Monthly Archives: June 2014

2014
06/25

Category:
Finance

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Indonesian Finance Minister Interview: The Economy Stalled Because We …

Last May, when Ben Bernanke made unexpected comments about tapering and set off a brutal sell-off in emerging market assets, nowhere in southeast Asia was more badly affected than Indonesia. Named as a member of the so-called Fragile Five – a group of countries that had both budget and current account deficits, and were therefore especially vulnerable – Indonesia suffered foreign capital flight, a slowdown in economic growth, a falling currency and plunging foreign exchange reserves.

But in an interview I conducted with finance minister Muhamad Chatib Basri, featured in full in this month’s edition ofAsiamoney magazine, we hear a version of events that may seem surprising: it was all part of a cunning plan.

“The slowdown of the economy,” he says firmly, holding eye contact, “was by design.”

Not the first bit, the current account deficit: that was unavoidable, a side-effect of Indonesia’s own success, Basri says.”We are a country with a young population. Most of our population are workers aged less than 30,” he says. This has led to a consumption boom. “People in their initial career will start to buy cars, motorcycles; that’s why the growth of motorcycles in Indonesia is one of the highest in the world.”

The growth of wealth amongst this sector sounds mild in world terms, but in fact a pivotal level has been reached. In 2003, he says, the proportion of people who would spend $4 per day or more was about 5%; by 2010 it was 18%. “In a country of 240 million people, the additional number is about 40 million people, larger than the populations of Malaysia, Singapore and Australia combined,” he says.

This has been fertile ground for foreign consumer companies: Toyota, Unilever and L’Oreal are examples of multinationals with large production bases in Indonesia.But the problem is, this sudden new army of young consumers wanted goods at a rate that Indonesia just could not meet domestically. “This big young middle class population had huge demands. We became a victim of our own success: the economy grew 6.5% and people demanded things that couldn’t be entirely supported from the supply side. And if a product is not available, they are going to buy imports.” 92% of Indonesia’s imports are capital goods and raw materials; when the economy does well, Indonesia imports more of these things, and inevitably the current account deficit climbs. Early last year it reached 4.4% of GDP, or $10 billion, and this is what markets identified as weakness when the tapering sell-off took hold.

What to do? “As a minister of finance, I have two choices,” Basri says. “The ideal one would be to expand the supply side, increase productivity, improve infrastructure, and improve the quality of human resources. But I completely understand it takes time to get there.

“If I cannot handle this from the supply side, my only option is to slow down demand.”

This version of events does have some merit. By Basri’s telling, two things did the job: a 44% reduction in the fuel subsidy, and the central bank’s decision to raise rates by 175 basis points, causing the currency to depreciate. “It’s a standard model for handling a current account deficit,” he says. “Within four months, we were able to manage this issue, from 4.4% to 1.9%, or $4 billion. I don’t think this will be a major issue in the future.”

In the interview, Basri also talks about improvements in capital flows, a full recovery in foreign exchange reserves, and the need for greater clarity from the Federal Reserve on tapering and, subsequently, interest rate hikes. He calls for a reinvention of Indonesia’s economic base away from natural resources, and says that the biggest single threat to the Indonesian economy is a slowdown in China. He also says, as many of his predecessors have, that a new land acquisition law will open the bottleneck in Indonesian infrastructure development. Click the link above for the full article.

Basri will soon step down as finance minister when a new president is elected on July 9. It is a mighty piece of democracy, with 186 million voters going to the polls, and is a closer race than it at first appeared: front runner Joko Widodo, governor of Jakarta, still leads from former general Prabowo Subianto, but the gap has narrowed in recent weeks. The election, and the possible impact of its outcome on investors, will be discussed in a later post.

2014
06/25

Category:
Revenue

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Google Play Quarterly App Revenue More Than Doubled Over Past Year …

How well the Android app marketplace on Google Play is performing is the subject of a new report from recently expanded app analytics firm App Annie, out today ahead of this weeks Google I/O 2014 developer conference. The report indicates that the past year has been significant for Android app publishers, as Google Play apps, downloads, and revenue have all seen what the firm referred to as phenomenal growth.

Most notably, Google Play quarterly app revenue a number that tends to trail that of Apples iOS App Store has more than doubled over the past year, up 2.4x from Q1 2013 to Q1 2014, App Annie says.

The report, unlike many in the industry, is not sponsored by or funded by the subject in question Google; but the company is a customer of its products, App Annie notes.

App Annie also estimates there are now well over 1 million apps on Google Play, after Google publicly announced the 1 million app milestone last summer. (App Annie did not have a more exact estimate on hand, when we asked.) However, it did note that the number of apps grew by approximately one-third between July 2013 and April 2014, if you wanted to ballpark it a bit.

Downloads, as would be expected, have also grown by 1.5x year-over-year.

But raw numbers of apps on hand and apps on phone dont mean much to mobile app developers if theres not the potential for revenue.

Thats historically been a challenge for Google Play, which has seen the Amazon Appstore competitor giving developers a better shot on this front, according to several reports. And iOS still generates more revenue for developers overall, though Google Play has been narrowing that gap in recent months.

Today, App Annie says that the growth in Google Play downloads and revenue represents an expanding opportunity for developers, with quarterly app revenue more than doubling from Q1 2013 to Q1 2014. Revenue growth is also now outpaces download growth, and this is in large part due to growth of the games category, in particular.

In Q1 2014, games accounted for nearly 90% of Google Play app revenue, up from 80% in the same quarter last year, although they make up just 40% of downloads.

Downloads, meanwhile, are growing across almost all categories with tools and communication categories seeing particularly high downloads, and communication and social apps seeing high revenue growth.

Freemium (ie free to play) was a huge factor here, too, with revenue from freemium apps climbing to around 98% of total Google Play revenue in May 2104.

As for Google Plays regional significance, the US tops the charts in terms of downloads, followed by Brazil, Russia, South Korea and India. But its Japan thats leading on revenue, followed by the US, South Korea, Germany and the UK

In Q1 2013, South Korea was in front of the US when it came to revenue, so this is a notable change.

2014
06/24

Category:
Finance

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NHS cash problems will get worse next year, finance chiefs believe

The NHSs financial problems are set to worsen next year, with more hospitals ending up in the red, the health servicess finance managers have warned.

Growing demand for care, pressure on Aamp;E units and the need to hire more nurses to ensure high standards of treatment are driving up costs for NHS care providers, the Healthcare Financial Management Association found.

Its survey of 188 finance directors of NHS organisations found that just 12% of 129 hospital finance directors believe their trust will achieve its financial targets in 2015-16, while 44% do not.

Similarly, just one in four finance directors in GP-led clinical commissisoning groups, who commission and pay for care, said they would meet their targets.

Professor John Appleby, chief economist at the Kings Fund thinktank, said: This report echoes our own surveys and highlights a truth now widely acknowledged within the NHS – that it is heading towards a financial crisis in 2015-16, if not before. The HFMAs report is published amid speculation that ministers are being lobbied by senior Liberal Democrats to give the service a £2bn bailout this autumn in order to keep it running smoothly.

A mere 2% of hospital finance chiefs and 11% of their clinical commissioning group counterparts think the Better Care Fund – the governments flagship policy to reduce demand for NHS care by looking after more people at home by taking £2bn away from hospitals – will help improve the services they provide when it starts next April, the HFMA found.

Julia Manning, chief executive of 20/20 Health, another thinktank, said the NHS could save billions by reducing fraud and waste and urged politicians to have an honest debate about what the NHS can be expected to deliver.

More positively, 92% of NHS finance bosses expect the quality of care to improve or stay the same over the next few years, despite the expectation of increasingly widespread financial distress.

The Department of Health said it expected the NHS to live within its means. Weve taken tough decisions to protect the NHS budget and the system is on track to make £20bn savings this parliament to reinvest into frontline care. We are confident that the NHS will continue to make the savings necessary to meet rising demand, said a spokesman.

Trust chief executives need to have a tight financial grip to keep delivering high quality services whilst making the savings necessary to meet rising demand.

Dr Mark Porter, leader of the British Medical Association, accused the coalition of cutting investment in the NHS, fragmenting care and prioritising the tendering of services to private firms. As an example of the bizarre market culture that has emerged, he said that in Bedfordshire and Milton Keynes, the management consultant firm McKinsey, carrying out a £3m review of services, has written to 500 providers, including dissolved UK trusts and one in the US offering faith-based healthcare, for expressions of interest in running local services.

2014
06/24

Category:
Secured Financing

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GASFRAC Announces Financing Commitment Letter

CALGARY, ALBERTA — (Marketwired) — 06/04/14 — GASFRAC Energy Services Inc. (TSX:GFS) (the Corporation) is pleased to announce that it has entered into a commitment letter with a Canada Branch of a US Federally Chartered Bank providing for up to $60,000,000 of senior secured financing (the Facility). The Facility is anticipated to be a five year revolving credit facility of up to $60,000,000, subject to a borrowing base. Initially $35,000,000 will be available under the Facility, with availability subject to increase based on future performance of the Corporation. Closing of the Facility is subject to satisfactory completion of certain conditions, including due diligence and the execution of definitive loan and security agreements.

GASFRAC CEO, Jim Hill commented: We are very pleased to have entered into a commitment agreement for this new revolving credit facility. The refinancing of our current outstanding senior debt has been a strategic priority and this new revolving credit facility should add strength and flexibility to our balance sheet going forward. We remain committed to maintaining financial discipline and to reposition GASFRAC to deliver value for all our stakeholders.

GASFRAC Energy Services, Inc. is an oil and gas technology and service company headquartered in Calgary, Alberta and the sole provider of gelled LPG fracturing technology and other fluid fracturing systems in North America.

This news release contains certain statements that constitute forward-looking statements under applicable securities legislation. All statements other than statements of historical fact are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as may, will, should, expect, plan, anticipate, believe, estimate, predict, potential, continue, or the negative of these terms or other comparable terminology. These statements are only as of the date of this document and we do not undertake to publicly update these forward looking statements except in accordance with applicable securities laws. Forward-looking statements including completion of the Facility are based on current expectations, estimates, projections and assumptions, which we believe are reasonable but which may prove to be incorrect and therefore such forward-looking statements should not be unduly relied upon. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: industry activity; the general stability of the economic and political environment; effect of market conditions on demand for the Corporations products and services; the ability to obtain qualified staff, equipment and services in a timely and cost efficient manner; the ability to operate its business in a safe, efficient and effective manner; the performance and characteristics of various business segments; the effect of current plans; the timing and costs of capital expenditures; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding environmental matters in the jurisdictions in which the Corporation operates; and the ability of the Corporation to successfully market its products and services. Forward-looking statements are subject to a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks and uncertainties include: the ability of the Corporation to satisfy all conditions related to the financing, fluctuating prices for crude oil and natural gas; changes in drilling activity; general global economic, political and business conditions; weather conditions; regulatory changes; the successful exploitation and integration of the technology; customer acceptance of the technology; success in obtaining issued patents; the potential development of competing technologies by market competitors; and availability of products, qualified personnel, manufacturing capacity and raw materials. In addition, actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth under the section entitled Business Risks in the Corporations MDamp;A filed on SEDAR.

2014
06/23

Category:
Secured Financing

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Credit Acceptance Announces: Certain Operating Results

 

(1)     New active dealers are dealers who
enrolled in our program and have received funding for their first
dealer loan or purchased loan from us during the period.

(2)     Attrition is measured according to
the following formula:  decrease in Consumer Loan unit volume
from dealers who have received funding for at least one dealer loan
or purchased loan during the comparable period of the prior year
but did not receive funding for any dealer loans or purchased loans
during the current period divided by prior year comparable period
Consumer Loan unit volume.

Notice to Investors

This release is for informational purposes only
and is not an offer to buy or the solicitation of an offer to sell
any shares of Credit Acceptances common stock.  The
solicitation of offers to buy Credit Acceptances common stock is
only being made pursuant to the Offer to Purchase and related
materials that Credit Acceptance has filed on Schedule TO with the
Securities and Exchange Commission (the
SEC).  Shareholders are urged to read Credit
Acceptances Tender Offer Statement on Schedule TO (the
Statement) filed with the SEC in connection with the tender
offer, which includes as exhibits the Offer to Purchase and the
related Letter of Transmittal, as well as any amendments or
supplements to the Statement when they become available, because
they contain important information.  Each of these
documents has been or will be filed with the SEC, and shareholders
may obtain them free of charge from the SEC at the SECs Website
(http://www.sec.gov/) or from Georgeson, Inc., the Information
Agent for the tender offer, toll free at (866) 729-6818.

Cautionary Statement Regarding
Forward-Looking Information

Statements in this release that are not historical facts, such
as those using terms like may, will, should, believe,
expect, anticipate, assume, forecast, estimate, intend,
plan, target and those regarding our future results, plans and
objectives, are forward-looking statements within the meaning of
the federal securities laws.  These forward-looking statements
represent our outlook only as of the date of this release. 
Actual results could differ materially from these forward-looking
statements since the statements are based on our current
expectations, which are subject to risks and uncertainties. 
Factors that might cause such a difference include, but are not
limited to, the factors set forth in Item 1A to our Form 10-K for
the year ended December 31, 2013, filed with the SEC on February
14, 2014, other risk factors discussed herein or listed from time
to time in our reports filed with the SEC and the following:

  • Our inability to accurately forecast and estimate the amount
    and timing of future collections could have a material adverse
    effect on results of operations.
  • We may be unable to execute our business strategy due to
    current economic conditions.
  • We may be unable to continue to access or renew funding sources
    and obtain capital needed to maintain and grow our business.
  • The terms of our debt limit how we conduct our business.
  • A violation of the terms of our asset-backed secured financing
    facilities or revolving secured warehouse facilities could have a
    materially adverse impact on our operations.
  • The conditions of the US and international capital markets
    may adversely affect lenders with which we have relationships,
    causing us to incur additional costs and reducing our sources of
    liquidity, which may adversely affect our financial position,
    liquidity and results of operations.
  • Our substantial debt could negatively impact our business,
    prevent us from satisfying our debt obligations and adversely
    affect our financial condition.
  • Due to competition from traditional financing sources and
    non-traditional lenders, we may not be able to compete
    successfully.
  • We may not be able to generate sufficient cash flows to service
    our outstanding debt and fund operations and may be forced to take
    other actions to satisfy our obligations under such debt.
  • Interest rate fluctuations may adversely affect our borrowing
    costs, profitability and liquidity.
  • Reduction in our credit rating could increase the cost of our
    funding from, and restrict our access to, the capital markets and
    adversely affect our liquidity, financial condition and results of
    operations.
  • We may incur substantially more debt and other
    liabilities.  This could exacerbate further the risks
    associated with our current debt levels.
  • The regulation to which we are or may become subject could
    result in a material adverse effect on our business.
  • Adverse changes in economic conditions, the automobile or
    finance industries, or the non-prime consumer market could
    adversely affect our financial position, liquidity and results of
    operations, the ability of key vendors that we depend on to supply
    us with services, and our ability to enter into future financing
    transactions.
  • Litigation we are involved in from time to time may adversely
    affect our financial condition, results of operations and cash
    flows.
  • Changes in tax laws and the resolution of uncertain income tax
    matters could have a material adverse effect on our results of
    operations and cash flows from operations.
  • Our dependence on technology could have a material adverse
    effect on our business.
  • Reliance on third parties to administer our ancillary product
    offerings could adversely affect our business and financial
    results.
  • We are dependent on our senior management and the loss of any
    of these individuals or an inability to hire additional team
    members could adversely affect our ability to operate
    profitably.
  • Our reputation is a key asset to our business, and our business
    may be affected by how we are perceived in the marketplace.
  • The concentration of automotive dealers that participate in our
    program in several states could adversely affect us.
  • Failure to properly safeguard confidential consumer information
    could subject us to liability, decrease our profitability and
    damage our reputation.
  • A small number of our shareholders have the ability to
    significantly influence matters requiring shareholder approval and
    such shareholders have interests which may conflict with the
    interests of other security holders.
  • Reliance on our outsourced business functions could adversely
    affect our business.
  • Natural disasters, acts of war, terrorist attacks and threats
    or the escalation of military activity in response to these attacks
    or otherwise may negatively affect our business, financial
    condition and results of operations.

Other factors not currently anticipated by management may also
materially and adversely affect our results of operations.  We
do not undertake, and expressly disclaim any obligation, to update
or alter our statements whether as a result of new information,
future events or otherwise, except as required by applicable
law.

Description of Credit Acceptance
Corporation

Since 1972, Credit Acceptance has offered
automobile dealers financing programs that enable them to sell
vehicles to consumers, regardless of their credit history. 
Our financing programs are offered through a nationwide network of
automobile dealers who benefit from sales of vehicles to consumers
who otherwise could not obtain financing; from repeat and referral
sales generated by these same customers; and from sales to
customers responding to advertisements for our product, but who
actually end up qualifying for traditional financing.

Without our financing programs, consumers are
often unable to purchase a vehicle or they purchase an unreliable
one.  Further, as we report to the three national credit
reporting agencies, an important ancillary benefit of our programs
is that we provide a significant number of our consumers with an
opportunity to improve their lives by improving their credit score
and move on to more traditional sources of financing.  Credit
Acceptance is publicly traded on the NASDAQ under the symbol
CACC.  For more information, visit creditacceptance.com.

CONTACT: Investor Relations: Douglas W. Busk
Senior Vice President and Treasurer
(248) 353-2700 Ext. 4432
IR@creditacceptance.com

Source: Credit Acceptance Corporation

2014
06/23

Category:
Secured Financing

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Epazz Has Secured Financing to Acquire College Software Company; Epazz …

CHICAGO, IL, United States, via eTeligis Inc., 06/05/2014 – – Epazz, Inc. (OTC Pink: EPAZ) (PINKSHEETS: EPAZ), a leading provider of cloud-based business software solutions, announced that the Company has secured financing to acquire a software company used by Midwestern US colleges and universities. No common shares will be issued from this financing. This new acquisition is expected to increase Epazzs revenue stream by generating $300,000 in recurring revenues during the first year. Epazz expects to complete the acquisition in the second quarter.

The target company was founded in the 2000s and has a long history of profitability. The companys software product is considered to be truly unique. There are few companies in the market that offer such an all-encompassing software suite within their target market, making this move quite strategic for Epazzs projected growth.

Epazz has been increasing its global distribution channels and continues to search for suitable acquisitions. Epazz CEO Shaun Passley, PhD, noted, This acquisition will be immediately accretive to our revenue and profit streams. It will provide a solid customer base and open up many opportunities to cross-sell customers on Epazzs BoxesOS portal software, DeskFlex room scheduling software, Agent Power, Nortel workforce management software add-on, and Cisco call center software add-on. Intellisys energy management software, AutoHire applicant tracking system, K9 Bytes kennel software, and MS Health EMR software. With the synergies of our companies, customers can continue to look forward to innovative, effective, and efficient software tools geared to enhancing their business processes. Epazz is in negotiations to acquire several other B2B software companies. Epazzs action is a clear reflection of its long-term strategic growth plan to acquire profitable B2B software companies.

About Epazz, Inc. (www.epazz.com)

Epazz, Inc., is a leading cloud-based software company that specializes in providing customized cloud applications to the corporate world, higher education institutions, and the public sector. Epazz BoxesOSv3.0 is the complete web-based software package for small to mid-size businesses, Fortune 500 enterprises, government agencies, and higher education institutions. BoxesOS provides many of the web-based applications that organizations would usually buy separately. Epazzs other products include AgentPower, a workforce management software, and AutoHire, an applicant tracking system.

SAFE HARBOR

Safe Harbor statements are protected under the Private Securities Litigation Reform Act of 1995: Certain statements contained in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the use of such terms as may, expect, intend, estimate, anticipate, believe, continue or the negatives thereof or similar terminology. Such forward-looking statements are subject to risk, uncertainties, and other factors that could cause actual results to differ materially from future results or from results implied by such forward-looking statements. Investors are cautioned that any forward-looking statements are not guarantees of future performance and that actual results may differ materially from those contemplated by such forward-looking statements. Epazz, Inc., assumes no obligation, does not intend to update these forward-looking statements, and takes no obligation to update or correct information prepared by third parties that is not paid for by Epazz, Inc. Investors are encouraged to review Epazzs public filings on SEC.gov, including its unaudited and audited financial statements, Registration Statement, and Form 10-Ks and Form 10-Qs, which contain general business information about the Companys operations as well as results of operations and risks associated with the Company and its operations. Penny stock picks need to be researched. Please do your due diligence and review all of our filings.

CONTACT:

For more information please contact:

Investor Relations

investors@epazz.net

(312) 955-8161

www.epazz.com

SOURCE: Epazz, Inc.

2014
06/23

Category:
Credit Cards

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Teens Use Fraudulent Credit Cards to Rent Sports Car, Vacation Home

Two teens who used fraudulent credit card numbers to rent an expensive sports car were thwarted when the car was reported stolen and they were pulled over by Sonoma County sheriffs deputies in Roseland on Wednesday, sheriffs officials said.

After deputies pulled the 2012 McLaren over on Dutton Avenue on Wednesday, deputies discovered that the two 19-year-olds had also rented a $12 million vacation home for $27,000 using the same credit card numbers, sheriffs officials said.

The teens were identified as Rohnert Park resident Mohannad Halaweh and Santa Rosa resident Nhimia Kahsay.

Halaweh was booked into county jail on suspicion of possession of stolen property and credit card fraud. He is being held under $100,000 bail.

  • More Smart Cars Tipped in Overnight Pranks in San Franciscos Twin Peaks, Cole Valley

Kahsay was booked on suspicion of outstanding fraud warrants from Del Norte County under $60,000 bail.

Anyone with information about the case has been asked to call Detective Donald Fletcher at (707) 565-2202.

2014
06/22

Category:
Secured Financing

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Gamesa secures Chinese financing for Uruguay project

Gamesa secures Chinese financing for Uruguay project

5 June 2014

by David Weston
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URUGUAY: Gamesa has secured financing from a Chinese bank to supply turbines to the 50MW Talas de Maciel II wind project in Uruguay.

Gamesa will manufacture the 2MW turbines in China

The China Minsheng Banking Corp has granted Gamesa a loan to manufacture the turbines. They will be used at the 50MW site being developed in Uruguay by Spanish company Abengoa.

The manufacturer will supply 25 turbines to the project, which is expected to be brought online by the end of this year.

Under the finance deals local content clauses, the turbines for the project in south-west Uruguay will be made in Tianjin, north-west China.

In an interview with Windpower Monthly earlier this year, Uruguayan national director of energy Ramoacute;n Mendez said the country has no plans to build a domestic wind industry, leaving the road open for manufacturers to import components.

Mendez said the capacity that Uruguay can install is too small. We try to generate a productive integration primarily with Brazil, to try producing wind turbines that may have Uruguayan components, Mendez added.

2014
06/22

Category:
Secured Financing

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Healthcare Corporation of America Announces a Convertible Secured Financing …

Healthcare Corporation of America (HCCA), today announced that it secured $2.95 million in new financing.

DENVILLE, N.J (PRWEB) June 03, 2014

Healthcare Corporation of America (HCCA), (the Company) today announced that it secured $2.95 million in new financing. The company closed on $2.2 million in new financing as well as securing an agreement to fund $750,000 in additional funding by June 15, 2014.

The Company issued three-year secured convertible debentures in the aggregate principal amount of $3.2 million, bearing interest at 10.0% per annum, and warrants to purchase approximately 64.3 million shares of the Companys common stock at an exercise price of $0.10 per share. The debentures are convertible at a price of $0.05 per share.

Of the $3.2 million of new debentures, $2.2 million was of new funding and $1.0 million was converted from the April 2014 bridge loan (principal plus accrued interest). Pursuant to the terms of the agreements, the Company can raise an additional approximately $2.1 million. In addition, the Company may convert up to $775,000 of accounts payable and other debt into securities having substantially the same terms and conditions as the terms of the new financing.

Concurrently with the new funding, the Company entered into an Amended and Restated Loan and Security Agreement with Partners For Growth III, LP (PFG) pursuant to which the terms of its loan to the Company was revised such that, among other things, its $5.73 million promissory note (including accrued interest) was amended to be convertible at a price of $0.15 per share and the outstanding warrants to purchase 3.7 million shares were amended to be exercisable at $0.15 per share.

The Company will file a Form 8-K with the Securities and Exchange Commission that includes a detailed description of both the transaction with PFG and the new financing transaction. Access to the Current Report on Form 8-K will also be able to be found on the SEC section of the Companys website at http://www.HCCARX.com.

Chardan Capital Markets (http://www.chardancm.com) acted as the sole placement agent for the new financing transactions.

About Healthcare Corporation of America

Based in Denville, NJ, Healthcare Corporation of Americas (HCCA) (http://www.hccarx.com) mission is to reduce prescription drug costs for clients while improving the quality of care for its members and their families. The Company is a proven industry leader that offers comprehensive Pharmacy Benefit Management (PBM) services to employers, unions, and third party administrators. The Company also provides innovative, proprietary 340BasicsSM software and turnkey solutions that enable real-time eligibility processing to help covered entities and hospitals improve their capture rate and manage all processes related to the Federal 340B Drug Discount Program. The Company’s deep industry expertise, unique clinical programs and innovative software and services facilitate our intensive auditing capabilities for both PBM and 340B programs for maximum financial savings, compliance, as well as improved quality of care for its clients and members.

2014
06/21

Category:
Credit Cards

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Teen accused of using stolen credit card to rent $240000 sports car

A Northern California teen faces criminal charges connected with using stolen credit cards to rent a $240,000 sports car and a $12 million vacation home, authorities said.

Mohannad Halaweh,19, of Rohnert Park, was scheduled to appear in court Monday on multiple charges, including vehicle theft and several identity theft-related charges, according to Sonoma County Superior Court records.