OKLAHOMA CITY, Nov. 13, 2012 (GLOBE NEWSWIRE) -- Graymark Healthcare, Inc. (OTCBB:GRMH), the nation's second largest provider of diagnostic sleep services and an innovator in comprehensive care for obstructive sleep apnea (OSA), announces an equity investment.
A newly formed entity, Oklahoma Health Partners (OHP), announced today their intent to purchase 1,444,445 shares of common stock of Graymark Healthcare (GRMH) for $650,000 at $0.45 per share. The transaction is expected to close no later than November 14, 2013.
Oklahoma Health Partners is managed by Mr. Mike Horrell. Mr. Horrell is a significant investor in numerous health care related companies and health care real estate projects.
"We are excited about making the investment in Graymark Healthcare as we believe the outlook is positive for the company. We have been in discussions with Graymark and have learned more about the future opportunities and feel like now is the optimum time to make this investment," said Horrell.
Proceeds of the sale will be used for general purposes. "We appreciate the confidence demonstrated by this investment from OHP. We look forward to a long term partnership and taking the Company in new strategic directions," said Stanton Nelson, CEO of Graymark Healthcare.
In addition to this investment, Graymark announced a cost reduction plan that will reduce expenses by more than $2,000,000 in 2013. "By reducing our labor force, trimming our corporate expenses and reducing our bad debt, Graymark is committed to right sizing our company for profitability in 2013," said Nelson.
About Graymark Healthcare
Headquartered in Oklahoma City, Okla., Graymark Healthcare, Inc. (0TCBB:GRMH) is the nation's second largest provider of sleep management solutions. In addition to diagnosing and treating over 80 sleep disorders, the company specializes in comprehensive care for Obstructive Sleep Apnea (OSA). Graymark offers its services through sleep laboratories primarily in the Midwest, including standalone or IDTF facilities, therapy facilities, rural outreach hospital sites and urban hospital management agreements. For more information, visit www.graymarkhealthcare.com.
Important Cautions Regarding Forward Looking Statements
This press release may contain forward-looking statements that are based on the company's current expectations, forecasts and assumptions. Forward-looking statements involve risks and uncertainties that could cause actual outcomes and results to differ materially from the company's expectations, forecasts and assumptions. These risks and uncertainties include risks and uncertainties not in the control of the company, including, without limitation, that the Foundation acquisition is consummated on a timely basis or at all, the company's actual results differ materially from expected results, the company is not able to achieve the operational, revenue or cost synergies that are expected, the current economic climate and other risks and uncertainties, including those enumerated and described in the company's filings with the Securities and Exchange Commission, which filings are available on the SEC's website at www.sec.gov. Unless otherwise required by law, the company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.