MELBOURNE, Fla., Sept. 26, 2011 /PRNewswire/ -- Continuing with their plan first launched in January 2011 to go beyond medical billing, and redirecting the company's efforts toward creating an innovative state-of-the-art approach to healthcare, Medical Billing Assistance, Inc. (OTCBB: MDBL, Stock Twits: $MDBL) ("MDBL") of Melbourne FL has set the stage in a big way.
On December 29, 2010, MDBL entered into a Share Exchange Agreement with FCID Medical, Inc. and FCID Holdings, Inc., obtaining 100% of their outstanding common stock in exchange for a total of 40,000,000 shares of MDBL common stock. The net positive result of the share exchange was a $4.8MM increase in tangible assets to MDBL's balance sheet, additional gross revenues of $1.266MM for 2010 with a normalized EBITDA of $792,000 excluding closing costs pursuant to the share exchange with a net positive cash flow of $475,000 for the year.
One of the primary assets obtained in the share exchange is the Marina Towers, a 69,000 square foot, Class A, office building located on the pristine Intracoastal Waterway in Melbourne, Florida. Because Marina Towers is home to a number of key tenants including the likes of UBS Financial Services as well as various Department of Defense and Health Care Companies, Marina Towers continues to maintain occupancy of over 94%. As a 100% wholly owned subsidiary of Medical Billing Assistance, Inc., Marina Towers serves as MDBL's corporate headquarters.
This redirection has led to a positive shift, as indicated by the Company's first and second quarters' reported financials with the Securities and Exchange Commission.
See: http://www.sec.gov/Archives/edgar/data/1416876/000101376211002210/0001013762-11-002210-index.htm; and http://www.sec.gov/Archives/edgar/data/1416876/000101376211001452/0001013762-11-001452-index.htm
MDBL's President, Chris Romandetti stated, "This upward trend is unprecedented in the Company's history and demonstrates our commitment to creating innovative approaches to healthcare. We are very pleased with our progress, and plan to continue moving in this direction."
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.
SOURCE Medical Billing Assistance, Inc.