MobileSmith Health (OTCBB: MOST), a leader in the digital health and mobile development sector who is changing traditional healthcare patient engagement and adherence management, today announced the completion of debt exchange transactions. Pursuant to the transactions, MobileSmith Health eliminated all its $53 million of non-bank debt, in exchange for equity. The debt exchange is another key accomplishment for the company, as it decreases ongoing expenses, enabling an increase in resources and focus on growth and client success.
“The exchange of this debt better positions MobileSmith Health for both the short and long term financially,” said Jerry Lepore, CEO for MobileSmith Health. “This transaction further demonstrates the increased confidence of our investors, their continued support of this company’s direction, and their trust in our innovative team and our comprehensive health technology ecosystem that is helping change healthcare one life at a time.”
“Not only does this debt exchange demonstrate confidence in where we as a company are heading, but it also signifies the value our hospital and health system customers see in forging a long-term partnership with MobileSmith Health,” said Robert L. Smith, MobileSmith Health. “This financial adjustment will allow us to continue to expand our commitment to improving clinical outcomes and the overall patient journey through mobile technology.”
The MobileSmith Health Integrated Ecosystem of interoperable, EMR‐integrated mobile health products and services addresses the complex challenges of patient engagement, patient empowerment and improving care quality faced by all healthcare organizations.
About MobileSmith Health
MobileSmith Health (OTCBB: MOST), a leader in the digital health and mobile development sector, is connecting healthcare providers to their patients and their patients to their health to improve clinical outcomes and the overall patient journey. The company’s health technology ecosystem is an intuitive and patient-friendly way to gain visibility and efficiency throughout pre- and post-procedural adherence via embedded EMR integration and adherence tracking dashboards, thus reducing cancellations and complications across episodes of care. MobileSmith Health has helped more than 200 hospitals meet their healthcare consumers where they are – on their mobile devices – to extend a provider’s ability to modify behavior with apps that remind, educate, track, and engage the patients that use them.