OptimizeRx Completes Capital Raise to Exercise Securities Redemption Option Agreement With Vicis
18 März 2014 - 2:31PM
Marketwired
OptimizeRx Completes Capital Raise to Exercise Securities
Redemption Option Agreement With Vicis
ROCHESTER, MI--(Marketwired - Mar 18, 2014) - OptimizeRx
Corporation (OTCQB: OPRX) announced today it has completed its
capital raise of $10 Million and will be exercising the buyout
option with Vicis Capital Master Fund to redeem all securities it
holds in the Company. This includes all the Series A
Convertible Preferred Stock, Series B Convertible Preferred Stock,
common stock, and all derivative securities, which includes the
Series A Warrant to Purchase Common Stock and Series B Warrant to
Purchase Common Stock held by Vicis. With these holdings
redeemed, we will no longer owe any dividend obligations to
Vicis.
In addition to simplifying the company's capital structure,
completion of this raise and Exercising this option reduced fully
diluted Shares by approximately 7.25 Million and provided an
additional $3 Million in working capital to support the company's
growth.
"We are very pleased to complete this raise to improve our
capital structure and bring additional shareholder value, along
with working capital to support our exciting, growing business,"
stated David Harrell, company CEO.
Based on the company's existing partnerships, growing
pharmaceutical pipeline and the additional EHR platforms and Health
Systems engaged, the company expects significant year over year
growth trends to continue.
The company expects to expand revenue opportunities outside of
the automated voucher and copay in 2014 through WPP and other
partners looking to integrate their services within OptimizeRx
growing electronic pathway.
Lastly, OptimizeRx has completed its 2.0 upgrade of their
technology software and infrastructure to provide more stable,
robust performance that can support dramatic scale of its
services. The company will also be expanding its staff to
support its growing accounts and growth, including executives and
board members.
About OptimizeRx Corp.
OptimizeRx Corp. provides unique consumer and physician
platforms to help patients better afford and comply with their
medicines and healthcare products, while offering pharmaceutical
and healthcare companies effective ways to expand patient
awareness, access and adherence to their medications. For more
information, please go to www.optimizerxcorp.com or
www.samplemd.com.
This press release contains forward-looking statements
within the definition of Section 27A of the Securities Act of 1933,
as amended and such section 21E of the Securities Act of 1934,
amended. These forward-looking statements should not be used to
make an investment decision. The words 'estimate,' 'possible' and
'seeking' and similar expressions identify forward-looking
statements, which speak only as to the date the statement was made.
The company undertakes no obligation to publicly update or revise
any forward-looking statements, whether because of new information,
future events, or otherwise. Forward-looking statements are
inherently subject to risks and uncertainties, some of which cannot
be predicted, or quantified. Future events and actual results could
differ materially from those set forth in, contemplated by, or
underlying the forward-looking statements. The risks and
uncertainties to which forward-looking statements are subject
include, but are not limited to, the effect of government
regulation, competition and other material risks.
Contact: David Lester Email Contact
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