Press Release Source: XTend Medical
XTend Medical (XMDC) Completes Due Diligence on Castle Hill Acquisition
Thursday November 1, 6:30 am ET
Acquisition Will Be Operated as a Wholly Owned Subsidiary of XTend Medical
SUN VALLEY, CA--(MARKET WIRE)--Nov 1, 2007 -- XTend Medical Corporation (Other OTC:XMDC.PK - News) announced the company has completed their due diligence on the Castle Hill Retirement Village and Assisted Living Facility. In addition, the company has submitted the necessary paperwork to the funding institution for the process of funding the acquisition.
"We've worked very diligently over the past four days to complete the necessary loan package sent over by the lending institution with the information required so they can begin the approval process. While we are confident the business model, revenue projections and profit forecast are sufficient in order to gain the funding, we simply now must wait for the approval process to take place. Our personal and business relationship with the lender will also play a major role in securing the funding," stated Mr. Paul D. Lisenby, CEO of XTend Medical. Mr. Lisenby further states, "As the Castle Hill facility will be run as a wholly owned subsidiary of XTend, the business operation will continue as it has in the past. All licenses, personnel, and operational aspects of Castle Hill will remain and no other changes will need to take place for the business to seamlessly become part of XTend Medical. We will work closely with the current management of Castle Hill in streamlining operations and begin the planning phase of the build-out of the dementia center as soon as the funding approval process is complete."
To find out more about Castle Hill, please visit their website at www.castlehill.com.
About XTend Medical: XTend Medical Corporation markets and sells healthcare and wellness products to hospitals, managed care companies, nursing homes, physician groups and individual patients. Through their alliances, XTend offers pharmacy services, diabetic supplies, and telemedicine products that increase patient care yet reduce costs associated with servicing those patients. www.xtendmedical.com.
Safe Harbor
This press release contains or may contain forward-looking statements such as statements regarding the Company's growth and profitability, growth strategy, liquidity and access to public markets, operating expense reduction, and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect.
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Source: XTend Medical
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