BALDWINSVILLE, N.Y., March 23, 2009 (GLOBE NEWSWIRE) -- Patient Portal Technologies, Inc. (OTCBB:PPRG) (Patient Portal) announced today that it has filed Form 12b-25 requesting a fifteen day extension of time to file the Firm 10K for the year ended December 31, 2008.
The reason for the request is due to additional time necessary to properly research the appropriate disclosures resulting of the recently announced restructuring transaction with Dutchess Private Equities Fund, Ltd. As previously reported, a term sheet was executed and a definitive agreement was negotiated and is being finalized, which will result in the conversion of substantially all of the Dutchess debt into a new series of preferred stock and the retirement of all of the outstanding Dutchess warrants. This restructuring will have a significant positive impact on the company and its reported financial statements. This transaction is expected to close on or around March 31, 2009 and will require disclosure as a material subsequent event in the December 3, 2009 financial statements. The company expects to file the From 10K for the year ended December 31, 2009 within the prescribed 15 day grace period provided by this filing.
Patient Portal Technologies, Inc. assists hospitals in increasing financial performance by providing services that improve and enhance the patients' experience before, during and after their hospital stay. These services are delivered over the company's proprietary platform. The company provides its products and solutions to hospitals and healthcare facilities throughout the entire United States
To view the website and obtain Company information go to http://www.patientportal.com.