MedCom USA Retires 1,745 Preferred Shares

MedCom USA Inc., an Irvine company that helps process transactions electronically in the health care field, said Monday that it has entered into agreements to retire all 1,745 shares of preferred stock sold last year to raise funds for an acquisition.

MedCom said outside investors have agreed to purchase 1,000 preferred shares and to convert them into 2 million shares of common stock, that an owner has agreed to convert 300 preferred shares into 600,000 shares of common stock and that the company has purchased the remaining 445 preferred shares with funds obtained from the private sale of common stock at a price of 56.25 cents per share.