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Patient Access Solutions Reduces Company Liabilities by Approximately $1.8 Million
[June 15, 2011]

Patient Access Solutions Reduces Company Liabilities by Approximately $1.8 Million


HAUPPAUGE, N.Y. --(Business Wire)--

Patient Access Solutions, Inc. (Pink Sheets: PASO), A provider of healthcare/financial processing technologies for the healthcare and home care industry today announced that the company has reduced its outstanding liabilities by $1,768,189.00. The initial loans of $1,441,189.00 plus interest from November 1, 2009 equal this total liability. This amounts to approximately a 67% reduction in the company's total liability. According to the company, the action was accomplished by one of its major debt holders voluntarily reducing the debt in exchange for a limited amount of shares of the Company common stock and a reduced onetime payment equating to approximately 10% of the total debt. All litigation between the parties has been settled.

"The company reduced its debt by almost $1,800,000 or approximately 67% of th Company's liabilities through the generous offer of one of its senior debt holders", stated Bruce Weitzberg, President and CEO of Patient Access Solutions Inc. "Management believes that the debt reduction and the recent contracts that have taken place over the first 2 quarters are all actions that make the company desirable for a major investor as well as increasing shareholder value."



Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the companies, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, the following: general economic and business conditions; competition; unexpected changes in technologies and technological advances; ability to commercialize and manufacture products; results of experimental studies; research and development activities; changes in, or failure to comply with, governmental regulations; and the ability to obtain adequate financing in the future.



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