Hooper Holmes Announces $1.2 Million Investment by Kanon Ventures
March 29 2016 - 07:31AM
Business Wire
Hooper Holmes, Inc. (NYSE MKT:HH) today announced a $1,200,000
private placement of its common stock to 200 NNH, LLC, an affiliate
of Kanon Ventures, LLC. Pursuant to a securities purchase agreement
executed on March 28, 2016, the Company issued and sold 10,000,000
shares of its common stock to 200 NNH at $0.12 per share, subject
to an 18-month lock-up period.
Henry Dubois, President and CEO of Hooper Holmes commented,
"This capital will support our growth and liquidity and help
continue to drive our business forward. We also look forward to
benefitting from Kanon's experience in the healthcare market, and
their track record in building long-term value."
About Kanon Ventures
Kanon Ventures, LLC is a private equity firm with expertise in
healthcare and real estate. For over 30 years, Kanon's principals
and management team have been industry-leading investors and
operators, having owned and operated hospitals, medical groups, and
other medical facilities. Kanon Ventures has a unique perspective
on and understanding of the healthcare delivery system. More
information is available at kanonventures.com.
About Hooper Holmes
Hooper Holmes mobilizes a national network of health
professionals to provide on-site health screenings, laboratory
testing, risk assessment and sample collection services to wellness
and disease management companies, employers and brokers, government
organizations and academic institutions nationwide. Under the
Accountable Health Solutions brand, the Company combines smart
technology, healthcare and behavior change expertise to offer
comprehensive health and wellness programs that improve health,
increase efficiencies and reduce healthcare delivery costs.
More information is available at hooperholmes.com and at
accountablehealthsolutions.com.
This press release contains “forward-looking” statements, as
such term is defined in the Private Securities Litigation Reform
Act of 1995. These forward-looking statements are based on the
Company’s current expectations and beliefs and are subject to a
number of risks, uncertainties and assumptions. Among the important
factors that could cause actual results to differ materially from
those expressed in, or implied by, these forward-looking statements
are our ability to realize the expected benefits from this
acquisition and our strategic alliance with Clinical Reference
Laboratory; our ability to successfully implement our business
strategy and integrate Accountable Health Solutions’ business with
ours; our ability to retain and grow our customer base; our ability
to recognize operational efficiencies and reduce costs; uncertainty
as to our working capital requirements over the next 12 to 24
months; our ability to maintain compliance with the financial
covenant in our credit facility and the financing for this
acquisition; and the rate of growth in the Health and Wellness
market. Additional information about these and other factors that
could affect the Company’s business is set forth in the Company’s
annual report on Form 10-K for the year ended December 31, 2014,
filed with the Securities and Exchange Commission on March 31,
2015. The Company undertakes no obligation to update or release any
revisions to these forward-looking statements to reflect events or
circumstances after the date of this press release to reflect the
occurrence of unanticipated events, except as required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20160329005458/en/
Hooper HolmesHenry E. Dubois, 913-764-1045President and
CEOorInvestors:S.M. Berger & CompanyAndrew Berger,
216-464-6400