ACTIVECARE, INC. (OTCMKTS:ACAR) Files An 8-K Entry into a Material Definitive Agreement

ACTIVECARE, INC. (OTCMKTS:ACAR) Files An 8-K Entry into a Material Definitive Agreement

Story continues below

Item 1.01 Entry into a Material Definitive Agreement

As previously reported, ActiveCare, Inc., a Delaware
corporation (the “Company“) entered into a Loan and
Security Agreement, as amended (the “Loan Agreement“),
with Partners for Growth IV, L.P., a Delaware limited
partnership (“PFG” and, together with the Company, the
Parties“). On March 20, 2017, the Parties entered
into Modification No. 1 to the Loan Agreement and Security
Agreement (the “Modification“). to the terms of the
Loan Agreement subject to the Modification, PFG will lend the
Company up to an additional $300,000 (the “Additional
On March 20, 2017, PFG provided the Company $300,000
representing the maximum amount of the Additional Loan. The
Additional Loan (i) bears interest at the rate of 12.75% per
annum, (ii) is due May 31, 2017, (iii) requires payment of a
$3,000 modification fee, and (iv) requires payment of a monthly
fee of up to $50,000 for each month the Additional Loan remains
outstanding. The Additional Loan is secured by all of the
Company’s assets.
The above description of the Modification does not purport to
be complete and is qualified in its entirety by the full text
of such document, which is attached as Exhibit 10.1 to this
Current Report on Form 8-K and incorporated by reference
Item 2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information set forth in Item 1.01 of this Current Report on
Form 8-K is incorporated by reference into this Item 2.03.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits
Exhibit No.
Modification No.1 to Loan and Security Agreement
*filed herewith


ActiveCare, Inc. provides products and services to those diagnosed with chronic illnesses, and provides real-time visibility to health conditions and risk. The Company’s Chronic Illness Monitoring segment is engaged in the business of developing, distributing and marketing mobile monitoring of patient vital signs and physical activity to insurance companies, disease management companies, third-party administrators, and self-insured companies. The Company’s chronic illness monitoring involves the use of biometric monitoring devices in combination with data and algorithms to assess the wellbeing of an individual under care. The Company’s CareCenter service is designed to monitor and track patients’ health conditions and chronic illnesses on a real time basis. It has developed products that incorporate global positioning system (GPS), cellular capability, and fall detection, all of which are connected to its CareCenter with the push of a button.

ACTIVECARE, INC. (OTCMKTS:ACAR) Recent Trading Information

ACTIVECARE, INC. (OTCMKTS:ACAR) closed its last trading session 00.00 at 25.00 with 548 shares trading hands.

An ad to help with our costs