SAN FRANCISCO, CALIFORNIA--(Marketwired - Aug. 9, 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) today announced that is has authorized an increase of $540,000 to its proposed financing announced July 10, 2013, as a result of oversubscriptions. Accordingly, the new total financing is authorized up to 18,814,814 common share units ("Units") at a price of $0.135 per Unit for gross proceeds of up to $2,540,000. 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 $0.22 per Common Share up to the date that is the one year anniversary of closing, and at a price of $0.28 per Common Share from the day after the one year anniversary of closing until the two year anniversary of closing, subject to acceleration. All securities issued pursuant to the financing are subject to a four-month hold period. To accommodate the oversubscription, PHM will extend the closing date of the financing to August 26th, 2013.
About PHM
PHM is currently a positive cash flow and profitable company servicing patients with chronic heart disease and will act as a platform for acquisitions. PHM is focused on a highly fragmented and developing market of small privately-held companies servicing chronically ill patients with multiple disease states caused mainly by age and obesity. Because of the new and highly fragmented nature of the market, PHM is actively working to identify and evaluate profitable, annuity-based companies to acquire their patient databases and technical expertise at favorable prices. PHM's post acquisition organic growth strategy is to increase annual revenue per patient by offering multiple services to the same patient, consolidating the patient's services and making life easier for the patient. The expected result is growing EPS with each acquisition and growing revenue and profits from the cross selling efforts.
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:
Chairman
(323) 253-3055