TAMPA, Fla., July 17, 2018 (GLOBE NEWSWIRE) -- Advanzeon Solutions, Inc. (OTCBB: CHCR ) ("Advanzeon” or the "Company") announced today that its Chief Executive Officer, Mr. Clark A. Marcus, and its President, Mr. Mark T. Heidt, have each agreed to reduce their annual compensation for 2018. Mr. Marcus’ new annual compensation will be $200,000 retroactive to January 1, 2018. Mr. Heidt’s annual compensation will be $125,000 retroactive to January 1, 2018. These reduced annual compensation salaries will become Messrs Marcus’ and Heidt’s base compensation under their Employment Agreements, effective December 31, 2018. Both officers have also agreed to accept, for the year 2018, warrants for the Company’s Common Stock in lieu of taking their cash compensation. The warrants will have a term of five years and have an exercise price equal to a fifty percent premium to the closing bid price of the Company’s Common Stock on July 11, 2018. Mr. Gerard T. Smith, the Company’s former Chief Operations Officer previously agreed to also accept warrants for the Company’s Common Stock in lieu of his accrued cash compensation.
Clark A. Marcus, the Company's Chairman and CEO, stated, "I and my other executive officers have worked diligently to see to the ultimate success of the Company. We are confident in that success and pleased to accept warrants, even at a premium to market, as an expression of our confidence in the Company’s future. It is also our intention to strengthen the Company’s balance sheet, as much as possible, so as to provide the Company with more working capital to effectively market its program.”
About Advanzeon Solutions, Inc. Established in 1969, Advanzeon, through its subsidiaries, owns and operates the nation's most complete sleep apnea program known as SleepMaster Solutions™ (the "Program"). Headquartered in Tampa, Florida, the Company's Program is available in all fifty states, Washington D.C. and Puerto Rico. The Program focuses on personalized attention, flexibility, a commitment to high-quality services and innovative approaches that address both the specific needs of clients and changing healthcare industry demands. For more information, visit our website at www.advanzeon.com .
Forward-Looking Statements This press release contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. In some cases, you may identify forward-looking statements by words such as "may," "should," "plan," "intend," "potential," "continue," "believe," "expect," "predict," "anticipate" and "estimate," the negative of these words or other comparable words. These statements are only predictions. One should not place undue reliance on these forward-looking statements. The forward-looking statements are qualified by their terms and/or important factors, many of which are outside the Company's control, involve a number of risks, uncertainties and other factors that could cause actual results and events to differ materially from the statements made. The forward-looking statements are based on the Company's beliefs, assumptions and expectations of our future performance, taking into account information currently available to the Company. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company. Neither the Company nor any other person assumes responsibility for the accuracy or completeness of these statements. The Company will update the information in this press release only to the extent required under applicable securities laws. If a change occurs, the Company's business, financial condition, liquidity and results of operations may vary materially from those expressed in the aforementioned forward-looking statements.
Contact: Philip Pulver Communications Director Tel: 509-528-9212 Email: ppulver@pvmsco.com
