MIM News
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For further information
please contact: Barry A. Posner James Craig
Vice President Executive Vice President
MIM Corporation Healthcare Finance Group
914-460-1638 212-612-6294
mailto:[email protected]
MIM CORPORATION ANNOUNCES NEW $45 MILLION
WORKING CAPITAL AND ACQUISITION CREDIT FACILITY
WITH HEALTHCARE FINANCE GROUP
ELMSFORD, N.Y.--November 6, 2000--MIM Corporation (NASDAQ: MIMS), a pharmacy
benefit management, specialty pharmaceutical and fulfillment/e-commerce
organization (the "Company"), today announced that it has secured a $45 million
revolving credit facility (the "Facility") with HFG Healthco-4 LLC, an affiliate
of Healthcare Finance Group, Inc. ("HFG") in replacement of its existing credit
facilities with its former lenders. The Facility will be used for working
capital purposes and future acquisitions in support of its business plan.
The Facility features a three-year term and provides for borrowing of up to $45
million at the London InterBank Offered Rate (LIBOR) plus 2.1% and is secured by
receivables of the Company's primary operating subsidiaries.
"We are pleased to have increased our borrowing capacity with HFG," stated
Richard H. Friedman, Chairman and Chief Executive Officer of the Company. "This
new line will enable us to take better advantage of any acquisition
opportunities in support of our business plan. We're excited to be working with
an experienced healthcare lender such as Healthcare Finance Group."
Isaac Soleimani, Chairman and CEO of HFG stated, "we are pleased to be working
with Mr. Friedman and his experienced management team. We have great confidence
in MIM's ability to execute its business plan and look forward to assisting them
in achieving their goals by providing the low cost, flexible financing the
Company required."
MIM Corporation is a pharmacy benefit management, specialty pharmaceutical and
fulfillment/ e-commerce organization that partners with healthcare providers and
sponsors to control prescription drug costs. MIM's innovative pharmacy benefit
products and services use clinically sound guidelines to ensure cost control and
quality care. MIM's specialty pharmaceutical division specializes in serving the
chronically ill affected by life threatening diseases. MIM's fulfillment and
e-commerce pharmacy specializes in serving individuals that require long-term
maintenance medications. MIM's online pharmacy, www.MIMRx.com, develops private
label websites to offer affinity groups innovative, customized, health
information services and products on the Internet for their members.
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Healthcare Finance Group Inc. is a specialty finance company, catering
exclusively to the healthcare industry. Its management team has over 50 years
experience in healthcare finance, and has completed several hundred million
dollars of healthcare finance transactions. With offices in New York, Dallas,
and Chicago, HFG offers secured revolving credit facilities and term loans of $5
million and larger at the most competitive interest rates available. HFG
provides financing for acquisitions, major expansions or capital purchases,
general working capital, or to replace an existing financing with improved terms
and flexibility.
This press release may contain statements which constitute forward looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995, including statements regarding the intent, belief or current expectations
of the Company, its directors, or its officers with respect to the future
operating performance of the Company. Investors are cautioned that any such
forward looking statements are not guarantees of future performance and involve
risks and uncertainties, and that actual results may differ materially from
those in the forward looking statements as a result of various factors.
Important factors that could cause such differences are described in the
Company's periodic filings with the Securities and Exchange Commission,
including the Company's Annual Report on Form 10-K for the year ended December
31, 1999 and its Quarterly Reports on Form 10-Q for the periods ended March 31,
2000 and June 30, 2000.
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