MTBC Secures $10M Credit Facility From Opus Bank to Support Growth Initiatives

Medical Transcription Billing, Corp. ("MTBC") MTBC, a leading provider of healthcare IT solutions today announced that is has secured a $10 million credit facility from the Technology Banking division of Opus Bank ("Opus") OPB. "The financing provided by Opus is a very important corporate milestone for MTBC," said Mahmud Haq, MTBC's CEO. He continued, "It will allow us to further pursue our acquisition strategy and make important investments in our sales and marketing infrastructure." The credit facility totaling $10 million was officially extended by Opus to MTBC on September 2, 2015. It consists of an initial term loan in the amount of $4 million, to repay outstanding debts, a $2 million revolving line of credit, and an additional term loan amount of $4 million, subject to MTBC's timely completion of its Series A Preferred Stock offering. Kevin McBride, Senior Managing Director of Opus' Technology Banking division, stated, "We are pleased to support MTBC with an expanded credit facility. MTBC is a dynamic leader in the healthcare information technology space and this financing will allow them to expand and create increased enterprise value." Douglas Stewart, Managing Director of Opus' Technology Banking division, added, "The new credit facility strengthens the company's capital structure and provides funds to help MTBC further accelerate its growth, including following its upcoming Series A Preferred Stock offering. We are proud to have earned the opportunity to become MTBC's lead commercial bank and look forward to continuing to support MTBC's future growth and success." Bill Korn, MTBC's CFO, said, "It has been a pleasure working with Doug and his team at Opus Bank. They took time to understand MTBC's objectives, and together we developed a financing solution that supports these objectives." He added, "They have been very responsive, and a pleasure to work with. Separately, we would also like to thank Kyle Kudla, VP Commerical Lending at TD Bank for all their support over the last 13 years." Additional information regarding the terms of the Opus credit facilities are disclosed in MTBC's Form 8-K, dated September 3, 2015, together with the exhibits thereto, all of which are available at www.sec.gov.