Apollo Medical Holdings, Inc. (OTC Bulletin Board: AMEH), a leading provider of management services to medical groups that provide comprehensive hospital-based medical services, today announced that it has completed the sale of convertible notes and warrants through a private placement offering.
In connection with the private placement, the Company will receive gross cash proceeds of $1.25 million.
"We have successfully implemented our plan to strengthen the Company's balance sheet," stated Warren Hosseinion, M.D., Chief Executive Officer of Apollo Medical Holdings, Inc. "With this new funding and continued improvement in our overall financial performance, we are now well positioned to achieve our strategic goals."
Apollo intends to use net proceeds from the offering for physician recruitment and start-up expenses related to new contracts, marketing, upgrading of its proprietary web-based ApolloWeb software, repayment of debt and to support general operations.
The convertible notes and warrants are convertible into shares of Apollo's common stock at an initial price of $0.125 per share. The 10% notes will mature on January 31, 2013.
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