Quantum Medical Transport Inc (OTCMKTS:DRWN) shares slipped 18.18% on Monday to $0.00090 and were flat in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.00. The company has a market cap of $891,540.00 at 20.53 million shares outstanding.
In a press release, Quantum Medical Transport Inc announced that it is offering a private placement of its common shares with a registration rights agreement to institutional and accredited investors via prospectus only pursuant to SEC Rule 506(c). This is part of their plan to raise $3,000,000 immediately, which can involve subsequent rounds of additional financing as the need arises.
Quantum Medical Transport Inc plans to use these funds to pursue its business plan and has identified specific acquisition targets and assets to acquire with proceeds from the private placement. It has retained the audit firm MaloneBailey, LLP to conduct its financial audit. It also plans to file an S-1 immediately following the audit to become fully reporting and tier change with OTC Markets.
In the memorandum for the private placement, the company indicated that the minimum subscription amount is $1000 and the offering price is .001 per share. There is no aggregate minimum subscription requirement for the Offering to become effective. The Common Shares will be offered on a continuous basis.
Quantum Medical Transport Inc also has its business plan available on its website, including financial projections and assumptions used. The company anticipates that each emergency ambulatory service provided will generate approximately $700 per trip and non-emergency ambulatory care will have patients pay $25- $100 for transportation to a medical facility.
Quantum Medical Transport Inc is a non-emergency medical services transportation company that operates in the State of Texas that provides life support ground transport in a non-emergency setting, 24 hours a day, and seven days a week.
It makes both local and regional out-of-town services available on a daily dispatch basis, with services including transportation for the handicapped, disabled, mentally retarded, elderly and chronically ill to and from day treatment centers, day care programs, hospitals, nursing homes, dialysis centers, and other health care facilities. The company’s services also include emergency and non-emergency ambulance transportation services, including limited 911 emergency services for patients.