BOCA RATON, Fla., Nov. 22, 2017 (GLOBE NEWSWIRE) --
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.
Inspira Financial Inc. (TSX VENTURE:LND) ("Inspira" or the "Company"), a company focused on providing revolving lines of credit, as well as billing and collection services, to the highly fragmented U.S. mental health and addiction services market, confirms, as previously announced, that its outstanding 4% nonconvertible unsecured senior debentures (the “Debentures”) (TSX-V:LND.DB) were halted as planned at the close of the market on November 20, 2017, which was the record date for the redemption of the Debentures, which will occur on November 30, 2017.
About Inspira Financial Inc.
The mental health and substance abuse market in the U.S. is a rapidly expanding industry, with current spending exceeding $35 billion. Within this industry, thousands of businesses have annual revenues in the $1 million to $50 million range. Due to the significant increase in addiction treatment as a result of the Parity Act, the large and permanently elevated volumes of claims has led Payors to impose upon facilities in the mental health sector similarly complex reimbursement requirements as those imposed in the physical healthcare sector. Substance abuse facilities tend to use several software applications and a non-automated billing company to document services provided and bill insurance companies. This cumbersome process slows down the tracking, billing and collection process as the customer's billings increase, and were not designed to handle the volume, or level of detail, now required by Payors for prompt payment. As a result, across the mental health and substance abuse industry there are collection delays and consequently a need for capital.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Inspira Financial Inc.
Edward Brann
Executive Director
1 (844) 877-7562
IR@inspirafin.com
www.inspirafin.com