New York Health Care, Inc. (OTC Pink Sheets: BBAL) announced today that it has entered into an agreement with an investment banking firm to act as exclusive placement agent with respect to a private offering of its common stock and warrants to accredited investors. Under the terms of the proposed offering, the Company will seek to raise up to $6 million through an offering of common stock and warrants at a minimum per unit price of $1.00. The net proceeds of the offering would be used to fund the capital requirements of The BioBalance Corporation, a wholly-owned subsidiary of the Company. The proposed offering is subject to the satisfaction of a number of conditions, including the execution by the Company a definitive agreement for the divestiture of its home healthcare business.
