WEST PALM BEACH, FL, July 09, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Ozop Surgical Corp. (OTCQB: OZSC), a provider of premium surgical devices in the rapidly growing field of minimally invasive spine surgery (“Ozop” or the “Company”), today announced that it has entered into an Equity Purchase Agreement (the “Equity Agreement”) with GHS Investments, LLC (“GHS”), that enables Ozop Surgical Corp. access to capital over the next 36 months.
GHS, a leading private investment and management group providing financing solutions for high potential small cap enterprises, entered into the agreement with Ozop following their due diligence, interviews of management, and reviews of the Company’s financials and business plan. The Equity Agreement provides OZOP with the option to sell to GHS up to $7,000,000 worth of the Company’s registered common stock over a thirty-six-month period, with certain limitation amounts on the amount and timing of each sale.
Under the terms of the Equity Agreement, following the effectiveness of a registration statement, the Company has the right to deliver from time to time a put notice to GHS stating the dollar amount of put shares (up to $400,000 under any individual notice) that it would sell to GHS. The Company expects to file its S-1 registration statement with the SEC within the next 30 days. Each put notice to GHS states the purchase price, the number of shares the Company is selling to GHS and the dollar amount GHS is to deliver to the Company within one day of receipt of the shares. The purchase price is calculated at eighty-five (85%) percent of the market price per share. The market price is calculated as the lowest closing price of the Company's common stock for ten (10) consecutive trading days preceding the put date. The Company is also obligated to issue to GHS an additional number of shares of Company common stock equal to 5% of each put amount.
Matthew Schissler, member of GHS, stated, “OZOP is unique and attractive to us on several levels. OZOP met our criterion for quality of management, quality of controls, and quality of business and business potential. We are very confident in the management team’s ability to continue to execute and we are excited to play a key role in the Company’s continued growth.”
Michael Chermak, Chief Executive Officer of OZOP, commented, “We are excited to have such a quality financing partner like GHS Investments to be part of the OZOP story. Since the Equity Agreement is on a look-back basis and there are no make-up provisions, this is truly a non-toxic equity investment. Proceeds received from the sale of common stock under this agreement will enable us to retire debt, including toxic convertible notes and continue to invest in our pipeline products.”
About Ozop Surgical Corp.
Ozop Surgical, Corp. (www.ozopsurgical.com) invents, designs, develops, manufactures and distributes innovative endoscopic instruments, surgical implants, instrumentation, devices and related technologies, focused on spine, neurological and pain management procedures and specialties. Our focus is on economically disrupting the market with clinically equivalent or superior existing and new products resulting in immediate and significant savings for providers, payors and consumers. For more information please visit www.ozopsurgical.com.
Safe Harbor Statement
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