ALPHARETTA, GA / ACCESSWIRE / March 23, 2023 / RushNet, Inc (OTC PINK:RSHN), (the "Company") is pleased to announce the company has reached an agreement to restructure debt as the company continues working with the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (Finra).
In March of 2022, the company reached an agreement with its investment partners to defer payments until March 31, 2023.
The amendment to the original debt liability allowed heliosDX to defer payment until March 31, 2023, at an interest rate of 2% above prime on the monthly payment, and not the sum of the overall balance. This was a significant advantage for heliosDX at that time, as the company would have paid very little interest to push the debt payments until 2023. heliosDX and the investment partners had the right on a quarterly basis to end the restructuring should it no longer be needed.
The new amendment to the aforementioned debt structure of 2022 will resume payments to our investment partners at a rate of 3% of monthly gross revenues. Our investment partners have also agreed to adjust the interest rate of the loan back to the original interest rate of 1%. In addition, the company continues to seek reparations from Wellmed, a subsidiary of United Healthcare. The company has agreed to pay 100% of any money recouped from the ongoing embattlement with Wellmed to the overall debt balance.
Ashley Sweat, CEO of heliosdx and Rushnet Inc. says, "I am amazed and grateful for the continued support our investment partners, and other partners have provided us during the last nine months. We have had significant challenges related to external factors outside of our control. Many companies who faced the type of adversity that we have experienced over the last nine months may not have survived the storm. We have been able to overcome these challenges with their support and belief in the direction that we are headed. We believe this restructuring agreement is a testament to our overall strategy". The company is also happy to report the high interest loan reported on previous financial statements has been paid in full, and is no longer a burden to the business. Our end of the year 2022 financials will be released in the coming week.
About HeliosDx:
heliosDX is a National Clinical Reference Laboratory offering High-Complexity Urine Drug Testing (UDT), Behavioral Drug Testing, Allergy Droplet Cards, Oral Fluids, and Infectious Disease (PCR). We are contracted in 44 of the lower 48 states and looking to expand our reach and capabilities. We intend to always stay ahead of the curve by continually investing in our infrastructure with the most efficient scientific proven instruments and latest cutting-edge software for patient and physician satisfaction. In management's opinion, following such best practices are intended to allow heliosDX to provide physicians fast and accurate reporting, meeting, and exceeding industry benchmarks. It is our goal to excel in patient and client care through physician designed panels that aid in testing compliance and reporting education.
Contact:
Ashley Sweat
[email protected]
www.heliosdx.com
Twitter Handle: @dx_helios
Safe Harbor Notice
Certain statements contained herein are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). The Company cautions that statements, and assumptions made in this news release constitute forward-looking statements and make no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. These statements may address issues that involve significant risks, uncertainties, estimates made by management. Actual results could differ materially from current projections or implied results. The Companies undertake no obligation to revise these statements following the date of this news release.
SOURCE: RushNet, Inc.