May 26, 2009 (FinancialWire) — Patient Portal Technologies, Inc. (OTCBB: PPRG) has closed on its debt restructuring transaction with Dutchess Private Equity Fund and has received a term sheet to increase its working capital credit facility with a regional bank.

In return for Dutchess retiring all of its approximately $6.6 million of long term debt and interest, all of its approximately 22 million outstanding warrants and releasing its collateral position in the company’s assets, Dutchess will receive up to $500,000 of cash within 10 days of the company closing a financing transaction, be issued $7.5 million of convertible preferred stock and receive approximately 1.7 million shares of the company’s outstanding common stock.

Patient Portal Technologies, Inc. assists hospitals in increasing financial performance by providing services that improve and enhance the patients experience before, during and after their hospital stay.

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