The stock of Medical Transcription Billing Corp (NASDAQ:MTBC) closed at $2.81 losing 0.35% in yesterday’s trading session. MTBC’s Board of Directors has arrived at a unanimous decision to approve the recommendation of its Founder Mahmud Haq.
It was about promoting two members of MTBC’s senior leadership team and reports indicate that Mahmud Haq will soon become the Executive Chairman of the Board of Directors. MTBC’s President Stephen Snyder if everything goes according to plan will be appointed to be the company’s new CEO. The other thing will be the appointment of MTBC’s VP of Global Operations Hadi Chaudhry for the Presidential position.
In his latest statement, Mr. Haq disclosed that it was with great joy that they were making the announcement during a banner year of monumental corporate achievements.
He said, “During 2017, our leadership team enabled MTBC to repay $10 million of debt from Opus Bank ahead of schedule; fully pay the $5 million balance of our acquisition debt to Prudential; secure a $5 million revolving line of credit to support additional growth from Silicon Valley Bank.We look forward to grow our revenue and adjusted EBITDA to record levels.”
He went ahead to disclose that they had managed to raise about $17.5 million and that was of course under the leadership of Bill Korn who is the company’s CFO. The appointments of Hadi and Stephen was something that had been under consideration for quite an a long period of time. Mr. Haq attested to the fact he had worked closely with the two officials for a period of about 12 years and he had liked the way they moved about their activities. He added that it would be a pleasure to continue partnering with them.
The leader has utmost confidence that their knowledge of the healthcare IT industry as well as their experience managing MTBC’s growth will be crucial towards helping the company achieve its set objectives. The company has over the years remained dedicated to enhancing its business operations. The appointments will help manage the client relations which is an important part of any successful business.