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OmniComm Systems, Inc. Raises $5.1 Million in Convertible Debt Financing
Date:12/17/2008

FT. LAUDERDALE, Fla., Dec. 17 /PRNewswire-FirstCall/ -- OmniComm Systems, Inc. (OTC: OMCM.OB), a leader in integrated electronic data capture (EDC) solutions for clinical trials, today announced that it has completed a $5.1 million Convertible Debt financing. OmniComm will use the capital to finance ongoing research and development and to provide working capital for planned growth in operations.

Investors in this financing include members of the Company's executive management team including the Company's Chief Executive Officer, Cornelis F. Wit, Chairman and Chief Technology Officer Randall G. Smith, Chief Operating Officer, Stephen E. Johnson and Chief Financial Officer, Ronald T. Linares. Additionally, two members of the Company's Board of Directors, Matthew D. Veatch and Guus van Kesteren and one of the Company's strategic partners, Noesis Capital Corp were investors.

"We are pleased to close on this round of financing and excited at the unprecedented level of confidence and commitment shown by our senior management team and directors. Particularly in a time that funding is scarce for many industries, it is very satisfying to see that there is a lot of confidence in the future of OmniComm Systems, Inc., This capital will allow us to continue to evaluate and implement opportunities that create value for our shareholders," stated Cornelis F. Wit, CEO of OmniComm Systems, Inc. Mr. Wit continued, "These financial resources will allow us to maximize the growth potential of our product line and our existing pipeline. We are well positioned to complete all elements of our current strategy."

The new $5.1 million financing, which carries more favorable covenants than the prior financing, is comprised of a two-year term loan bearing a fixed interest rate of 12.0%. The proceeds of this financing will be used to repay approximately $800,000 in principal amounts owed on Secured Convertible Debentures tha
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SOURCE OmniComm Systems, Inc.
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