MELBOURNE, Fla., Sept. 28, 2011 /PRNewswire/ -- Despite the economic climate when banks and finance companies are tightening their lending belts, Medical Billing Assistance, Inc. (OTCBB: MDBL, Stock Twits: $MDBL) through one of its subsidiaries, Marina Towers, LLC, has successfully refinanced one of the Company's assets, an 11mm, 69,000 square foot, Class A, office building in Melbourne, Fl., with a 7.55mm refinance deal with Guggenheim Life and Annuity Company.
As part of the deal, an excess 1.75mm in cash was banked, and added to the balance sheet. This excess cash allows the Company to further pursue acquisitions and expand MDBL's business plan.
MDBL's solid business plan, along with the Company's focus in creating a state-of-the-art approach to healthcare, has given the Company access to inexpensive capital. While many other companies are experiencing difficulties in getting financed in this market, MDBL continues to demonstrate confidence within the financial sector.
"In these tough economic times it was commendable that the lending community remains confident in MDBL's plan moving forward as evidenced by the closing of this refinancing," said CEO Chris Romandetti. Romandetti went on to say, "Our success in closing this transaction, in addition to our recent decision to cancel our Kodiak Capital agreement and its registration statement obligations, has further preserved shareholder value by minimizing potential dilution."
SAFE HARBOR STATEMENT:
This press release contains statements which address such key issues as MDBL's growth strategy, future financial results, market positions, product development, medical services and products in the pipeline, and product approvals. Such statements should be carefully considered, and it should be understood that many factors could cause forecasted and actual results to differ from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, progress of technology development, clinical testing and regulatory approval, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues, and legislative, fiscal, and other regulatory measures. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies.
For More Information:
SOURCE Medical Billing Assistance, Inc.