue line is offered to patients on blood thinner medications such as Coumadin® or warfarin. PHM has recently announced it will embark on a process to expand services to its patient base in both the US and Canada.

Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Implicit in this information, particularly in respect of the future outlook of PHM and anticipated events or results, are assumptions based on beliefs of PHM's senior management as well as information currently available to it. While these assumptions were considered reasonable by PHM at the time of preparation, they may prove to be incorrect. Readers are cautioned that actual results are subject to a number of risks and uncertainties, including the availability of funds and resources to pursue operations, decline of reimbursement rates, dependence on few payors, possible new drug discoveries, a novel business model, dependence on key suppliers, granting of permits and licenses in a highly regulated business, competition, low profit market segments as well as general economic, market and business conditions, and could differ materially from what is currently expected.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release does not constitute and the subject matter hereof is not, an offer for sale or a solicitation of an offer to buy, in the United States or to any "U.S Person" (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "1933 Act")) of any equity or other securities of PHM. The securities of PHM have not been registered under the 1933 Act and may not be offered or sold in the United States (or to a U.S. Person) absent registration under the 1933 Act or an applicable exemption from the registration requirements of the 1933 Act.

Contact Information

  • Stanmore Capital Partners, Inc.
    Michael Dalsin, Chairman
    Managing Director
    (323) 253-3055