MTBC (NASDAQ:MTBC) (NASDAQ: MTBCP), a leading provider of
cloud-based healthcare IT solutions and services, today announced
that MTBC’s Board of Directors has unanimously approved the
recommendation of its Founder, Chairman and CEO, Mahmud Haq,
to promote two members of MTBC’s senior leadership team effective
January 1, 2018. Mahmud Haq will assume the role of Executive
Chairman of the Board of Directors, Stephen Snyder, MTBC’s
President, will be appointed CEO, and A. Hadi Chaudhry, MTBC’s VP
of Global Operations, will be appointed President.
“We’re very pleased to make this announcement
during a banner year of corporate achievements,” said Mr.
Haq. “During 2017, our leadership team enabled MTBC to
repay $10 million of debt from Opus Bank ahead of schedule; fully
pay the $5 million balance of our acquisition debt to Prudential;
secure a $5 million revolving line of credit to support additional
growth from Silicon Valley Bank; and grow our revenue and adjusted
EBITDA to record levels. We also raised $17.5 million,
under the leadership of our CFO, Bill Korn, through a series of
successful public offerings.”
“The appointments of Stephen and Hadi are part
of a plan that has been in the works for some time,” continued Mr.
Haq. “I’ve worked closely with both Stephen and Hadi for more than
12 years and look forward to partnering with them for many more. I
have the utmost confidence that their experience managing MTBC’s
growth and their knowledge of the healthcare IT industry will
enable them to help us achieve our corporate objectives.”
Mr. Snyder joined MTBC in 2005 as Vice
President, General Counsel and Corporate Secretary and later served
as Chief Operating Officer, beginning January 2009. He was
appointed President in August 2011. Since that time, Mr. Snyder
spearheaded more than 15 acquisitions, has supported the business
operations team, and worked with MTBC’s CEO and CFO to complete the
Company’s successful Initial Public Offering. Mr. Snyder also
serves as a member of MTBC’s Board of Directors. Prior to joining
MTBC, Mr. Snyder practiced law with a New Jersey law firm.
Mr. Chaudhry joined MTBC in 2002 as Manager of
IT and later served as General Manager and Chief Information
Officer. He was appointed VP of Global Operations in October 2016.
Mr. Chaudhry has been a key leader in facilitating the successful
integration and transition of MTBC’s acquisitions, including MTBC’s
largest acquisition in 2016. Mr. Chaudhry also plays a key role in
managing client relationships, devoting a large amount of time to
helping them streamline their processes and maximize
reimbursements.
About MTBC
MTBC is a healthcare information technology
company that provides a fully integrated suite of proprietary
web-based solutions, together with related business services, to
healthcare providers throughout the United States. Our integrated
Software-as-a-Service (SaaS) platform helps our customers increase
revenues, streamline workflows and make better business and
clinical decisions, while reducing administrative burdens and
operating costs. MTBC's common stock trades on the NASDAQ Capital
Market under the ticker symbol “MTBC,” and its Series A Preferred
Stock trades on the NASDAQ Capital Market under the ticker symbol
“MTBCP.”
For additional information, please visit our
website at www.mtbc.com.
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Forward-Looking StatementsThis
press release contains various forward-looking statements within
the meaning of the Securities Act of 1933, as amended, and the
Securities Exchange Act of 1934, as amended. These statements
relate to anticipated future events, future results of operations
or future financial performance. In some cases, you can identify
forward-looking statements by terminology such as “anticipate”,
“believe”, “continue”, “could”, “estimate”, “expect”, “goals”,
“intend”, “likely”, “may”, “plan”, “potential”, “predict”,
“project”, “will” or the negative of these terms or other similar
terms and phrases.
Our operations involve risks and uncertainties,
many of which are outside our control, and any one of which, or a
combination of which, could materially affect our results of
operations and whether the forward-looking statements ultimately
prove to be correct. Forward-looking statements in this press
release include, without limitation, statements reflecting
management's expectations for future financial performance and
operating expenditures, expected growth, profitability and business
outlook, the ramp-up, revenue and retention of new and existing
clients, increased sales and marketing expenses, and the expected
results from the integration of our acquisitions.
Forward-looking statements are only current
predictions and are subject to known and unknown risks,
uncertainties, and other factors that may cause our actual results,
levels of activity, performance, or achievements to be materially
different from those anticipated by such statements. These factors
include, but are not limited to, the company's ability to manage
growth; integrate acquisitions; effectively transition, ramp-up,
and retain new and existing customers; comply with controlling
contractual obligations and legal requirements; and other important
risks and uncertainties referenced and discussed under the heading
titled “Risk Factors” in the Company's filings with the Securities
and Exchange Commission. Although we believe that the expectations
reflected in the forward-looking statements contained in this press
release are reasonable, we cannot guarantee future results, levels
of activity, performance, or achievements.
The statements 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
does not assume any obligations to update the forward-looking
statements provided to reflect events that occur or circumstances
that exist after the date on which they were made.
SOURCE MTBC
Company and Investor Contact:
Bill Korn
Chief Financial Officer
Medical Transcription Billing, Corp.
bkorn@mtbc.com
(732) 873-5133
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