LOS ANGELES, May 7, 2013 (GLOBE NEWSWIRE) -- MediSwipe Inc. (www.MediSwipe.com) (OTCBB:MWIP), a data management solutions company for the medicinal marijuana and health care industry, today announced that the Company has signed a term sheet with a Chicago based private equity firm to receive up to $600,000 in funding over the course of the next nine months as working capital. The Company is expected to receive the first $200,000 in funding within the next seven days under the terms of the agreement.
"These funds will provide the capital necessary to fund our planned growth, nurture expansion into untapped areas of the medicinal market, including our MediSwipe DMS product now being deployed, operation of our certification centers and develop markets for our new Hemp based energy drink "Chillo" and "C+ Swiss Tea" national distribution network. Adding yet another institutional partner to our team further validates our business model as we move closer toward profitability and creating meaningful shareholder value," stated B. Michael Friedman, CEO for MediSwipe Inc.
About MediSwipe Inc.
MediSwipe Inc. (www.MediSwipe.com) provides innovative patient solutions for electronically processing transactions within the healthcare industry. MediSwipe provides terminal-based service packages and integrated Web Portal add-ons for physicians, clinics, hospitals and medical dispensaries that include: digital patient records, Electronic Referrals, Credit/Debit Card merchant services, Check Guarantee and Accounts Receivable Financing.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of MediSwipe Inc. to be materially different from the statements made herein.