Comprehensive Announces Execution of Funding Agreements.YONKERS, N.Y. -- Comprehensive HealthCare Solutions, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CMHS CMHS Center for Mental Health Services CMHS Community Mental Health Services CMHS Cabell Midland High School (West Virginia) CMHS Costa Mesa High School CMHS Cheyenne Mountain High School (Colorado Springs, CO) .OB) announced today that it has entered into a securities purchase agreement with a private investment group, under which Comprehensive received $235,000 in consideration for the issuance of two separate convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. . In addition, the agreement stipulates that Comprehensive issue warrants to the private investment group at various exercise prices. Under the terms of the agreement and upon exercise of all warrants, the private investment group would end up purchasing the Company's common stock for up to approximately $2.9 million, including the original $235,000 investment. The details of the agreement are contained in Comprehensive's Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. filed today with the Securities and Exchange Commission. John H. Treglia, 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. of Comprehensive HealthCare Solutions, Inc. said about the agreement, "We have entered into this financing agreement to further support the continuing national launch of our discount prescription cards as well as the marketing of our gold and platinum medical care discount cards. To date we have contracted for the distribution of more than 600,000 discount prescription cards for which distribution should be completed by September 30, 2005." Comprehensive HealthCare Solutions, Inc. is positioning itself to become a national leader in the distribution and marketing of discount prescription and medical benefit cards. The Company is currently marketing its discount cards to municipalities, large employers, unions, colleges and fraternal fraternal /fra·ter·nal/ (frah-ter´n'l) 1. of or pertaining to brothers. 2. of twins; derived from two oocytes. fra·ter·nal adj. 1. Of or relating to brothers. organizations. Mr. Treglia continued, "The capital provided through this agreement affords Comprehensive HealthCare Solutions, Inc. the opportunity to accelerate the aggressive national marketing campaign of its benefits and services, with the prospect of significant potential growth in revenue and earnings." Comprehensive HealthCare Solutions, Inc. currently markets its discount medical benefit cards, which it has branded "The Solution Card(TM)". "The Solution Card(TM)" is an innovative concept that allows individuals and their families to receive a significant discount on their health care costs. Comprehensive's members will continue to have access to high quality networks of fully credentialed cre·den·tial n. 1. That which entitles one to confidence, credit, or authority. 2. credentials Evidence or testimonials concerning one's right to credit, confidence, or authority: professionals and practitioners nationwide. Although "The Solution Card(TM)" is not intended as a substitute for traditional health insurance, it does provide discount health care benefits that allow for substantial savings for its membership. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " for forward-looking statements. This press release contains forward-looking statements regarding the intent, belief or current expectations of the Company and members of its senior management team. While the Company believes that its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that would cause actual results to differ materially from those contemplated within this press release include but are not limited to, those associated with general business conditions; client concentration; dependence on network providers; the timely and efficient implementation of customer contracts; developments in health care reform and other regulatory issues and changes in laws and regulations in key states where the Company operates; future capitol Capitol, seat of the U.S. Congress Capitol, seat of the U.S. government at Washington, D.C. It is the city's dominating monument, built on an elevated site that was chosen by George Washington in consultation with Major Pierre L'Enfant. needs; control by directors and officers; and the loss of key management personnel. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements contained herein to reflect events or circumstances occurring after the date of this release or to reflect the occurrence of unanticipated events. |
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