|By Marketwired .||
|July 2, 2014 09:01 AM EDT||
LOS ANGELES, CALIFORNIA -- (Marketwired) -- 07/02/14 -- Patient Home Monitoring (PHM) (TSX VENTURE: PHM), a fast-growing and profitable company focused on rolling-up annuity-based healthcare service companies in the US and Canada, is well positioned to benefit from recently published articles in the New England Journal of Medicine. The studies suggest up to one-third of the strokes with undiagnosed causes may have resulted from atrial fibrillation, a condition monitored by PHM. In both studies, using a longer home monitoring duration significantly increased the number of patients prescribed anticoagulants as a treatment, which in turn suggests an increase in PHM's weekly home anticoagulant monitoring service market size.
"We continue to see strong evidence that home-based diagnosis and treatment saves patients lives and reduces overall costs to the US healthcare system," said Michael Dalsin, Chairman of PHM. "PHM is well positioned to take advantage of the resulting increase in demand."
Details of the Accelerated Expiry Date of Select Warrants
PHM announced that the expiry date of the 5,958,047 warrants outstanding exercisable at $0.22 per share, which have not yet been exercised, has been accelerated to August 1, 2014 pursuant to the terms of the Warrant Certificates. The warrants were originally issued pursuant to PHM's private placement of 20,295,176 units (each unit consisting of one common share and one-half of one warrant) which closed on August 15, 2013, August 30, 2013 and September 6, 2013. This is a result of the PHM share price achieving a volume-weighted average trading price greater than $0.30 for more than 10 consecutive trading days.
"This warrant acceleration, along with our existing strong balance sheet and positive cash flow from operations, ensures that we won't have to seek equity financing from the capital markets to close the next several acquisitions" said Michael Dalsin, Chairman of PHM. "Our pipeline is growing and we continue to work toward closing additional accretive acquisitions in the near term and expect that we can use debt if necessary for any larger deals."
PHM is an acquisition-oriented, fast-growing and profitable company servicing patients with heart disease and other chronic health conditions. PHM is focused on acquiring companies in 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 and successfully identifying and evaluating profitable, annuity-based companies to acquire at favorable prices in order to integrate their patient databases and technical expertise. 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.
Neither the 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.
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, difficulty integrating newly acquired businesses, low profit market segments as well as general economic, market and business conditions, and could differ materially from what is currently expected. This press release refers non-GAAP and non-IFRS financial measures that do not have standardized meaning prescribed by GAAP or IFRS. PHM's presentation of these financial measures may not be comparable to similarly titled measures used by other companies. These financial measures are intended to provide additional information to investors concerning PHM's performance.
Patient Home Monitoring Corp.