Saturday, January 07, 2012

MedHab Floated Equity Twice in Last Two Years

SEC filings indicate MedHab LLC offered equity stakes of $2,055,000 the last two years.  The first offering was $255,000 in October 2010, where eight investors bought stakes.  The second offering of $1.8 million showed a May 2011 filing date.  They intend to move the whole amount within a year.  The minimum investment accepted by MedHab is $25,000 under both filings. 

What impact might a $3.6 million economic incentive from the City of San Angelo have on MedHab's investment sales pitch?  Government support valued at twice the investment offering would be rather compelling.

COSA's proposal mentioned MedHab's pursuing EB2 financing.  San Angelo Chamber of Commerce Director John Dugan stressed "interesting EB3 funding," which originate mostly from China, but include other foreign nationals.   Dugan expects EB2 and EB3 to attract a great deal of interest in our area.

No one said EB2 and EB3 are designations for employers to import skilled foreign workers.   Does the money come from saving on wage and benefits via importing cheaper, high skilled foreign labor? How many of the 227 proposed jobs would be occupied by foreign workers, i.e. not area citizens?  Immigration Blog reported:

USCIS Director Alejandro Mayorkas announced recently in a blog post several new initiatives to encourage entrepreneurs and high-skilled workers to bolster the U.S. economy and stimulate job growth. Director Mayorkas noted that the U.S. has a long history of welcoming innovative entrepreneurs and skilled workers into our country, and in turn they would fuel the nation's economy by creating jobs, and promoting new technologies and ideas.
MedHab's Johnny Ross is from San Angelo, but Tim Sanghera was born Jagdeepinder Singh Sanghera.  Sanghera may be the key to any capital financing available to EB2 workers.

San Angelo's Mayor Alvin New invested in MedHab and sits on its Board of Directors.  City leaders said they began their discussions with MedHab in 2008.  New was elected Mayor in December 2009.  Turnout was light as citizens focused on Christmas.  

MedHab's Johnny Ross wrote a letter to the editor supporting New.  The Standard Times ran it in October 2009.  It stated:

Upon meeting New at a business presentation, he immediately volunteered his services to assist MedHab’s efforts working with the city of San Angelo, the Chamber of Commerce, the economic development council and the state.

MedHab could be capitalized in a major way by San Angelo taxpayers.  Investors and international financiers, could be the benefactor.

San Angelo:  Cornpone, Uptown for some,  Money for Goodtimes

1 comment:

Anonymous said...

Well done. Keep digging. I'm paying attention. If only our local media was too...