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:6/16/2017)... , June 16, 2017  Exactly 50 years ago ... off what later became known as the San Francisco "Summer ... ) is unveiling two radical innovations in strategic market research ... This announcement marks the beginning of Northern Light,s "Summer of ... ...
(Date:6/14/2017)... -- The Bio Supply Management Alliance (BSMA) has announced ... and the Biomedical Manufacturing Network to advance the ... California by providing a platform for imparting ... development. The primary focus of this alliance is to ... as small and mid-sized biomedical companies. ...
(Date:6/13/2017)... June 13, 2017 Zimmer Biomet Holdings, Inc. (NYSE ... announced that the U.S. Food and Drug Administration (FDA) has ... 2015 relating to its Zhejiang, China ... "The successful clearance of the Warning Letter related ... facility is a measure of the progress we have made ...
Breaking Medicine Technology:
(Date:6/27/2017)... ... 2017 , ... Today, June 27th is PTSD Awareness Day. Over half a ... receive adequate care due to lack of effective treatments, fear of stigma or insufficient ... left untreated, veterans are at an increased risk for self-destructive behavior, including alcohol/drug abuse, ...
(Date:6/27/2017)... (PRWEB) , ... June 27, 2017 , ... East Los ... bites can indicate about early life experiences. What happens to a woman during pregnancy ... stresses after birth can also take a toll on a baby’s long-term health. This ...
(Date:6/26/2017)... ... June 26, 2017 , ... Torrance dentist, Dr. Robert Mondavi DDS , ... most noticeable aspects of a person’s appearance. A healthy, radiant smile can make a ... balanced teeth, everyone can have the smile of their dreams with cosmetic dentistry. , ...
(Date:6/26/2017)... ... June 26, 2017 , ... ... & Sexual Medicine Specialists, in collaboration with the Fertility Center of California, is ... care: PESA (percutaneous epidydimal sperm aspiration) and TESA (percutaneous testicular sperm extraction). These ...
(Date:6/26/2017)... ... June 26, 2017 , ... ... a recent review of government data released by the United Soybean Board. ... practices, Maryland’s soybean farmers have increased their productivity on less land per bushel, ...
Breaking Medicine News(10 mins):