AMHN, Inc. (OTCBB:AMHN) (the "Company"), parent company of America's
Minority Health Network, Inc. ("America's Minority Health Network"),
announced bridge financing commitments in the aggregate of $1.5 million
provided by one of its majority shareholders and vendors, Seatac Digital
Resources, Inc., a Delaware corporation ("Seatac").
“As a large shareholder and
strategic vendor of America's Minority Health Network, we believe our
bridge financing commitments continue to assure the network's success.
We look forward to helping AMHN's network reach its growth objectives as
we effectively manage their network and installed locations.”
In June 2009, Seatac initially provided a bridge loan of $100,000 to
America's Minority Health Network. Subsequently in 2009, Seatac provided
two bridge loan commitments of $500,000 each to fund operating expenses
until major financing was obtained. To date, Seatac has funded $750,000.
On March 10, 2010, Seatac provided a third bridge loan commitment of
$500,000. America's Minority Health Network plans to use the remaining
$850,000 in available funding to install 100 more subscribing locations
to air the Company's health education programming aimed to reach
African-Americans.
Robert Cambridge, the Company's Chairman and Chief Executive Officer,
stated, "Seatac's bridge financing has allowed us to continue to grow
our network while we seek the equity funding we need to reach our
primary objective of 1,000 sites. Currently, we have 157 medical offices
subscribing to our service with 131 offices installed. And each month we
digitally deliver updated and relevant healthcare segments that can make
a difference in the lives of African-American men and women."