MTBC Announces Results from Annual Shareholders Meeting
June 18 2018 - 9:00AM
MTBC (the "Company") (NASDAQ: MTBC) (NASDAQ: MTBCP), a leading
provider of proprietary, cloud-based healthcare IT solutions and
services, today announced that its shareholders held their 2018
annual meeting on June 15, 2018 and voted on three proposals.
At the annual meeting, MTBC’s shareholders
provided their overwhelming support for the three proposals.
In particular, shareholders voted to re-elect John N. Daly, a
former EVP and director of E.F. Hutton & Company to serve
another term on its board of directors, to amend the Company's
Certificate of Incorporation to increase the authorized number of
shares of preferred stock, and to amend the Company’s Equity and
Incentive Plan to increase the number of shares of preferred
stock.
"We are very grateful to our shareholders,
customers, and employees for their support over the last year,
which enabled us to achieve record revenue growth during 2017 and
adjusted EBITDA of $3.5 million for the trailing four quarters,"
said Stephen Snyder, CEO. "With a great product, compelling
opportunities, and a strong balance sheet – we are virtually
debt-free, with more than $12 million of cash as of June 1, and an
undrawn $5 million credit line – we’re well positioned to continue
our growth during the year ahead."
Final voting tallies from this year’s meeting
are included in the Company's most recent Form 8-K filed with the
Securities and Exchange Commission.
About MTBCMTBC is a healthcare
information technology company that provides a fully integrated
suite of proprietary web-based solutions, together with related
business services, to healthcare providers. Our integrated
Software-as-a-Service (or SaaS) platform helps our customers
increase revenues, streamline workflows and make better business
and clinical decisions, while reducing administrative burdens and
operating costs. MTBC's common stock trades on the NASDAQ Capital
Market under the ticker symbol "MTBC," and its Series A Preferred
Stock trades on the NASDAQ Capital Market under the ticker symbol
"MTBCP."
For additional information, please visit our
website at www.mtbc.com.
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Disclaimer:This press release
is for information purposes only, and does not constitute an offer
to sell or solicitation of an offer to buy, nor shall there be any
sale of these securities in any state or other jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
the registration or qualification under the securities laws of such
state or jurisdiction.
Forward Looking
Statement: This press release contains various
forward-looking statements within the meaning of the federal
securities laws. These statements relate to anticipated future
events, future results of operations or future financial
performance. In some cases, you can identify forward-looking
statements by terminology such as "may," "might," "will," "should,"
"intends," "expects," "plans," "goals," "projects," "anticipates,"
"believes," "estimates," "predicts," "potential," or "continue" or
the negative of these terms or other comparable terminology.
Our operations involve risks and uncertainties,
many of which are outside our control, and any one of which, or a
combination of which, could materially affect our results of
operations and whether the forward-looking statements ultimately
prove to be correct. Forward-looking statements in this press
release include, without limitation, statements reflecting
management's expectations for future financial performance and
operating expenditures, expected growth, profitability and business
outlook, increased sales and marketing expenses, and the expected
results from the integration of our acquisitions.
These forward-looking statements are only
predictions, are uncertain and involve substantial known and
unknown risks, uncertainties and other factors which may cause our
(or our industry's) actual results, levels of activity or
performance to be materially different from any future results,
levels of activity or performance expressed or implied by these
forward-looking statements. New risks and uncertainties emerge from
time to time, and it is not possible for us to predict all of the
risks and uncertainties that could have an impact on the
forward-looking statements, including without limitation, risks and
uncertainties relating to the Company's ability to manage
growth, migrate newly acquired customers and retain new and
existing customers, maintain cost-effective operations in Pakistan
and Sri Lanka, increase operational efficiency and reduce operating
costs, predict and properly adjust to changes in reimbursement and
other industry regulations and trends, retain the services of key
personnel, and other important risks and uncertainties referenced
and discussed under the heading titled "Risk Factors" in the
Company's filings with the Securities and Exchange Commission.
The statements in this press release are made as
of the date of this press release, even if subsequently made
available by the Company on its website or otherwise. The Company
does not assume any obligations to update the forward-looking
statements provided to reflect events that occur or circumstances
that exist after the date on which they were made.
SOURCE MTBC
Company Contact:
Shruti Patel
General Counsel
Medical Transcription Billing, Corp.
spatel@mtbc.com
732-873-5133
Investor Contact:
Bill Korn
Chief Financial Officer
Medical Transcription Billing, Corp.
bkorn@mtbc.com
732-873-5133
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