VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 18, 2013) -
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
Premier Diagnostic Health Services Inc. ("PDH") (CNSX:PDH) is pleased to announce that Premier has entered into debt settlement agreements with a number of current and former members of senior management (the "Management Settlement Agreements") and with a former supplier (the "Supplier Settlement Agreement") to convert their demand loans and other debts payable by the Company into Common Shares of the Company.
The debts being settled are due to current and former members of senior management and involved loans to the Company from personal resources or through deferred compensation that from time to time provided working capital and support to the Company.
The debts being settled that are due to the former supplier involved licensing fees under a technology licensing agreement for technology that was no longer required by the Company and was terminated effective September 30, 2012.
The management debts and supplier debt had been previously reflected as related party debt in the audited and interim consolidated financial statements of the Company as they were from time to time incurred. The total amount of management debt converted was $446,196.50 and the total amount of supplier debt was $182,544.29, all of which were settled by issue of Common Shares of the Company at $0.10 per Share. The Common Shares issued pursuant to the Management Settlement Agreements and the Supplier Settlement Agreement will be subject to a four-month hold period from the date of closing of the transactions.
Denis Tusar, the President and CEO of the Company, in announcing the debt settlements stated: "I appreciate this accommodation by management, directors and former suppliers and the vote of confidence it conveys for the future of the Company. This process will significantly strengthen the Company's balance sheet and assist us in raising additional capital to advance our expansion programs."
About Premier Diagnostic Health Services Inc. ("PDH")
PHD is a Canadian company that provides advanced medical diagnostic tools utilizing of PET/CT Technology and/or MRI Technology and related diagnostic skills in Canada and, in partnership with hospitals and clinics in the Peoples Republic of China. The company's vision is to provide services and that support "improving medical decisions" around the world. The company's approach involves building long-term relationships covering management, quality, and financial services that are necessary to build, operate, and grow hospitals' and Clinics' diagnostic capacity and capability.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Premier.
The Canadian National Stock Exchange has neither approved nor disapproved the contents of this press release.