ActiveCare Strengthens Balance Sheet by $6 Million to Expand Its Contract Base
OREM, Utah, Jan. 8, 2014 (GLOBE NEWSWIRE) -- ActiveCare, Inc. (OTCQB:ACAR), a leader in diabetes management and wellness services, announced the strengthening of its balance sheet to secure a larger contract base. Over the past 30 days ActiveCare has made significant strides in improving the Company's balance sheet as witnessed by the raising of $3.1 million which was announced on December 17, 2013. This infusion of operating capital was accompanied by the conversion of $2.9 million of debt into common shares and the conversion of 95% of its Series C and Series D Preferred stock that carried an 8% dividend. With the recent equity investment and debt conversion, ActiveCare has increased its shareholders' equity by $6 million.
This strengthening of the balance sheet will enable ActiveCare to fulfill and finalize larger contracts. As a result, ActiveCare recently signed a national marketing agreement with RxBenefits, a well-established pharmacy benefits provider. "RxBenefits is one of many large providers to whom we are now able to deploy our solution," stated David Derrick, Chairman and CEO of ActiveCare. Headquartered in Birmingham, Alabama, RxBenefits offers programs that empower payers with pharmacy benefits while maximizing savings. "The ActiveCare solution adds a greater sense of insight into what's really going on with our members," stated Bryan Statham, Vice President of Business Development, RxBenefits.
Since adoption, ActiveCare has deployed to over 900 diabetic members in the RxBenefits network and expects to add an additional 10,000 over the next 12 months. "With the strengthening of our balance sheet, ActiveCare is now poised to take on much larger clients meeting the demands of the market," concluded Derrick.
About ActiveCare
ActiveCare, Inc. provides patented diabetes and chronic disease management and wellness solutions that increase visibility, lower costs and provide real-time care for members resulting in improved outcomes. Utilizing state-of-the-art meters with embedded cellular technology, trained CareSpecialists can intervene in real-time and provide members with the support needed to control their disease 24 hours a day, every day. Headquartered in Orem, Utah and publicly traded on the OTC Bulletin Board under symbol ACAR, ActiveCare's solution is revolutionizing the way employers, individuals and their health plans monitor chronic disease. To learn more about ActiveCare, Inc., visit the website at www.activecare.com.
Safe Harbor
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Our actual results could differ materially from those projected in these forward-looking statements, which involve a number of risks and uncertainties, including global economic conditions generally, regulatory uncertainty and economic pressure on the healthcare industry in particular, the governmental regulation of our products, manufacturing and marketing risks, adverse publicity risks, and risks associated with assimilating our recent acquisitions. The contents of this release should be considered in conjunction with the risk factors, warnings, and cautionary statements that are contained in our most recent filings with the Securities and Exchange Commission.
CONTACT: Peter Derrick
877-219-6050
Source: Globe Newswire (January 8, 2014 - 9:00 AM EST)
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