DEERFIELD BEACH, FL—Mdwerks Inc. (OTCBB:MDWK), which sells Web-based electronic claims management and funding software for healthcare providers, has raised $1.7 million from a private placement of preferred stock to an institutional investor.

MDwerks expects to use the proceeds for working capital and to service some of its existing indebtedness, including the repayment of the outstanding balance of $150,000 due under a promissory note issued to an accredited investor.
“The financing will provide us with the necessary near-term working capital to support our current sales and client services operations and will help us to service some of our indebtedness,” said Howard Katz, CEO, MDwerks Inc.

MDwerks solutions comprise an innovative web-based, HIPAA-compliant system of comprehensive administrative and financial services designed for physician practices of all sizes and specialties.

On the Web: www.mdwerks.com

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