Spine Pain Management Secures Additional $1 Million Financing
Spine Pain Management, Inc. (OTC: SPIN), a healthcare services and technology company, today announced that it has closed on 12% Secured Promissory Note for $1 million with one of its existing, accredited shareholders. The promissory note has a three-year term with interest paid monthly. The note holder also received three-year warrants that are exercisable into a total of 333,333 shares of the Company's common stock at $1.60 per share. The Company intends to use the proceeds from the private placement to expand its geographic footprint beyond its current eight affiliate locations in Texas and Florida and to further support and build the Company's internal infrastructure.
Dr. William F. Donovan, Spine Pain Management's founder, president and CEO, commented, "Having access to expansion capital to further develop our portfolio of patients, both in existing territories and new territories, serves to secure a strong operational cash flow. Under our business model, for every $1.00 in working capital we are able to create potential cash flow of approximately $2.50 upon final settlement. Leveraging the margins creates a very attractive return on investment for the company and its shareholders. We are very fortunate to have supportive investors who recognize the potential of our healthcare service business."
About Spine Pain Management, Inc.:
We are a medical services and technology company facilitating diagnostic services for patients who have sustained spine injuries resulting from traumatic accidents. We deliver turnkey solutions to spine surgeons, orthopedic surgeons and other healthcare providers that provide necessary and appropriate treatment of musculo-skeletal spine injuries resulting from automobile and work-related accidents. Our care management services help reduce the financial burden on healthcare providers that provide patients with early-stage diagnostic testing and non-invasive surgical care, preventing many patients from being unnecessarily delayed or inhibited from obtaining needed treatment. We believe that our services and technology brings strong transparency and impartiality to all parties involved in the settlement of patient cases.
Additional information about the company, along with a video can be found at its website at www.spinepaininc.com.