NEWPORT BEACH, CA--(Marketwired - Nov 22, 2017) - ORHub, Inc. (
Recent Corporate Highlights
- Signed a 5-year revenue agreement ( http://nnw.fm/t97Fx ) with a three-hospital system in Southern California, recognized as one of the "100 Great Hospitals in America" by Becker's Hospital Review.
- Entered into an agreement with a US News & World Report Top 20 Medical School for a fully paid installation.
- Secured the commitment of three additional hospitals; implementation details and dates forthcoming in a future press release.
- Expanded our channels for revenue to include medical technology companies, as well as plans for product offerings to payors, pharmaceutical companies and government agencies.
"We are ahead of schedule on many fronts with the product, including releasing our full suite of surgical service lines by the end of the year," said Wesley Mitchell, CTO of ORHub. "We have presented to more than 100 hospitals this year alone, with every one of them asking for either a proposal or an additional meeting with key business decision makers. We are also working closely with our existing customers to publish a series of white papers which will enable us to prove our value to future customers."
Special Warrant Exercise Price
ORHub also announces that all series of its outstanding warrants will have an immediate Special Exercise Price of $0.35 per warrant until December 31, 2017. As previously announced, the warrants will expire in accordance with their terms on December 31, 2017, and will not be further extended. ORHub currently has approximately 30 million warrants outstanding in five series (Series B, C, D, E and F) and approximately 130 million shares of common stock outstanding.
ORHub's board of directors continues to review sources of financing, including combinations of debt and equity financings, to further expand the launch of the ORHub software platform into hospital chains throughout North America. Since July 1, 2017, the Company has received approximately $4.7 million in equity and debt financings.
"We believe this Special Exercise Price of $0.35 per warrant provides warrant holders an opportunity to exercise warrants at an attractive discount to the 30-day VWAP prior to their expiration on December 31st," said Colt Melby, CEO of ORHub. "In addition, we believe that allowing all series of warrants to expire in accordance with their terms removes the overhang on our capital structure and enhances our capital raising ability going into 2018. Based on our growth, our pipeline, and the value we are providing our existing customers, we are confident that 2018 will see ORHub transition into a revenue-funded operating company."
About ORHub, Inc.
ORHub is an advanced surgical software provider focused on real-time surgical data analytics. The Company's suite of products serves the needs of the health care industry, hospitals, patients, the government and medical device vendors. ORHub provides a cloud-based software solution that captures information before, during and after surgery, filling a void in the current surgical information infrastructure and providing the first process to capture and measure the surgical process -- evolving siloed Big Data into Intelligent Digital Data.
ORHub's software applications allow hospitals and medical device vendors to utilize any web-enabled device to create an anatomical graphic depiction of exactly what occurs during surgery. The application automatically translates the resulting schematic into an intelligent, electronic operative report that links every detail of surgery, including implant location, surgical techniques, product usage, and all clinical parameters to create a dynamically new source of comparative information.
As a result, hospitals and surgeons can make real-time, data driven decisions to improve business profitability and the quality of patient care. This innovative technology results in hospitals understanding costs and identifying areas of cost reductions, as well as results in increased accountability, automatic creation of comprehensive anatomic implant registries, real-time analytics, improved efficiencies, and compliance with existing government regulations. ORHub has offices in Phoenix, Arizona; Newport Beach, California; and Bellevue, Washington.
For more information, visit www.ORHub.com
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be attained. Such statements are inherently uncertain, and actual results and activities may differ materially from those estimated or projected. Certain factors that can affect the Company's ability to achieve its anticipated results include, among others, uncertainties inherent in the development of a new software product business.
ORHub Contact: Lanny R. Lang CFO Email Contact 9830 S. 51st Street, Suite A-128 Phoenix, AZ 85044 844.545.4508 x 403 Office www.ORHub.com Communications Contact: NetworkNewsWire (NNW) New York, New York www.NetworkNewsWire.com 212.418.1217 Office Email Contact
