Patient Portal Announces New Funding, Management, Debt Conversion and Contracts
19 April 2012 - 5:39PM
Patient Portal (Pink Sheets:PPRG), a New York based company,
announced today that the board of directors has appointed a new
management team effective immediately. John O'Mara, the
former chairman of the New York State Public Service Commission,
was named President and Brian Kelly, Chief Executive Officer.
The new management team has secured additional financing,
successfully restructured debt and arranged the conversion of all
preferred shares to common stock. This has amounted to a positive
balance sheet impact of over 5 million dollars. This was
accomplished with the cooperation of Dutchess Capital Management,
Five Star Bank and other lenders.
"Positioning this company for future growth and being ahead of
the curve in these changing healthcare markets is essential,"
stated John O'Mara, the new Patient Portal President. "I am pleased
to be part of a team that is committed to creating real value for
both our customers and shareholders. I see an excellent opportunity
to utilize many of the unique assets Patient Portal possesses.
Currently we are engaged in finalizing a suite of new services
which will be announced shortly. These services, we believe,
will showcase this company's broader capabilities and create new
revenue opportunities within our company's existing
infrastructure."
"Patient Portal has some unique elements that no other
competitor in our healthcare sector has today. More importantly, we
believe being able to grow this company to a significant level
means focusing on its core assets and maximizing its potential in a
variety of ways," said Brian Kelly, the new CEO. "Change can create
great opportunities when you embrace it and have the vision to
capitalize. I am excited to be a part of a great company which is
passionate to make a difference. Our customer focus and continued
efforts in assisting in their initiatives is of the highest
importance." Recently, Patient Portal signed new multi-year
contracts with Brooks Memorial Hospital, Dunkirk, New York, Kent
Hospital, Warwick, Rhode Island and FF Thompson Hospital,
Canandaigua, New York which will generate in excess of 3 million
dollars over the term of the contracts.
About Patient Portal
Patient Portal is the nation's first total satisfaction company,
committed to helping our hospital partners achieve the highest
patient satisfaction scores in healthcare. We accomplish this by
providing a broad array of patient-centric, non-medical services
which are delivered before, during and after a hospital stay. The
Company utilizes its proprietary technology and employee staffed
24/7 Customer Care Communication Center to leverage a hospital's
existing infrastructure to connect patients and their families to a
whole suite of services that focus on education, safety,
entertainment, comfort and enhanced communication. Patient
Portal currently services over 65 hospitals nationwide, and
actively engages with over one million patients a year.
To view the website and obtain Company information, go to
http://www.patientportal.com.
CONTACT: Patient Portal Investor Relations Contact:
Teresa Sonal
Patient Portal Investor Relations
(315) 638-6720
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