Business
First Choice Healthcare Completes $15.45 Million Sale and Leaseback of Marina Towers
First Choice Healthcare Completes $15.45 Million Sale and Leaseback of Marina Towers.
About this update from First Choice Healthcare Solutions, Inc.
[{"type":"text","content":"\n \n \n First Choice Healthcare Completes $15.45 Million Sale and Leaseback of Marina Towers\n \n \nFirst Choice Healthcare Completes $15.45 Million Sale and Leaseback of Marina Towers\n\nSale Nets Company Approximately $8 Million in Cash Proceeds\n\n \n MELBOURNE, FL--(Marketwired - Apr 1, 2016) - First Choice Healthcare Solutions, Inc. (OTCQB: FCHS) (\"FCHS,\" \"First Choice\" or \"the Company\"), one of the nation's only non-physician-owned, publicly traded healthcare services companies focused on the delivery of Orthopaedic care and treatment, today announced that yesterday, March 31, 2016, its wholly-owned subsidiary, Marina Towers, LLC, completed the sale and leaseback of Marina Towers, a 78,000 square foot office building located in Melbourne, Florida, to Global Medical REIT Inc. for $15.45 million, netting approximately $8 million. \n This non-dilutive capital will allow First Choice to continue executing its defined business plan, providing for the replication of its Melbourne-based system of Medical Centers of Excellence in other targeted geographic markets. In addition, other net benefits to the Company and its shareholders include:\n \n \n 50%+ reduction in Company's total debt;\n \nDelivery of strong, positive working capital and enhanced total shareholders' equity;\n \nStrong cash position to allow rapid implementation of the Company's growth and acquisition strategies;\n \nAbility to recruit additional world class physicians and care specialists to the team; and\n \nExpansion of the Company's leadership team with key executive appointments to mission critical posts.\n \n \n Commenting on the sale and leaseback, Christian Romandetti, Chairman, President and CEO of First Choice, said, \"The completion of this transaction marks yet another major milestone for First Choice -- and one that will surely prove to be a transformative event for our Company as we proceed with executing our expansion plans, designed to create, capture and enhance shareholder value. To be sure, we are implementing a business model that emphasizes controlled, smart growth; and one that we strongly believe best positions us to fully capitalize on the evolving dynamics changing how quality healthcare is being delivered in our country.\"\n For additional details relating to the sale and leaseback of Marina Towers, please refer to the Form 8-...