iMedicor Announces Receipt of $750,000 in Bridge Fundi
Anticipates Bridge Expanding to $1.5 Million and to be Followed by $4 Million in Long-Term Financing
January 28, 2010 10:17 AM Eastern Time
NANUET, N.Y.--(EON: Enhanced Online News)--iMedicor (OTCBB: VMCI) today announced it has received $750,000 in br
a private investment group and has received expressions of interest from other investors to expand the bridge to a total of $1.5 milli
30 days. The initial funding of the bridge began in October 2009 and is just now being completed.
The bridge funding is the forerunner of $4 million in long-term financing that is anticipated to close by the end of the first quarter of 2
term financing is subject to the negotiation of a definitive agreement and approval by the Board of Directors of iMedicor.
“The commitments and expressions of interest that we have received for our bridge funding and follow-on long-term financing indica
interest and support from investors who understand our business model and have come to appreciate the value of iMedicor’s positi
healthcare sector,” said Fred Zolla, CEO of iMedicor. “As a company, we have encountered many of the same financial pressures f
companies throughout the economy, and we remain confident that our business model will not only survive, but also prosper.”
Mr. Zolla said that proceeds from the financings would be used to repay the bridge funding, strengthen the company’s balance sheet
capital, and allow iMedicor to accelerate its business activities with pharmaceutical clients and health information exchanges. “We b
forward, the company’s operations will be adequately funded for the current year and capable of achieving profitability later this yea
iMedicor is the only HIPAA-compliant solution for interoperable medical information transfer that is offered at no cost to healthcare
patients. The iMedicor portal also enables doctors, administrators and other qualified healthcare workers to send and receive medic
and images in a secure, HIPAA compliant environment; allows disparate EMR (electronic medical record) systems to communicate
exchange records in real time; and allows pharmaceutical companies to deliver customized marketing programs to healthcare provid
highly targeted, cost-effective and non-intrusive manner. More information on iMedicor is available at www.imedicor.com.
The statements contained herein, other than historical information, are or may be deemed to be forward-looking statements and inv
and uncertainties that may cause actual results in future periods to differ materially from such statements. These factors, risks, and un
market acceptance of Vemics' products and services; the nonexclusive and terminable-at-will nature of certain of the company's par
agreements; rapid technological change affecting demand for our products and services; competition from companies providing simil
services, availability of sufficient financial resources to enable us to expand our operations, as well as other risks detailed from time t
with the Securities and Exchange Commission.
Aimee Whitelaw, 202-997-1114
Craig Stout, 845-356-5211
Chief Operating Officer