The company entered into a settlement agreement with Northbridge Financial to restructure thecompany debt through a 3(a)10 lawsuit that was filed by Northbridge, in which Northbridge received stock in exchange for the debt. The $810,000 debt was incurred as a result of theacquisition of United Ambulance, LLC. The company mutually terminated its 3(a)10 settlement agreement with Northbridge Financial and entered into a settlement with CF3Enterprises, LLC a New York private equity firm that acquired the company’s totaloutstanding debt of $1,455,000 through a 3(a)10 settlement. CF3 Enterprises has subsequently released $700,000 of debt back to Northbridge Financial which requires Northbridge Financial to file a new 3(a)10 settlement agreement with the court and make payment to the company vendors as agreed...
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