TORONTO, Sept. 25, 2019 (GLOBE NEWSWIRE) — VITALHUB CORP. (TSXV: VHI) (the “Company” or “VitalHub”) is pleased to announce that it has redeemed in full the $2,219,000 aggregate principal amount of outstanding unsecured debentures of the Company (the “Debentures”) issued December 7, 2017. The Debentures bore interest from the date of issue at 12.0% per annum, and were payable semi-annually in arrears. The Debentures were set to mature on December 7, 2020, three years after the date of issue (the “Maturity Date”). The Company paid a total of $2,396,520, representing the sum of the outstanding principal amount of Debentures, plus accrued and unpaid interest to-date, plus a 5% redemption premium (in accordance with the terms of the Debentures). The early repayment of the Debentures represents a cost saving of $204,148, versus repaying the Debentures on maturity).
The Company is also pleased to announce it has signed a revised credit agreement with the Company’s current institutional lender and banking provider, for a non-revolving credit facility (the “Credit Facility”) of up to $1,400,000. The Credit Facility is for a term of 60 months, with interest on the balance outstanding of the institutional prime rate plus 2.0%, and is repayable at any time by the Company.“We are happy that the Company has graduated to the availability of credit from traditional banking sources, which in turn should benefit the Company going forward with more favourable credit arrangements,” said Dan Matlow, CEO of VitalHub Corp.ABOUT VITALHUB:VitalHub develops mission-critical technology solutions for Health and Human Services providers in the Mental Health (Child through Adult), Long Term Care, Community Health Service, Home Health, Social Service and Acute Care sectors. VitalHub technologies include Blockchain, Mobile, Patient Flow, Web-Based Assessment and Electronic Health Record solutions.The Company has a robust two-pronged growth strategy, targeting organic growth opportunities within its product suite, and pursuing an aggressive M&A plan. Currently, VitalHub serves 200+ clients across North America. VitalHub is based in Toronto, Canada, with an offshore development hub in Sri Lanka. The Company is publicly traded on the TSX Venture Exchange under the symbol “VHI”.CAUTIONARY STATEMENTThis press release includes forward-looking statements regarding the Corporation and its business, which may include, but is not limited to, statements with respect to the appointment of a new directors. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of the management of each entity, and are based on assumptions and subject to risks and uncertainties. Although the management of each entity believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release, including the share consolidation proposal, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including risks regarding the technology industry, failure to obtain regulatory or shareholder approvals, market conditions, economic factors, the equity markets generally and risks associated with growth and competition. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Corporation undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.CONTACT INFORMATIONDan Matlow
Chief Executive Officer, Director
(416) 727-9061
[email protected]
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