Certive Announces Modification of Omega Asset Purchase Agreement and Related Share Issuance Plus, a New Board-Approved Debt Settlement Program Scottsdale, Arizona and Vancouver British Columbia - Certive Solutions Inc. (OTCQB: CTVEF CSE: CBP) (“Certive” or the “Company”), is pleased to announce the following business developments.
Revised Asset Purchase Agreement - Certive has restructured $500,000 owing for its previously announced Asset Purchase Agreement of the assets of Florida-based Omega Technology Solutions LLC in the following manner:
•After Certive’s recent payment of US$50,000 on March 14th, 2019 to the SMA Group LLC, managing member of Omega Technology Solutions LLC, four additional payments of US$50,000 will be paid as follows: May 31, 2019, August 31, 2019, November 30, 2019, and February 29, 2020.
•Payment of an additional US$250,000 will be made based on the results of each financial quarter commencing March 1, 2019. These quarterly payments shall consist of 25 percent of the net income of the Omega division for each quarter. If the total amount of US$250,000 is not paid by August 31, 2020, the remaining outstanding balance will be due on that date. Share Issuance
- In addition to the foregoing, Ann Fierro, the founder of Omega Technology Solutions LLC, who previously agreed to the conversion of the original $600,000 Promissory Note into 10,000,000 shares of Certive at a deemed rate of US$0.06 per share has agreed to accept the issuance of such shares. Certive will issue such shares per her direction within the week. Under a new employment agreement, Ann Fierro continues to serve as President of Certive’s Omega division known as Omega Technology Solutions Inc. Debt Settlement Program
– Certive’s Board recently approved a debt settlement program for past due amounts owed for professional services rendered to the Company by certain former consultants, vendors and directors of the Company. The Company is offering to settle such debts with a one-time 25% cash payment or for shares of stock based on a deemed value of US$0.14 per share.
For more information regarding this announcement, please visit our website at www.certivehealth.com, or contact Certive directly at 480-922-5327. Scott Thomas Investor Relations, Certive Solutions Inc. [email protected]
About Certive Solutions Inc. Certive Solutions Inc. (Scottsdale, Arizona) provides revenue cycle management solutions to the U.S. healthcare market through it’s wholly owned U.S. operating subsidiary, Certive Health Inc. (Certive Health). Certive Health's claim audit and recovery services, billing services, and software solutions help providers work with payers to efficiently manage the reimbursement process and improve financial performance. Certive Health's highly skilled and experienced management team, combined with proprietary workflow and analytics, audit and identify, and bill and collect, underpayments in accordance with contractual obligations between the public or commercial insurance carrier and the designated provider. The healthcare market is changing. Certive Health works with clients to provide efficient and effective solutions aligned with reform initiatives to improve healthcare and reduce costs.
FORWARD-LOOKING AND OTHER STATEMENTS
his press release contains forward-looking statements. These statements relate to future events or future performance and reflect our expectations and assumptions regarding our growth, financial performance, results of operations, business development activities and business prospects and opportunities. Such forward-looking statements reflect our current beliefs and are based on information currently available to us. In some cases, forward-looking statements can be identified by terminology such as “may”, “would”, “could”, “will”, “should”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, or the negative of these terms or other similar expressions concerning matters that are not historical facts. A number of factors could cause actual events, performance or results, including those in respect of the foregoing items, to differ materially from the events, performance and results discussed in the forward-looking statements. Factors that could cause actual events, performance or results to differ materially from those set forth in the forward-looking statements include, but are not limited to:
•The effect of continuing operating losses on the Company’s ability to obtain, on satisfactory terms, or at all, the capital required to remain a going concern;
•The ability of the Company to attract new customers and to realize its business objectives; •the ability of the Company to retain its customers and to maintain existing contractual obligations, and to realize revenues from existing contracts;
•The ability of the Company to reduce costs and improve scalability of its operations;
•The ability to obtain sufficient and suitable financing to support operations, development and commercialization of our services; •the risks associated with the development of our technology;
•The risks associated with the increase in operating costs from additional development costs and increased staff;
•The ability of the Company to execute appropriate strategic growth initiatives including acquisitions;
•The timing and nature of feedback from customers; and
•Our ability to successfully compete in our targeted markets. Although the forward-looking statements contained in this press release are based on what we consider to be reasonable assumptions based on information currently available to us, there can be no assurance that actual events, performance or results will be consistent with these forward-looking statements, and our assumptions may prove to be incorrect.
These forward-looking statements are made as of the date of this press release. Forward-looking statements made in this press release are made as of the date of the original document and have not been updated by us except as expressly provided for in this press release. As required by securities legislation applicable to reporting issuers, it is our policy to update, from time to time, forward-looking information in our periodic management discussions and analyses and provide updates on our activities to the public through the filing and dissemination of news releases and material change reports.