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17.11.2009 | 23:02
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Business Wire · Mehr Nachrichten von Business Wire

Medical Connections, Inc. Amends Lease on New Office Space ... Realizes Significant Cost Savings

Medical Connections, Inc. (OTC Bulletin Board: MCTH), a national provider of medical recruitment and staffing services, has amended its seven-year lease for expanded office space that has resulted in a significant reduction in rent expense.

Mr. Anthony Nicolosi, President of Medical Connections, Inc. stated, "We are pleased with the renegotiated terms of the lease agreement. Specifically, the amendment will result in savings of $1,126,243 in total minimum payments required over the term of the lease. The significant reduction in our monthly rent is attributable to our decision to reduce the size of the leased property from 18,966 square feet to 10,058 square feet. We believe that reducing the square footage will not only improve our cash flow, but more importantly, will still provide adequate space to implement our business strategy.

The Amendment was completed October 30, 2009 with an effective date of September 1, 2009. The office space is located in the Boca Corporate Center and Campus, the former location of the corporate headquarters of IBM.

Medical Connections, Inc. is a national provider of medical recruitment and staffing services. Established in 2002 to satisfy the increasing need for highly qualified healthcare professionals, the Company''s business is to identify, select and place the industry''s most talented healthcare specialists, nurses, pharmacists, physicians and hospital management executives. The Company provides recruiting and staffing services for permanent and contract positions, leaving options for both clients and candidates to decide the optimal formula for working together.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements (within the meaning of Section 27a of the Securities Act of 1933 and Section 21e of the Securities Exchange Act of 1934) regarding us and our business, financial condition, results of operations and prospects. Forward-looking statements in this report reflect the good faith judgment of our management and the statements are based on facts and factors as we currently know them. Forward-looking statements are subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements, as a result of either the matters set forth or incorporated in this report generally or certain economic and business factors, some of which may be beyond the control of Medical Connections. These factors include adverse economic conditions, entry of new and stronger competitors, inadequate capital to support our operations, projections of revenues and profitability and other risks described in our 10-K for our fiscal year ended December 31, 2008.Readers are urged not to place undue reliance on these forward-looking statements which speak only as of the date of this press release. We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of the press release.

Contacts:

Medical Connections, Inc.
Anthony Nicolosi, 561-353-1110
President
anicolosi@medicalconnections.com
www.medicalconnections.com


© 2009 Business Wire

Link: http://www.finanznachrichten.de/nachrichten-2009-11/15497352-medical-connections-inc-amends-lease-on-new-office-space-realizes-significant-cost-savings-004.htm