MMR and Dutchess Equity Fund sign investment agreement
16. September 2009 04:51
MMR Information Systems, Inc. (OTCBB: MMRF) (the "Company"), which, through its wholly-owned operating subsidiary, MyMedicalRecords, Inc., provides consumer-controlled Personal Health Records (www.mymedicalrecords.com) and electronic safe deposit box storage solutions (www.myesafedepositbox.com), announced today that it has entered into an Investment Agreement (the "Agreement") for an $8,000,000 equity line of credit with Dutchess Equity Fund, LP ("Dutchess").
"This financing gives the Company access to additional capital which it plans on using to leverage its proprietary patented technologies and customer base of consumers, healthcare professionals, corporations, unions and affinity groups into increased shareholder value," said Robert H. Lorsch, Chairman and Chief Executive Officer of MMR Information Systems, Inc. "This Agreement is expected to help accelerate the Company's ability to penetrate the multi-billion dollar health information technology marketplace and, in particular, help identify stimulus monies for and fund the launch of MMRPro."
During the 60-month term of the Agreement, the Company may sell shares of its common stock to Dutchess up to the total commitment amount of $8,000,000. A maximum of 100 million shares may be issued under the equity line, at per share prices to be determined based on market prices in accordance with an agreed-upon formula. The Company is not permitted to draw on the equity line unless there is an effective registration statement covering the resale of the shares. Subject to the effectiveness of a registration statement covering the shares and the satisfaction of other customary conditions, the Company may, at its option when it determines it is appropriate, draw on the equity line from time to time in accordance with the timing and volume provisions set forth in the Agreement.
SOURCE: MMR Information Systems, Inc.
