CareCloud: Silicon Valley Bank Doubles CareCloud Credit Facility (Form 8-K)

Silicon Valley Bank Doubles CareCloud Credit Facility

SOMERSET, New Jersey, September 22, 2021 (Globe Newswire) – CareCloud, Inc. (the “Company” or “CareCloud”) (Nasdaq: MTBC) (Nasdaq: MTBCP), a leader in the world’s most innovative companies and their investors, has increased its currently untapped secured line of credit to $ 20 million. dollars to support future growth. The term of the credit line has also been extended by two years, until October 13, 2023.

“We have been pleased to work with the CareCloud team since 2017 and have witnessed their tremendous growth over the years,” said Tom Gordon, Managing Director of Life Sciences and Healthcare at Silicon Valley Bank. . “We have confidence in CareCloud’s business strategy and look forward to supporting their continued growth. ”

“Our strong, virtually debt-free balance sheet has enabled us to grow our revenues at a compound annual growth rate of 44% and our adjusted EBITDA by 79% since 2017, without diluting our common shareholders,” said Bill Korn, director CareCloud Financial. “The increase in our line of credit today allows us to continue to enter into strategic transactions on favorable terms as we lead consolidation in our market segment. We appreciate the Silicon Valley Bank partnership and their confidence in our business model. ”

Silicon Valley Bank’s CareCloud Revolving Line of Credit Provides Up to $ 20 Million in Capital to Use for Growth and Broad-Based Business Objectives

About Silicon Valley Bank

For 35 years, Silicon Valley Bank (SVB) has been helping innovative companies and their investors quickly advance bold ideas. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps meet the unique needs of innovators. Learn more about svb.com.

About CareCloud

CareCloud (Nasdaq: MTBC) (Nasdaq: MTBCP) brings disciplined innovation to the healthcare industry. Our suite of technology solutions help clients increase financial and operational performance, streamline clinical workflows, and improve the patient experience. More than 40,000 providers rely on CareCloud to help them improve patient care while reducing administrative burdens and operating costs. Learn more about our products and services, including Revenue Cycle Management (RCM), Practice Management (PM), Electronic Health Records (EHR), Business Intelligence, Telehealth and patient experience management (PXM) on www.carecloud.com.

For more information, please visit our website at www.carecloud.com.

Follow CareCloud on LinkedIn, Twitter and Facebook.

SOURCE CareCloud

Forward-looking statements

This press release contains various forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These statements relate to anticipated future events, future operating results or future financial performance. In some cases, you can identify forward-looking statements by words such as “could”, “could”, “will”, “should”, “” anticipate “,” believe “,” believe “,” predict “,” potential “or” continues “or the negative of these terms or other comparable terminology.

Our operations involve risks and uncertainties, many of which are beyond our control, each of which, or a combination, could materially affect our results of operations and whether forward-looking statements ultimately prove to be correct. Forward-looking statements contained in this press release include, without limitation, statements reflecting management’s expectations regarding future financial performance and operating expenses, growth, profitability and expected business prospects, impact of the Covid-19 pandemic on our financial performance and business activities, and the expected results of the integration of our acquisitions.

These forward-looking statements are neither historical facts nor guarantees of future performance. Instead, they are only predictions, are uncertain, and involve substantial risks, uncertainties and other known and unknown factors that may cause our actual results, levels of activity or performance (or those of our industry) are materially different from any future results, level of activity or performance expressed or implied by such forward-looking statements. New risks and uncertainties arise from time to time, and it is impossible for us to predict all of the risks and uncertainties that could affect forward-looking statements, including, without limitation, risks and uncertainties relating to the Company’s ability. manage growth, migrate newly acquired customers and retain new and existing customers, maintain profitable global operations, increase operational efficiency and reduce operating costs, correctly forecast and adapt to changes in reimbursement and reimbursement other industry regulations and trends, retain the services of key personnel, develop new technologies, upgrade and adapt legacy and acquired technologies to operate with evolving industry standards, compete with other products and business services competitive with ours, and other significant risks and uncertainties referenced and discussed under the heading “Risk Factors” in Filings with the Securities and Exchange Commission. In addition, there is uncertainty as to the spread of the Covid-19 virus and the impact it could have on the operations of the Company, the demand for the services of the Company and the economic activity in general.

The statements contained in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company assumes no obligation to update any forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

Company details :

Bill korn

Financial director

CareCloud

[email protected]

Investor contact:

Matt Kreps, Managing Director

Darrow Associates Investor Relations

[email protected]

(214) 597-8200

Disclaimer

CareCloud Inc. published this content on September 22, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on September 22, 2021 01:11:02 PM UTC.

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