SOMERSET, N.J., July 29, 2014 (GLOBE NEWSWIRE) -- MTBC (Nasdaq:MTBC), a leading provider of proprietary, web-based electronic health records, practice management and mHealth solutions, today announced the closing of its previously announced initial public offering of 4,080,000 shares of its common stock at a price to the public of $5.00 per share. The gross proceeds to MTBC from the initial public offering were $20,400,000, before deducting underwriting discounts and commissions and other offering expenses. Concurrently, MTBC consummated the acquisition of the assets of three independent revenue cycle management companies on terms disclosed in the Company's final prospectus. Shares of MTBC trade on the NASDAQ Capital Market under the ticker symbol "MTBC."
"This successful completion of our initial public offering on NASDAQ and our closing of the acquisitions of three revenue cycle management companies, together with our new status as a public company, creates a stronger platform for MTBC," said Mahmud Haq, Chairman and CEO of the Company. "It better aligns our employees, shareholders and providers in our strategic vision, and helps to facilitate continued expansion of our market share both organically and through further targeted acquisitions." Chardan Capital Markets, Aegis Capital Corp. and Summer Street Research Partners acted as joint book-running managers for the offering.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on July 22, 2014. The offering was made solely by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained, when available, by contacting the Company at:
Bob East / Asher Dewhurst
or the underwriters at:
Chardan Capital Markets, LLC,
17 State Street, Suite 1600,
New York, New York, 10004,
Attn: Scott Blakeman or via telephone: 646-465-9025;
Aegis Capital Corp.,
810 Seventh Street, 18th Floor,
New York, NY 10019,
Attn: Investment Banking or via telephone: 212-813-1010; or
Summer Street Research Partners,
101 Arch Street, Boston, MA 02110,
Attn: Cyrus Alphonse or via telephone: 617-532-6400
About Medical Transcription Billing Corp.
Medical Transcription Billing, Corp. 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 practicing in ambulatory care settings. Our integrated Software-as-a-Service (or SaaS) platform helps our customers increase revenues, streamline workflows and make better business and clinical decisions, while reducing administrative burdens and operating costs. For additional information, please visit our website at www.mtbc.com.
This press release contains forward-looking statements within the meaning of the federal securities laws. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may," "might," "will," "should," "intends," "expects," "plans," "goals," "projects," "anticipates," "believes," "estimates," "predicts," "potential," or "continue" or the negative of these terms or other comparable terminology. These forward-looking statements include, but are not limited to: our ability to manage our growth; our ability to retain customers of the businesses we acquire and to migrate those customers to our solutions and services; our ability to compete with other companies that are developing and selling services that are competitive with our products and services and who may have greater resources and name recognition than we do; our ability to maintain our operations in Pakistan and continue to offer competitively priced products and services; market acceptance of our products and services; changes in the healthcare industry and the changing regulatory environment we operate in; our ability to attract and retain personnel, including the services of Mahmud Haq; Our ability to protect or enforce our intellectual property rights; our ability to maintain and protect the privacy of our customers' and their patients' data. Moreover, we operate in a very competitive and rapidly changing regulatory environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements contained in this press release.
This press release is for information purposes only, and does not constitute an offer to sell or solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
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