Cyber-Care Completes Financing.Business Editors/Health & Medical Writers BOYNTON BEACH Boynton Beach, city (1990 pop. 46,194), Palm Beach co., SE Fla., on the Atlantic coast; inc. 1920. A major suburban area, it is also a beach resort and vegetable-shipping point. , Fla.--(BW HealthWire)--May 22, 2001 Cyber-Care, Inc. (Nasdaq:CYBR CYBR Copy Byte Right ) announced today that it has completed the sale of $10 million in subordinated convertible debt to three qualified investors. The subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". has a term of three years and pays interest at 12.75 to 13.75 percent. The interest is payable in stock and/or cash. The subordinated debt is convertible into common stock at a 10% discount to market, based on a 20-day trailing average stock price. In no event shall the conversion price be less than $3.25 per share. Each $1 million in subordinated debt entitles the holder to warrants to purchase common stock at prices ranging from $3 to $5 per share. All the underlying shares in the transaction have registration rights. "This infusion of capital demonstrates the continued support of these investors and helps the company maintain the necessary liquidity to execute its business," said Michael Lemnitzer, spokesperson for Cyber-Care. "This support allows us to maintain our commitment to develop and advance our CyberCare System products and software to address the specific needs of the telehealth industry." About Cyber-Care Inc. Cyber-Care Inc., is a network-based telehealth solutions company improving the delivery of care through its Internet-based technology Refers to the communications infrastructure of the Internet, which is based on the IP protocol. IP is part of the TCP/IP protocol suite. It may also refer to voice over IP (VoIP), which uses the Internet to make telephone calls. See VoIP, IP and TCP/IP. . Cyber-Care creates a live, interactive community that incorporates all members of the care team in the healthcare delivery process, resulting in cost reduction and improvement in the quality of patient care. Utilizing patented technology for remote monitoring (protocol) remote monitoring - (RMON) A network management protocol that allows network information to be gathered at a single computer. Whereas SNMP gathers network data from a single type of Management Information Base (MIB), RMON 1 defines nine additional MIBs that provide a and real-time interactive communications between chronically ill patients and their providers, Cyber-Care's Electronic HouseCall System allows for effective and efficient data collection, case management and personal interaction. Headquartered in Boynton Beach, Florida Boynton Beach is a city in Palm Beach County, Florida, United States. The population was 60,389 at the 2000 census. As of 2006, the city had a population of 66,714 according to the University of Florida, Bureau of Economic and Business Research. Cyber-Care also has physical, occupational and speech therapy businesses and an institutional pharmacy business. Visit Cyber-Care's Web site at www.cyber-care.net. 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. Statement under 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: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission. |
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