by
Barbara Kram, Editor | April 13, 2009
Med1Online has regretfully announced that it terminated its operations on April 10, 2009.
The company cited poorer than expected financial results, coupled with the challenging state of the economy, and said it was unable to repay its secured indebtedness--in excess of $4 million to Colorado State Bank and Trust. CSB holds a blanket lien on the company's tangible assets.
Med1Online has been unsuccessful in its intensive efforts to devise ways to generate the necessary cash flow to pay CSB or to restructure the payment obligations.
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The company expects that CSB will foreclose upon its security interest in, or exercise other rights with respect to, the Company's assets and will be left with a substantial deficiency.
