HOUSTON, Aug. 26, 2014 (GLOBE NEWSWIRE) -- Spine Pain Management, Inc. (OTCQB:SPIN), a technology-driven, financial services, medical device, and healthcare solution company servicing the multi-billion dollar spine injury sector, today announced the addition of Peter Dalrymple to the Board of Directors. Mr. Dalrymple, who is an investor in SPIN, currently serves as Managing Partner of LPD Investments.
Mr. Dalrymple was one of the co-founders and owners of the Royal Purple Synthetic Lubricants Company, which at the time of its sale in 2012, was one of the largest synthetic lubricants company in North America, with worldwide distribution totaling over 25,000 outlets. While with Royal Purple, he was in charge of Sales and Marketing. After the company was sold to Calumet Specialty Products Partner, a New York Stock Exchange company, for $330,000,000 in July of 2012, Mr. Dalrymple became a very active investor in several companies. He is also a trustee of Norwich University, from which he holds a Bachelor of Science Degree in Engineering Management. He previously served as a Lieutenant with the United States Army Corp. of Engineers.
Already a sizable equity investor in SPIN since mid-2012, Mr. Dalrymple provided a $1 million three year term loan to the Company in August 2012. After recently meeting the two new management additions, Mike Smith and David Spencer, and reviewing the company's recently reported financial results, Mr. Dalrymple approached the Company with a proposal to facilitate a $2 million revolving line of credit along with extending and reducing the interest on his original note. The company has agreed to the terms and expects the financing to close in one to two weeks. Additionally, Mr. Dalrymple was asked to and has agreed to join the company's Board of Directors on August 20th.
Mr. Dalrymple stated, "I have had the opportunity to get to know SPIN's management and have closely followed its progress. While the business model for both the core business and QVH has made a lot of sense, my only real concern was a lack of young and aggressive talent on the management team to spearhead development, sales and marketing, areas close to my heart, as a founding and long time SVP of Sales and Marketing with Royal Purple. With the additions of Messrs. Smith and Spencer, I believe the final ingredients are in place to proudly lend my name, money and expertise to the company."
William F. Donovan, M.D., CEO of Spine Pain Management: "With the addition of Peter, we now have SPIN's three largest shareholders on the Board of Directors, including Peter, Jerry Bratton and myself. This should be very comforting to shareholders that their best interests are represented by the Board."
About Spine Pain Management, Inc:
We are a technology driven, financial services, medical device and healthcare solution company facilitating diagnostic services for patients who have sustained spine injuries resulting from traumatic accidents. We deliver turnkey solutions to spine surgeons, orthopedic surgeons and other healthcare providers that provide necessary and appropriate treatment of musculo-skeletal spine injuries resulting from automobile and work-related accidents. Our financial services help reduce the burden on healthcare providers that provide patients with early-stage diagnostic testing and non-invasive surgical care, preventing many patients from being unnecessarily delayed or inhibited from obtaining needed treatment. We believe that our services and technology brings strong transparency and impartiality to all parties involved in the settlement of patient cases.
Our proprietary medical device called the Quad Video HALO(TM) facilitates the above mentioned transparency and will shortly be available for third party sales.
Additional information about the company, along with a video can be found at its website at www.spinepaininc.com.
Forward-Looking Statements: This press release includes forward-looking statements as determined by the U.S. Securities and Exchange Commission (the "SEC"). All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that the company believes or anticipates will or may occur in the future are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations, healthcare services demands, changes in healthcare practices, government regulation, and other factors over which the company has little or no control. The company does not intend (and is not obligated) to update publicly any forward-looking statements. The contents of this press release should be considered in conjunction with the warnings and cautionary statements contained in the company's recent filings with the SEC.
CONTACT: Company Contact Dr. William F. Donovan Chairman, President & CEO Spine Pain Management, Inc. (713) 521-4220Source:Spine Pain Management, Inc.