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December 26, 2007 |
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MEDIRECT LATINO: Discloses Foreclosure Sale by Secured Lenders MEDirect Latino Inc. announced that its lenders have concluded foreclosure proceedings and have sold the company's assets under the Uniform Commercial Code. Under its Loan Agreement, the Company had pledged all of its assets as collateral. In October 2007 the company announced that it failed to make interest payments to its lenders and in November 2007 announced that it was unable to cure the default and would cooperate with the lenders in connection with the disposition of their collateral. The unpaid principal and accrued interest on the loans were approximately US$6.7 million and US$504,000 respectively. The foreclosure leaves the lenders with a substantial deficit. The company also announced the resignation of Charles W. Hansen III, its CEO and only remaining member of the Board of Directors, effective Dec. 20. About Medirect Latino Headquartered in Pompano Beach, Florida, Medirect Latino Inc. (Pink Sheets: MLTO) -- http://www.medirectlatino.org/ -- is an early stage company. It is a federally licensed, direct-to- consumer, participating provider of Medicare Part B Benefits primarily focused on supplying diabetic testing supplies to the Hispanic Medicare-eligible community domestically and in Puerto Rico. The company also distributes 'quality of life' enhancing products like walking assistance devices, to customers who have circulatory and mobility related afflictions resulting from diabetes. The company also maintains offices in San Juan, Puerto Rico. The company was formerly known as Interaxx Digital Tools Inc., one of four stand alone companies resulting from a second joint plan of reorganization filed under Chapter 11 of the bankruptcy code. The reorganization was treated as a reverse merger and subsequently, Interaxx Digital changed its name to Medirect Latino Inc. as the new operating entity. * * * Medirect Latino Inc. reported that as of March 31, 2007, it had US$4,135,625 in total assets, US$6,892,428 in total liabilities, and US$2,756,803 in total stockholders' deficit. The company's March 31 balance sheet also showed strained liquidity with total current assets of US$2,971,280 and total current liabilities of US$2,142,428. |
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