First Choice Healthcare Solutions, Inc. (OTCQB: FCHS) ("FCHS," "First Choice" or the "Company"), one of the nation's only non-physician-owned, publicly traded healthcare services companies focused on the delivery of total musculoskeletal solutions with an emphasis on Orthopaedics, including spine care and treatment, today announced that in accordance with the terms set forth in its Loan and Security Agreement (the "Agreement") with C T Capital LTD ("CTC"), CTC has converted $1.4 million in obligations due under the Agreement into 1,866,667 shares of First Choice's common stock.
Chris Romandetti, CEO and President of First Choice, noted, "Aside from the positive impact this debt conversion has had on our balance sheet, it represents a significant vote of confidence by CTC in our Company and future growth strategies. CTC has been a significant supporter of First Choice for the past several years as our primary lender, and now we are delighted to welcome them as one of our single largest shareholders."
The Agreement, dated June 13, 2013, as amended, provided for a $2.5 million accounts receivable line of credit for First Choice Medical Group of Brevard, LLC, a wholly owned subsidiary of First Choice. The Agreement provided CTC with the right to convert up to $2 million of the outstanding line of credit into shares of the Company's common stock at $0.75 per share.
About First Choice Healthcare Solutions, Inc.
Headquartered in Melbourne, Florida, First Choice Healthcare Solutions (FCHS) is implementing a defined growth strategy aimed at expanding its network of non-physician-owned medical centers of excellence, which concentrate on treating patients in the following specialties: Orthopaedics, Spine Surgery, Neurology, Interventional Pain Management and related diagnostic and ancillary services in key expansion markets throughout the Southeastern U.S. Serving Florida's Space Coast, the Company's flagship integrated platform currently administers over 100,000 patient visits each year and is comprised of First Choice Medical Group, The B.A.C.K. Center and Crane Creek Surgery Center. For more information, please visit www.myfchs.com,www.myfcmg.com, www.thebackcenter.net and www.cranecreeksurgerycenter. com.
