Liberator Medical Holdings, Inc. (OTCBB:LBMH) announces today the closing of a private placement of 4,666,667 shares of its common stock for gross proceeds of $7.0 million on March 9, 2010, to a single institutional investor. Littlebanc Advisors, LLC. acted as the sole placement agent and financial advisor to the Company. Liberator's Board of Directors unanimously approved the transaction. As part of the transaction, the institutional investor has the right to add a member of its choice to Liberator Medical's Board of Directors. As of the date of this press release, the institutional investor has not acted on this right.
Liberator Medical also announces that its Board of Directors has recently elected Jeannette Corbett to serve on its Board of Directors. Mrs. Corbett, a certified public accountant, is President Emeritus and Acting Interim President of the Quantum Foundation. Previously, she served as CFO of the Medical Services Division and Vice President of Finance of Phymatrix Corporation (PHMX), based in West Palm Beach, FL. Prior to her position at Phymatrix, Mrs. Corbett was President of McGill, Roselli, Ayala & Hoppmann, a West Palm Beach-based accounting firm. She has also served as an adjunct instructor of taxation of Palm Beach County College in Lake Worth, FL. Mrs. Corbett has a bachelor's of science degree in business administration from the University of Florida, graduating Summa Cum Laude. Mrs. Corbett was Chairman of the Board of JFK Medical Center in Atlantis, Florida, from 1991-1994 and was Chair of the Hospital's Finance Committee from 1989-1991.
She is an alumna of Leadership Florida (1992) and was a member of the Economic Council of Palm Beach County from 1991 to 2006. In addition to her role at the Quantum Foundation, she was Chairman of the Board of Grantmakers in Health from 2003 to 2006; Board member of the Palm Beach County Community Alliance from 2003 to 2006; and United Way of Palm Beach County from 2000 to 2006. She is the past recipient of the Women of Distinction Award, the Women's Chamber Giraffe Award, and has been named by the Sun Sentinel as a Power Broker in Palm Beach County. Mrs. Corbett is a member of both the American Institute of CPAs and the Florida Institute of CPAs. Mrs. Corbett resides with her husband John in Melbourne, Florida.
Mark Liberator, Liberator Medical's CEO, said, "We are delighted to have Jeannette Corbett as a valuable addition to our Board of Directors. We are also pleased to have completed a significant institutional equity funding. This investment expands our institutional investor base and greatly strengthens our balance sheet. This will be key to accelerating our growth, which is driven by advertising, and maximizing the potential for Liberator and our recently expanded infrastructure."