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OCOEE, FL - iCoreConnect Inc. (NASDAQ: ICCT), a provider of cloud-based software and technology solutions, has entered into a strategic Channel Partner agreement with J&R Dynasty Corporation, which operates as Florida Merchant Services. This partnership is aimed at delivering comprehensive operational solutions to dental practices.
With this collaboration, Florida Merchant Services will offer its clients access to iCoreConnect's suite of cloud-based solutions tailored for dental practices. These solutions include digital patient billing and payments, automated insurance verification, dental claims processing, cloud ePrescribing, practice analytics, patient education videos, medical coding for dental, and encrypted HIPAA-compliant email services. The company has demonstrated strong revenue growth of 42.66% over the last twelve months, maintaining a healthy gross profit margin of 77.5%, as reported by InvestingPro.
The integration of these tools is expected to enhance efficiency for dental practices by streamlining billing processes, optimizing insurance verification, and improving accounts receivable management. This should lead to cost reductions and increased productivity for staff, allowing dental practices to concentrate more on patient care and growth.
Jamaar Manlove, Founder of Florida Merchant Services, highlighted the synergistic potential of the partnership, emphasizing the combination of innovative dental software with reliable payment solutions. Robert McDermott, CEO of iCoreConnect, echoed the sentiment, noting the partnership's ability to extend the reach of their technology to clients nationwide.
iCoreConnect is recognized for its enterprise solutions with over 30,000 subscribers and endorsement contracts from numerous state dental and medical associations. Florida Merchant Services, founded in January 2018, has become a leading payment processing company in Florida, processing over $720 million in payments annually and prioritizing customer satisfaction. While the company shows promising market potential, InvestingPro analysis reveals several key financial challenges, including significant cash burn and debt obligations that investors should monitor. InvestingPro subscribers have access to over 10 additional exclusive insights about ICCT's financial health and market position.
The announcement contains forward-looking statements that involve risks and uncertainties, and actual results could differ materially from those projected. The company has made these forward-looking statements based on current expectations and assumes no obligation to update them in the future.
This partnership announcement is based on a press release statement and reflects the company's plans as of the date of the release.
In other recent news, iCoreConnect Inc. disclosed a significant financial dispute with PIGI Solutions, LLC, involving a claim that iCoreConnect owes approximately $2.43 million. PIGI intends to auction iCoreConnect's assets to recover the debt, although the company is actively negotiating to prevent this outcome. Additionally, iCoreConnect has canceled warrants to purchase 142,690 shares of its common stock to avoid potential dilution, a move seen as positive for maintaining shareholder value. In another development, iCoreConnect faces a potential delisting from the NASDAQ Stock Market due to not meeting the minimum stockholders' equity requirement of $2.5 million. The company plans to request a hearing with NASDAQ's Hearings Panel to delay the suspension of trading. These recent developments highlight the company's ongoing efforts to manage its financial challenges and maintain its market presence. Investors and stakeholders are closely monitoring these situations as they unfold.
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