HealthLynked Corp. Secures $585,000 in Paycheck
Protection Program (PPP) Loans
Naples, FL -- May 12, 2020 -- InvestorsHub NewsWire -- HealthLynked
Corp. (OTCQB:
HLYK), a global healthcare network focused on care management
of its members and a provider of healthcare technologies that
connects doctors, patients and medical data, today announced that
it has received funding under the Paycheck Protection Program
(PPP). The PPP loans, administered by the U.S. Small Business
Administration and processed through Wells Fargo Bank, were issued
under the recently enacted Coronavirus Aid, Relief, and Economic
Security Act, also known as the CARES Act.
HealthLynked Corp. and its subsidiaries received a total of
$585,000 in proceeds from PPP loans. The loans bear interest
at 1% per annum and mature in May 2022. Principal and
interest payments are deferred for the first six months of the
loans. Pursuant to the terms of the PPP, principal amounts
may be forgiven if loan proceeds are used for qualifying expenses
as described in the CARES Act, including costs such as payroll,
benefits, employer payroll taxes, rent and utilities. The
company plans to use the proceeds for payroll costs and other
permitted expenses.
George O’Leary, Chief Financial Officer of HealthLynked Corp.,
said, “We are grateful to the current administration for
recognizing that small businesses are at the heart of the American
economy. Our medical staffs have been hard at work caring for
patients during the COVID-19 pandemic. We have also been
focused on providing information with our COVID-19 Tracker to keep
people around the world safe and fully informed during this
unprecedented time.” Mr. O’Leary continued, “We are also grateful
to Wells Fargo Bank for their support and the proceeds of these
loans will mostly go toward our medical centers who continue to
serve the patients of both Collier and Lee Counties. The liquidity
provided by these loans will enable us to maintain our current
staffing levels and minimize business disruption. We expect our use
of the funds to meet the terms of the PPP, thereby enabling the
federal government to ultimately forgive these loans.”
About HealthLynked Corp.
HealthLynked Corp. provides a solution for both patient members and
providers to improve healthcare through the efficient exchange of
medical information. The HealthLynked Network is a cloud-based
platform that allows members to connect with their healthcare
providers and take more control of their healthcare. Members enter
their medical information, including medications, allergies, past
surgeries and personal health records, in one convenient online and
secure location, free of charge. Participating healthcare providers
can connect with their current and future patients through the
system. Benefits to in-network providers include the ability to
utilize the HealthLynked patent pending patient access hub “PAH”
for patient analytics. Other benefits for preferred providers
include HLYK marketing tools to connect with their active and
inactive patients to improve patient retention, access more
accurate and current patient information, provide more efficient
online scheduling and to fill last minute cancelations using our
“real time appointment scheduling” all within our mobile
application. Preferred providers pay a monthly fee to access these
HealthLynked services. For additional information about
HealthLynked Corp. visit www.healthlynked.com and connect with
HealthLynked on Twitter, Facebook, and LinkedIn.
Forward Looking Statements
Forward-Looking Statements in this press release, which are not
historical facts, are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Our actual
results, including as a result of any acquisitions, performance or
achievements may differ materially from those expressed or implied
by these forward-looking statements. In some cases, you can
identify forward-looking statements by the use of words such as
“may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,”
“believe,” “estimate,” “predict,” “potential,” “continue,”
“likely,” “will,” “would” and variations of these terms and similar
expressions, or the negative of these terms or similar expressions.
Such forward-looking statements are necessarily based upon
estimates and assumptions that, while considered reasonable by our
management, and us are inherently uncertain. We caution you not to
place undue reliance on any forward-looking statements, which are
made as of the date of this press release. We undertake no
obligation to update publicly any of these forward-looking
statements to reflect actual results, new information or future
events, changes in assumptions or changes in other factors
affecting forward looking statements, except to the extent required
by applicable laws. If we update one or more forward-looking
statements, no inference should be drawn that we will make
additional updates with respect to those or other forward-looking
statements. Certain risks and uncertainties applicable to our
operations and us are described in the “Risk Factors” section of
our most recent Annual Report on Form 10-K and in other filings we
have made with the U.S. Securities and Exchange Commission. These
reports are publicly available at www.sec.gov.
Contacts:
George O’Leary
Chief Financial Officer
goleary@healthlynked.com
(800) 928-7144, ext. 99
Investor Relations Contacts:
Stephanie
Prince
PCG
Advisory Group
sprince@pcgadvisory.com
646-762-4518
Jim
Hock
Hanover International
Inc.
jh@hanoverintlinc.com
760-564-7400