CHICAGO, Oct. 23, 2013 /PRNewswire/ -- Accelera
Innovations, Inc. a Chicago-based
healthcare software-as-a-service provider (the "Company") today
announced it has entered into a Standby Equity Purchase Agreement
("Investment Agreement") with Lambert Private Equity, LLC, (the
"Investor"). Pursuant to the Investment Agreement, the
Investor committed to purchase, subject to certain restrictions and
conditions, up to $200,000,000 of the
Company's common stock, over a period of 36 months from the first
trading day following the effectiveness of the registration
statement registering the resale of shares purchased by the
Investor pursuant to the Investment Agreement (Equity
Line).
"This new equity line facility gives us a flexible and
inexpensive access to capital to support our growth initiatives,"
said John Wallin, President and
Chief Executive Officer of the Company. "By demonstrating access to
capital it allows us to be opportunistic in accessing additional
capital to continue to focus on the execution of our business plan
sending a clear and positive message to our potential clients and
financial stakeholders."
The Company may draw on the facility from time to time, as and
when it determines appropriate in accordance with the terms and
conditions of the Investment Agreement. The maximum
amount that the Company is entitled to put to the Investor in any
one draw down notice is no more than $2,000,000 and not exceeding 285,710 shares.
In addition, the Investor will not be obligated to purchase
shares if the Investor's total number of shares beneficially held
at that time would exceed 4.99% of the number of shares of the
Company's common stock.
As an inducement to Investor to enter in to the Investment
Agreement and as consideration for the Investor making the
investment the Investor received 285,710 shares of common stock and
a warrant/option to purchase from the Company up to a total of
14,287,710 shares of the Company's common shares at the price of
the lesser of (a) $7.00 or (b) 110%
of the lowest daily VWAP for the common stock as reported by
Bloomberg during the thirty (30) trading days prior to the date the
Investor exercised the Warrant prior to 5:00pm New York
time on September 3, 2018 the
expiration date. Additional details are available in the Company's
SEC filing on Form 8-K filed October 10,
2013.
The Company currently has an effective registration statement
excluding the equity line shares to sell 5,000,000 registered
shares of the Company's common stock at $7.00 per share and has filed a formal
application with the NASDAQ Capital Market to have its shares
listed. Additionally, the Company has reserved the NASDAQ ticker
symbol "ACCI" in anticipation of meeting the NASDAQ Capital Market
listing requirement.
About Accelera
Accelera, offers cloud based
software-as-a-service solutions to the healthcare industry
that includes technology and services to providers and
payers such as the hospitals, medical offices, medical insurance
companies, ACOs, Patient Centered Medical Homes, and PSN's who are
seeking to create an interoperable technology platform that is
patient-centric. Accelera's solution includes a complete suite
of integrated applications for Electronic Medical Records, Practice
Management, Patient Portals, Health Information Exchanges,
Accountable Care Organization, Hospital Information Systems, a
security platform that acknowledges the immediate separation of
data if a breach takes place and the ability for a provider or
payer to provide a tool to manage chronic disease. The Accelera
solution is designed to improve patient care, reduce costs,
eliminate redundant data entry, improve operational efficiency, but
most importantly, bring together long term needs of the caregivers
and is intended to satisfy the business requirements of the
healthcare enterprise. http://www.accelerainnovations.com/
About Lambert Private Equity LLC
Lambert Private
Equity LLC invests, through its unique equity and equity-linked
structures, in publicly traded companies around the globe. Lambert
focuses on equity investments in public companies as well as
private companies that will be listed on a securities exchange
within six months of a funding commitment. Lambert Private Equity
LLC has no outside investors and is considered a private group run
by its principals, similar to a merchant bank that invests its own
capital and as such is seeking capital appreciation through the
identification and funding of growth companies.
Forward Looking Information
Except for the
historical information contained herein, this document contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements involve
a number of risks and uncertainties, including the difficulty of
the acceptance and demand for our products, the impact of
competitive products and pricing, the timely development and launch
of new products, and the risk factors listed from time to time in
our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and
any subsequent SEC filings.
For further information please contact: 866-920-0758
SOURCE Accelera Innovations Inc.
