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May 18, 2009 American HealthChoice (AMHI or the “Company”) announces an update from Dr. Stucki, CEO, to the shareholders. Overall, the Company is improving financially by retaining positive cash flow, reducing debt and structuring itself for future growth.
Included in this update are the unaudited financials for the first and second quarters of 2008 (Qtr. 1 ending December 2007 and Qtr. 2 ending March 08). Also attached are the months of December 2008 and January through February of 2009. The work to fill in the “past” gaps with unaudited financials will continue without interrupting our sales and marketing efforts. The results for March, 2009, should be available and posted by June 15th and we expect to release the next Quarter’s results on time.
The OmniBody Scan sales cycle for domestic and international sales is longer than originally forecasted. But, we are currently at the stage with some very reputable companies wherein we have provided them with solid business proposals. While I am optimistic about these proposals, nothing can be assumed or taken for granted until the contracts are signed and announced. We have signed two (2) domestic agreements and we are actively pursuing more.
The future of our company is early detection of cancer through digital infrared thermal imaging with the OmniBody Scan. We are working diligently to get this product understood by the medical community. A very positive indicator has been the increase in the number of patients calling us looking for an OmniBody Scan facility.
Golden Gate Restructuring
In June 2008, we restructured our deal with Golden Gate with the following terms:
*Principal reduced to $350,000 at 4.75% with final payment due August 31, 2010.
*$7,500 cash principal payment for 26 months
*Cash interest payments on outstanding principal.
*$10,000 monthly conversions at average market, less 15%, for 15 months.
It is my opinion that these conversions, and subsequent sales of our stock into the market, have kept the price of the stock down. The good news is that the conversions are nearly over.
We are working diligently to reward our shareholders for their patience.
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