MELVILLE, NY--(Marketwired - Jan 22, 2016) - Millennium Healthcare Inc. (OTCQB: MHCC), a healthcare services and medical device distribution company, today announced that the Company has made further financial advancements as the Company relaunches during 2016. The Company sold promissory notes in the aggregate principal amount of $40,000 pursuant to certain securities purchase agreements. These notes have a maturity of 36 months and bear interest at 12% per annum which will be paid quarterly in arrears. Default interest will accrue on these notes at 17% percent per annum. In connection with the issuance of these notes, upon the approval of the Company submitting a 14C to increase the authorized shares above the current 10,950,000,000, the Company will issue these note holders an aggregate of 2,000,000,000 shares of its restricted common stock. These notes also provide that the Company intends to instruct its transfer agent to reserve such number of shares of common stock as shall be sufficient to deliver to the note holders shares that may be issuable pursuant to their respective notes in one or more tranches, provided that at any time the note holder's aggregate beneficial ownership shall not exceed 4.99% of the Company's issued and outstanding common stock.
During September 2015, as previously disclosed, global settlement agreements were entered into with various promissory note holders in which $751,000 in the aggregate of remaining outstanding note balances were settled and satisfied for shares of the Company's common and Series G preferred stock.
As of January 20, 2016, the Company has already received debt conversion requests from prior global settlement agreements converting certain portions of debt held into 321,000,000 shares of common stock. The Company has processed these requests and has forwarded them to its transfer agent for completion and issuance. This will bring the Company's current outstanding common shares to 1,048,512,001.
Dominick Sartorio, Millennium's Chairman, stated, "We are very pleased so far with the progress and financial advancements being made during relaunch. We look forward to continuing our partnership with the investment community in completing a successful relaunch of Millennium and having a productive and prosperous 2016."
About Millennium Healthcare Inc. (www.millenniumhcs.com)
Millennium Healthcare Inc., through its wholly owned operating subsidiaries, provides primary care physician practices, physician groups and healthcare facilities of all sizes with cutting-edge medical devices focused primarily on preventive care through early detection. The Company also provides advanced billing and coding services, and practice development and management services. For more information, please visit www.millenniumhcs.com.
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