Navigation Links
HASCO Medical Chairman Provides $2 Million in Capital and a Personal Guarantee on Additional $2 Million Promissory Note
Date:8/4/2011

MOBILE, Ala., Aug. 4, 2011 /PRNewswire/ -- HASCO Medical, Inc. (OTCBB: HASC), www.mysouthernmed.com, a managed healthcare provider that serves patients in Alabama, Florida, and Mississippi, announced today that the Chairman of the Company, Hal Compton, Sr. has personally guaranteed the financing that was used for the purchase of Mobility Freedom, Inc. http://finance.yahoo.com/news/HASCO-Medical-Announces-prnews-1072922352.html?x=0&.v=1 on May 17th, 2011.

As part of the purchase price of Mobility Freedom, Inc., on May 13, 2011, the Company issued a $2 Million Promissory Note to Jeff Connor and Patricia Connor, as sellers of Mobility Freedom.  The Note will bear interest of 6% with principal and interest being paid in equal successive monthly installments, each in the amount of $16,877.14, commencing on August 1, 2011 and continuing on the same day of each month thereafter for a period of 180 months until all principal and accrued interest has been paid in full. The Note is guaranteed by Hal Compton, Sr., HASCO Medical's Chairman.

In order to finance the cash portion of the purchase price of Mobility Freedom, Inc., on May 13, 2011, the Company issued a $2 Million Promissory Note to Hal Compton, Sr., Chairman of HASCO Medical.  Hal Compton, Sr. paid $1.85 million as well as $150,000 of working capital into the Company for a total of $2 million.  The Note will bear interest of 5% with principal and interest being paid in equal successive monthly installments, each in the amount of $21,213.00 commencing on August 15, 2011 and continuing on the same day of each month thereafter for a period of 120 months until all principal and accrued interest have been paid in full.

"The ability to secure nearly $4 million under these very favorable terms, and the confidence of our Chairman to not only invest $2 million of his own personal capital and personally secure the other promissory note is the ultimate vote of confidence in our management team's ability to execute our business plan," stated Hal Compton Jr. CEO of HASCO Medical.  

About HASCO Medical, Inc.

HASCO Medical ("HASC" or the Company) provides products and services that dramatically improve the quality of living for its customers. The Company's products and services include the sale of durable medical equipment, home respiratory equipment and the sale or rental of wheelchair accessible vans for which it provides custom conversion services. The Company operates in the South Eastern portion of the United States including Alabama, Mississippi and Florida. The Company's objective is to be a leading provider of home health care products and services in the continental United States.

This press release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases you can identify those so-called "forward looking statements" by words such as "may," "will," "should," "expects," "plans," "targets," "believes," "anticipates," "estimates," "predicts," "potential," or "continue" or the negative of those words and other comparable words. These forward looking statements are subject to risks and uncertainties, product tests, commercialization risks, availability of financing and results of financing efforts that could cause actual results to differ materially from historical results or those anticipated. Further information regarding these and other risks is described from time to time in the Company's filings with the SEC, which are available on its website at: http://www.sec.gov. We assume no obligation to update or alter our forward-looking statements made in this release or in any periodic report filed by us under the Securities Exchange Act of 1934 or any other document, whether as a result of new information, future events or otherwise, except as otherwise required by applicable federal securities laws.

www.mysouthernmed.com


'/>"/>
SOURCE HASCO Medical, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. HASCO Medical Signs Agreement With the State of Alabama
2. HASCO Medical Expands Online Offering
3. HASCO Medical Announces Acquisition of Mobility Freedom Inc. and Wheelchair Vans of America
4. HASCO Medical Announces Mobility Freedom Has Been Named the Authorized Braun Vehicle Dealership
5. HASCO Medical Inc. Names Mike Dumais the Vice President of Sales for Southern Medical and Mobility
6. HASCO Medical Announces New Redesigned Websites for Mobility Freedom and Wheelchair Vans of America
7. HASCO Medical, Inc. and Its Wholly Owned Subsidiary Mobility Freedom Announced Combined Pro Forma Financial Results for Year-End 2010 and First Quarter 2011
8. Harvard Medical School-Partners HealthCare Center for Genetics and Genomics Successfully Completes Evaluation of AutoGenomics 2C9-VKORC1 Panel to Assess Warfarin Sensitivity
9. You May Have a Thyroid Problem and Not Know It - Particularly If Youre Over 60, Says a New Harvard Medical School Report
10. Harvard Medical School-Partners HealthCare Center for Genetics and Genomics Successfully Completes Evaluation of AutoGenomics 2C9-VKORC1 Panel to Assess Warfarin Sensitivity
11. Globus Medical Raises $110 Million in Series E Financing Round
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/4/2016)... 2016   Pairnomix, LLC, a genetic research company ... by the White House, today announced that findings from its ... of candidate therapies for a patient with epileptic encephalopathy caused ... presented at the 70 th Annual Meeting of the ... , December 2-6, 2016.  Pairnomix, unique process ...
(Date:12/4/2016)... , Dec. 3, 2016  Findings from ... safety of CTL019, an investigational chimeric antigen receptor ... pediatric and young adult patients with B-cell acute ... an oral session at the 58th American Society ... 3, 4:00-5:30 p.m.). The global Phase II study ...
(Date:12/2/2016)... British Columbia , December 2, 2016 bioLytical Laboratories, ... de la Compañía, el INSTI HIV Self Test , a los miembros ... ... INSTI HIV Self Test! (PRNewsFoto/bioLytical Laboratories) ...      (Photo: http://photos.prnewswire.com/prnh/20161201/444905 ) ...
Breaking Medicine Technology:
(Date:12/5/2016)... ... December 05, 2016 , ... ... at the 2016 Anti-Aging & Beauty Awards at The Aesthetic & Anti-aging ... Anti-aging Medicine European Congress (AMEC) brings together the industry’s leading scientific experts, ...
(Date:12/5/2016)... Columbus, OH (PRWEB) , ... December 05, 2016 ... ... novel engineering solution called the CardioQuick Patch® significantly improves the reproducibility and accuracy ... usability in various healthcare settings. , Over the last 60 years, studies ...
(Date:12/4/2016)... York, NY (PRWEB) , ... December 03, 2016 ... ... largest non-profit organization devoted exclusively to funding innovative lymphoma research and serving the ... services – hosted its first Swirl: A Wine Tasting Event in New York ...
(Date:12/4/2016)... ... December 03, 2016 , ... While James Earl Jones is known ... for in a show called "Front Page". One of the forthcoming episodes examines mammogram ... rates have plummeted in large part due to early detection. Like any other disease, ...
(Date:12/4/2016)... ... December 03, 2016 , ... ... Entrepreneurial Company in the Dallas area” Tuesday evening at the 26th Annual SMU ... presented by SMU's Cox School’s Caruth Institute for Entrepreneurship. Dallas 100™, co-founded by ...
Breaking Medicine News(10 mins):