MTBC Secures $5 Million Credit Facility with Silicon Valley Bank
October 13 2017 - 1:50PM
October 13, 2017 (Globe Newswire) – MTBC (NASDAQ:MTBC) (NASDAQ:
MTBCP), a leading provider of cloud-based healthcare IT solutions
and services, today announced that it has entered into a $5
million secured line of credit to support growth initiatives
with Silicon Valley Bank (SVB), the bank of the world's
most innovative companies and their investors.
“We're pleased to partner with MTBC during this
exciting time in the Company’s growth," said Scott McCarty,
Director at Silicon Valley Bank. “MTBC is driving important
advancements to healthcare administration. Our goal is to provide
the best financing, connections and global services to support the
Company’s success.”
“MTBC has a repeatable business model, and we
appreciate Silicon Valley Bank’s flexibility to structure a line of
credit that supports continued organic growth, potential
acquisitions and enables us to achieve our corporate objectives”
said Bill Korn, Chief Financial Officer. “We are pleased to be
collaborating with Silicon Valley Bank and look forward to a
long-term relationship."
MTBC’s revolving line of credit from Silicon
Valley Bank provides up to $5 million of capital to be used for
growth and general corporate purposes. The Agreement contains
additional covenants, terms, and conditions including obtaining
SVB’s approval of potential acquisition opportunities.
About Silicon Valley BankFor
more than 30 years, Silicon Valley Bank (SVB) has helped innovative
companies and their investors move bold ideas forward, fast. SVB
provides targeted financial services and expertise through its
offices in innovation centers around the world. With commercial,
international and private banking services, SVB helps address the
unique needs of innovators. Learn more at svb.com.
About MTBC
MTBC is a healthcare information technology
company that provides a fully integrated suite of proprietary
web-based solutions, together with related business services, to
healthcare providers throughout the United States. Our integrated
Software-as-a-Service (SaaS) platform helps our customers increase
revenues, streamline workflows and make better business and
clinical decisions, while reducing administrative burdens and
operating costs. MTBC's common stock trades on the NASDAQ Capital
Market under the ticker symbol "MTBC," and its Series A Preferred
Stock trades on the NASDAQ Capital Market under the ticker symbol
"MTBCP."
For additional information, please visit our
website at www.mtbc.com.
Follow MTBC on TWITTER, LINKEDIN and
FACEBOOK.
Forward-Looking Statements
Our operations involve risks and uncertainties,
many of which are outside our control, and any one of which, or a
combination of which, could materially affect our results of
operations and whether the forward-looking statements ultimately
prove to be correct. Forward-looking statements in this press
release include, without limitation, statements reflecting
management's expectations for future financial performance and
operating expenditures, expected growth, profitability and business
outlook, increased sales and marketing expenses, and the expected
results from the integration of our acquisitions.
Forward-looking statements are only current
predictions and are subject to known and unknown risks,
uncertainties, and other factors that may cause our actual results,
levels of activity, performance, or achievements to be materially
different from those anticipated by such statements. These factors
include, but are not limited to, the company's ability to manage
growth; integrate acquisitions; effectively migrate and keep newly
acquired customers and other important risks and uncertainties
referenced and discussed under the heading titled "Risk Factors" in
the Company's filings with the Securities and Exchange Commission.
Although we believe that the expectations reflected in the
forward-looking statements contained in this press release are
reasonable, we cannot guarantee future results, levels of activity,
performance, or achievements.
The statements in this press release are made as
of the date of this press release, even if subsequently made
available by the Company on its website or otherwise. The Company
does not assume any obligations to update the forward-looking
statements provided to reflect events that occur or circumstances
that exist after the date on which they were made.
Company and Investor Contact:
Bill Korn
Chief Financial Officer
Medical Transcription Billing, Corp.
bkorn@mtbc.com
(732) 873-5133
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