American Hospital Resources Inc. Announces $10 Million Equity Financing from Institutional Investment Fund.Business Editors SANTA ANA Santa Ana, city, El Salvador Santa Ana (sän'tä ä`nä), city (1993 pop. 129,873), W El Salvador. It is the second largest city in the country and the commercial and processing center for a sugarcane, coffee, and cattle region. , Calif.--(BUSINESS WIRE)--Nov. 6, 2002 American Hospital Resources Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : AMHR AMHR American Miniature Horse Registry ) today announced the signing of a $10 million financial commitment whereby AMHR has the right to require Cornell Capital Partners, LP to purchase shares of the company's common stock in amounts up to $600,000 per month to a maximum of $10 million. Pending an effective registration statement, the agreement with Cornell Capital Partners, LP will enable AMHR to draw down on this equity line for the next two years to accommodate its cash needs to fulfill its acquisition schedule. AMHR CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Chris Wheeler Chris Wheeler (Born August 9, 1945 in Philadelphia, Pennsylvania) is an announcer and commentator for the Philadelphia Phillies in Major League Baseball. Going by the nickname "Wheels", Wheeler has been broadcasting for the Phillies on TV and radio since 1977. , stated, "This type of equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. is a perfect fit for the company. This equity line will enable the company to place equity and draw down funds exactly when needed, entirely at our discretion, giving us 100 percent flexibility and control. This is an incredible tool, which will allow us to grow even faster than we could have organically. We look forward to building a strategic partnership with Cornell Capital Partners. They are a solid group of bankers who truly understand our industry." AMHR also announced that it has completed its due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. review of Quantum Pharmacy Alliance Ltd. and anticipates closing this acquisition as soon as documents can be signed by all parties. Quantum is a pharmaceutical-purchasing co-operative whose members are independent pharmacy An independent pharmacy is a retail pharmacy that is not directly affiliated with any chain pharmacy, such as CVS/pharmacy, Walgreens or Eckerd. However, owners of independent pharmacies will often form alliances with other independents and use their power in numbers to bargain for operators that service various alternate care settings such as nursing homes, sub-acute care facilities and correctional facilities. Through its buying agreements, Quantum members purchase approximately $120 million of pharmaceuticals and related medical supplies annually. American Hospital Resources Inc. is a healthcare services company focusing on the acquisition and consolidation of profitable pharmacy-outsourcing businesses and the provision of management consulting to the acute care hospital industry. Pharmacy outsourcing is a highly fragmented segment of the healthcare industry and appears to be ripe for consolidation. Except for historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risk and uncertainties, including but not limited to economic, competitive, governmental, political and technological factors affecting the company's revenues, operations, markets, products and prices and other factors discussed in the company's various filings with the Securities Exchange Commission. |
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