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Protech Home Medical recovers funds from cyberscam; sells noncore asset

Protech Home Medical Corp. said C$8.6 million in misappropriated funds following a cyberscam breach of its email system was returned to the company.

The breach stemmed from an unlawful intrusion into a staff member's account, leading to fraudulent ‎banking information being relayed about a planned wire transfer of C$9.2 million toward the ‎redemption of the company's 7.5% nonconvertible unsecured subordinated debentures issued in ‎August 2014.

The funds were returned by the perpetrator's bank through a court order. The Wilder, Ky.-based company will also repay its CEO US$2.6 million, the amount he advanced the company following the breach, which the company first revealed May 6.

Meanwhile, the company sold its sole noncore asset, Patient Home Monitoring Inc., for about C$4.5 million in cash. Protech Home Medical said the wholly owned unit was no longer consistent with the company's corporate initiatives.

Protech provides in-home monitoring and disease management services in the U.S.