Rushnet, Inc Announces Debt Restructuring to Significantly Increase Profitability and Cash Flow

ALPHARETTA, GA / ACCESSWIRE / May 20, 2022 / RushNet, Inc (OTC PINK:RSHN), (the “Company”) is pleased to announce the debt restructuring for the purchase of the existing heliosDX laboratory. Under the original agreement, heliosDX is to make a monthly payment of $64,000, with a lump sum payment due in 2024.

The initial purchase amount of the lab was $6,000,000 and currently with the new amortization schedule the company has an outstanding balance of approximately $4,400,000. The change to the current debt liability will allow heliosDX to defer payment until March 31, 2023, at an interest rate of 2% above prime on the monthly payment, not the sum of the overall balance. This is a significant advantage for heliosDX as the company pays very little interest to defer debt payments until 2023. heliosDX and the debtor have the right to terminate the restructuring on a quarterly basis if it is no longer necessary.

The benefit of such a restructuring has a significant impact on heliosDX and on the net result. As we progress through the process of spinning off Rushnet Inc., with the subsequent increase in expenses for legal counsel, accountants, auditors and other one-time costs, we have seen our profits erode. as shown in the first quarter financial statements. This will immediately relieve the pressure.

The restructuring allows the company to have an immediate impact on profitability and cash flow. In addition, it allows the company to avoid any adverse refinancing of loan debt which would be detrimental to the company and the shareholders.

This restructuring would not have been possible without the debtor’s willingness to understand and adhere to the long-term vision of the company and its objectives. heliosDX would like to sincerely thank the former management of Chattahoochee Physicians Laboratory Services for truly acting as a partner and adjusting debt terms in the best interests of the company and its shareholders.

About HeliosDx:

heliosDX is a national clinical reference laboratory offering high complexity urine drug testing (UDT), behavioral drug testing, allergy droplet maps, oral fluids, infectious disease (PCR) and NGS genetic testing. We are contracted in 44 of the lower 48 states and are looking to expand our reach and capabilities. We intend to always stay one step ahead by continuously investing in our infrastructure with the most effective scientifically proven instruments and the latest state-of-the-art software for patient and physician satisfaction. In management’s view, following these best practices is intended to enable heliosDX to provide physicians with timely and accurate reports that meet and exceed industry standards. Our goal is to excel in patient and client care through physician-designed panels that facilitate compliance testing and reporting training.

Contact: Ashley Sweat
[email protected]
Twitter username: @dx_helios

Safe Harbor Notice

Certain statements contained herein are “forward-looking statements” (as defined in the Private Securities Litigation Reform Act of 1995). The Company cautions that the statements and assumptions made in this press release constitute forward-looking statements and are not guarantees of future performance. Forward-looking statements are based on management’s estimates and opinions at the time the statements are made. These statements may address matters that involve significant risks, uncertainties, estimates made by management. Actual results could differ materially from current projections or implied results. The Companies undertake no obligation to revise these statements after the date of this press release.

Investor Warning/Additional Risk for Investors in Companies Claiming to Be Involved in COVID-19 Initiatives –

On April 8, 2020, SEC Chairman Jay Clayton and William Hinman, Director of the Corporate Finance Division, issued a joint public statement on the importance of disclosure during the COVID-19 crisis.

The SEC and self-regulatory organizations are targeting public companies that claim to have products, treatments or other strategies regarding COVID-19.

The ultimate impact of the COVID-19 pandemic on the Company’s operations is unknown and will depend on future developments, which are highly uncertain and cannot be predicted with certainty, including the duration of the COVID-19 outbreak. Additionally, new information may emerge regarding the severity of the COVID-19 pandemic, and any additional preventive and protective measures that governments or the Company may order, which could result in an extended period of continued business disruption. , reduced customer traffic and reduced operations. Any resulting financial impact cannot be reasonably estimated at this time.

We further warn investors that our main objective is to fight this pandemic for the good of the world. As such, we may find it necessary to make disclosures which are consistent with this objective, but which may be contrary to the pecuniary interests of the Company and its shareholders.

THE SOURCE: RushNet, Inc.

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