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instaCare in Renewal and Increase of its $2 Million Monthly Revolving Credit Facility With Centurion Credit Resources, LLC
Nov 30, 2009 (09:11 AM EST)
LOS ANGELES, Nov. 30 /PRNewswire-FirstCall/ -- instaCare Corp. announced today that the Company has renewed its revolving $2.0 million credit facility with Centurion Credit Resources, LLC through December 31, 2010. Among other things the facility provides for seasonal increases in the maximum facility amount up to $2.5 million. instaCare has used the credit line as a foundation for its medical distribution business which has grown by over 450% in the last two years.
"Our credit line provides substantial resources and liquidity for the Company to initiate our important, aggressive and revolutionary business strategies," commented Keith Berman, instaCare's CFO. "Although the business environment has improved in the last several months, and some credit is now flowing, we want to make it clear to our shareholders and the investing public that instaCare has never lacked for capital. Centurion Credit Resources, LLC has filled each and every loan request the company has made."
Robert Jagunich, Chairman of instaCare, commented, "With the significant revenue streams we now have, which in 2010 may exceed $45 million, when coupled with this renewed access to growth capital, we are now well positioned to embark on this mission to link our existing base of patients and service providers to a new base of patients including the uninsured and underinsured Americans. We appreciate the confidence demonstrated by Centurion Credit Resources, LLC in our management team, and the validation this renewal provides our business plan."
In addition to the company's growing medical distribution business, our MD@Hand and Practice Probe EMR technologies allow physicians to gain access and securely store electronic medical records without the need of a stand-alone computer, tablet PC or PDA. The company estimates that its application to the Verizon Windows phones will allow EMR permanent storage for up to 5,000 patients for up to 10 years. The Apple iPhone, Palm Pre, the RIM Blackberry phones and the Google Droid allow for similar impressive performance, although permanent storage is slightly less.
Forward Looking Statements:
This release contains forward-looking statements about our business or financial condition that reflect our assumptions and beliefs based on information currently available. We can give no assurance that the expectations indicated by such forward-looking statements will be realized. There may be other risks and circumstances that we are unable to predict. When used in this release, words such as "believes," "expects," "forecasts," "intends," "projects," "plans," "anticipates," "estimates" and similar expressions are intended to identify forward-looking statements, although there may be certain statements not accompanied by such expressions.
For further information or the smart phone-centric MD@Hand, please visit the company's Web Site: http://www.instacare.net http://www.pharmatechdirect.com or .
CONTACT: Keith Berman, instaCare Corp., +1-805-446-2973
Web site: http://www.instacare.net/