Mr. Brian Goffenberg reports
VITALHUB ANNOUNCES INCREASE TO CREDIT FACILITIES
Vitalhub Corp. has amended and expanded its existing credit facilities with Bank of Nova Scotia to further strengthen the company's financial flexibility. Under the terms of the amendment, the company's total committed borrowing capacity has increased to $65-million from $33-million.
The amended credit facilities consist of a $60-million term facility and a $5-million revolving facility. Subject to approval at the time of request, the company has the ability to increase the amount that can be drawn pursuant to an accordion facility for up to an additional $10-million. The credit facilities remain undrawn as of today's date.
"The increased credit facilities strengthen our financial flexibility to continue investing in the global growth opportunities available to VitalHub," said Brian Goffenberg, chief financial officer of VitalHub. "We currently have over $50-million of cash, in addition to the cash that is being generated from operations. We are well positioned to continue creating value for our shareholders through organic growth and strategic capital deployment."
About Vitalhub Corp.
VitalHub is a leading software company dedicated to empowering health and human services providers globally. VitalHub's comprehensive product suite includes electronic health records, operational intelligence and work force automation solutions that serve over 1,000 clients across the United Kingdom, Canada and other geographies. The company has a robust two-pronged growth strategy, targeting organic opportunities within its product suite and pursuing an aggressive M&A (mergers and acquisitions) plan. VitalHub is headquartered in Toronto, with over 500 employees globally across key regions and the VitalHub innovations laboratory in Sri Lanka.
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