MD Technologies to sell up to $5 million convertibles

New York, May 25 - MD Technologies Inc. said it plans to sell up to $5 million of convertible debentures in a best-efforts registered offering.

The convertibles will pay interest at 7.5% and mature on June 30, 2015, according to an SB-1 filing with the Securities and Exchange Commission.

The conversion rate has still to be fixed.

MD Technologies will be able to call the securities at par at any time.

Jose Canseco, the company's vice president of mergers and acquisitions, will be selling the convertibles on behalf of the company. He will not receive a commission. The sale will end on Sept. 23.

MD Technologies, a Baton Rouge, La., supplier of software services and applications to the medical industry, will use proceeds for working capital and to pursue the acquisition of medical billing and accounts receivable management companies in the southeastern United States.

MD Technologies stock closed at $2.85 on May 11, its last trade.

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