Life Science News

First Choice Healthcare Solutions, Inc.(OTCQB: FCHS), announced that its wholly owned subsidiary, Marina Towers, LLC, entered into a Purchase Agreement to sell its 78,000 square foot office building, Marina Towers, located in Melbourne, Florida to Global Medical Reit Inc. for a purchase price of $15.45 million.

First Choice Healthcare Solutions, Inc.(OTCQB: FCHS), announced that its wholly owned subsidiary, Marina Towers, LLC, entered into a Purchase Agreement to sell its 78,000 square foot office building, Marina Towers, located in Melbourne, Florida to Global Medical Reit Inc. for a purchase price of $15.45 million.
The material terms of the Agreement include:

(i) an “Advanced Deposit” paid by Seller by January 18, 2016 in the amount of $20,000 to the title company; (ii) an “Earnest Money” deposit paid by the Company by January 18, 2016 in the amount of $20,000 to the title company that will be applied to the Purchase Price at closing; (iii) the delivery by Seller of items identified on the preliminary due diligence checklist attached as an exhibit to the Agreement; (iv) a property inspection (“Due Diligence Period”) that will expire at 5:00 P.M. Eastern Time on February 8, 2016, during which time the Purchaser shall have the right to terminate this Agreement by written notice to the Seller in the event the Purchaser, in the Purchaser’s sole discretion, is not satisfied with the Property for any reason, provided that such notice is delivered (in accordance with the provisions of this Agreement) to Seller on or before 5:00 P.M. Eastern Time prior to the last day of the Due Diligence Period; (v) if this Agreement is not terminated, then this Agreement shall remain in full force and effect, and the Earnest Money deposit shall become non-refundable, except as otherwise expressly provided herein; (vi) a closing date that shall occur on or before 2:00 P.M. Central Time on March 7, 2016. The Agreement also contains additional customary covenants, representations and warranties.

Christian Romandetti, Chairman, President and CEO of First Choice:

We are very pleased to be in a position to leverage our valuable real estate asset to generate capital at a net cost of only 1.23% — capital that will be used to materially strengthen our Company’s balance sheet and provide us with working capital to support our aggressive growth and acquisition initiatives. More specifically, the sale proceeds will permit First Choice to reduce the debt on our balance sheet by over $8 million and increase our current cash position by approximately $7.5 million. Moreover, the improvement to our balance sheet will allow First Choice to meet a key listing qualification (net tangible assets) for an up-listing to a national stock exchange in the near future.

Click here to view the full press release. 
 

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