COLLEYVILLE, Texas, Oct. 23, 2007 (PRIME NEWSWIRE) -- digiMedical Solutions, Inc. (Pink Sheets:DGMS) today announced the company has entered into a contract with Rockland Credit Finance to finance its pharmacy receivables. Previous to the financing contract, prescription reimbursement from third party insurance would take an average of forty-five (45) days. Under this new agreement, digiMedical will receive eighty (80) percent of the billable amount within 24 to 48 hours from the time the prescription is purchased.
David Lee, CEO of digiMedical, stated, "We are very pleased with our new relationship with Rockland Credit Financing and with the favorable terms we have negotiated. This new financing agreement will close the cash flow gap created by the 45 day reimbursement window and will enable us to increase our inventory and increase our sales to meet market demands. This is the first of two new financing relationships we have been developing. We anticipate increased revenue growth over the next quarter as we implement this new agreement."
To be added to digiMedical's corporate e-mail list for shareholders and interested investors, please send an e-mail to ir@digimedical.com.
About Rockland Credit Finance (www.rocklandcredit.com)
Rockland Credit Finance LLC purchases invoices. Invoices may be generated for goods delivered or services performed. Most of the gross invoice amount is advanced to you immediately via direct wire to your bank account. When the account debtor (the customer) pays, we take back the amount advanced plus our fee, which is based on the time it takes for the invoice to be paid and the amount factored. The remainder is remitted to you immediately. Our principals have been in the business for 30 years and we service companies in a broad range of industries. This extensive experience and industry knowledge enables us to share more than just factoring services with our clients. Rockland Credit Finance has the knowledge and experience to meet your needs. Rockland Credit Finance is committed to working with its clients to minimize costs and improve Cash Flow.
About digiMedical Solutions, Inc. (tm) (www.digiMedical.com)
digiMedical Solutions, Inc.(tm) is a pharmacy and medical technology company focused on developing next generation, digital medical technology with an emphasis on digital prescriptions (d-Prescriptions) that closely align the doctor, pharmacist and patient. The company's planned growth will come from three channels: direct marketing of the company's wireless based d-Prescription technology to physicians, acquisition of independent pharmacy chains and the sale of select territories to ``market partners'' licensed to exploit the digiMedical Solutions(tm) model. digiMedical Solutions, Inc.(tm) currently owns and operates six pharmacies throughout Texas and Florida and is a Microsoft Independent Software Vendor (ISV). digiMedical Solutions'(tm) unique business model connects physicians, patients and pharmacies with next generation medical technologies.
Forward-Looking Statement
Statements included in this press release which are not historical in nature, are intended to be, and are hereby identified as "Forward-Looking Statements" for purposes of safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended. Forward-Looking Statements may be identified by words including "anticipate," "await," "envision," "foresee," "aim at," "believe," "intends," "estimates" including without limitation, those relating to the company's future business prospects, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the Forward-Looking Statements. Readers are directed to the company's filings with the U.S. Securities and Exchange Commission for additional information and a presentation of the risks and uncertainties that may affect the company's business and results of operations.