Full Press Release Details
Completes $15M Debt Financing
significantly bolsters liquidity position to support continued investment in growth of telehealth business
YORK, June 3, 2021 -
Inc. ("the Company") (NASDAQ: LFMD), a leading direct-to-patient telehealth
company, announced today that it has successfully closed a $15 million debt financing with B. Riley Principal Investments.
are very pleased to have completed this debt transaction with B. Riley Principal Investments. We believe this transaction is a
strong validation of LifeMD's telehealth platform and our continued investment in growth," noted Marc Benathen, CFO
of LifeMD. "As we noted previously, our management team has remained very focused on bolstering our balance sheet to support
our aggressive growth strategy and pathway to profitability while doing so with the best interests of our shareholders in mind.
By completing this debt financing, LifeMD not only enhances the cash on the balance sheet but forms a key partnership with a tremendous
institution with strong capital markets capabilities and deep relationships in the space."
Riley's Principal Investment team uses the firm's proprietary capital to make direct investments in companies with
proven platform technologies with significant near-term growth potential," noted Bryant Riley, Chairman and CEO of B. Riley.
"We believe that LifeMD fits this profile and we are committed to leveraging the full power of our banking platform and
network to support the growth of LifeMD."
more detailed information related to the terms of the debt financing please see LifeMD's Current Report on Form 8-K filed
with the Securities and Exchange Commission on June 3, 2021.
Inc. is a rapidly growing direct-to-patient, telehealth company, offering cash-pay virtual medical care across all 50 states.
LifeMD's telemedicine platform enables virtual access to affordable and convenient medical treatment from licensed providers
and, when appropriate, prescription medications and over-the-counter products delivered directly to the patient's home.
To learn more, visit www.LifeMD.com.
Note Regarding Forward Looking Statements
news release includes 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, as amended, regarding, among other things our plans, strategies and prospects-both
business and financial. While we believe that our plans, intentions, and expectations reflected in or suggested by these forward-looking
statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions, or expectations. Forward-looking
statements are inherently subject to risks, uncertainties, and assumptions. Many of the forward-looking statements contained in
this news release may be identified by the use of forward-looking words such as "believe," "expect," "anticipate,"
"should," "planned," "will," "may," "intend," "estimated,"
and "potential," among others. Important factors that could cause actual results to differ materially from the forward-looking
statements we make in this news release include market conditions and those set forth in reports or documents that we file from
time to time with the United States Securities and Exchange Commission. All forward-looking statements attributable to LifeMD,
Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.