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WiFiMed Holdings Signs Memorandum of Understanding to Purchase UK-Based Integrated Telecare Ltd
Acquisition Will Mark the Company's Initial Entry into the European Market.
ATLANTA, Jul 15, 2008 (BUSINESS WIRE) -- WiFiMed Holdings Company, Inc. ("WiFiMed Holdings") (OTCBB: WIFM), whose holdings are leading providers of physician workflow solutions, announced today that it has signed a Memorandum of Understanding to purchase Integrated Telecare Ltd ("i-Telecare") of Hampshire, UK and Position System Limited of Surry UK (both herein "i-Telecare") both in a combination stock and asset sale. The acquisition is expected to be completed by year end with i-Telecare becoming the fourth wholly owned subsidiary of WiFiMed Holdings.
The completion of this acquisition would mark WiFiMed Holdings initial entry in the European market. In June 2008 WiFiMed Holdings announced the formulation of an International Expansion Strategy (IES) and appointed Balmoral Capital Holdings ("Balmoral") to serve as the Company's European and Middle East agent. As part of its engagement, Balmoral served as the lead advisor along with Archer Capital to negotiate this transaction. i-Telecare will connect with and significantly expand market opportunities for WiFiMed Holdings' current product line, and begin several combination Pilots in the UK.
"We find it extremely encouraging to see a realization of our International Expansion Strategy in such a short amount of time," commented Gregory Vacca, President and CEO of WiFiMed Holdings. "i-Telecare will be a welcomed addition to WiFiMed Holdings and we are excited at the potential for drastic growth this acquisition promises."
If you would like to be added to WiFiMed Holdings' investor email list please contact Zack Noory with Nexus Investor Relations at znoory*nexusir-online.com.
About Integrated Telecare Limited
Integrated Telecare Limited (i-Telecare) was founded in 2006 to address the fragmented UK Telecare market. The Company brings the ability to put together a system that suits their clients' needs, using a wide range of easy-to-use, sophisticated and reliable broadband and TV-based technology. i-Telecare systems are designed with ultimate flexibility and can incorporate monitoring sensors from most telecare and telehealth manufacturers. It makes it possible for clients to use and re-use existing stock of sensor equipment to reduce expenses and increase profits. iTelecare provides a packaged solution with the mediagrids' CareMATE system and Balmoral marketing system as an integrating technology platform. It meets government objectives by providing a universal home hub for connecting a wide range of monitoring devices. This offers improved, tailored choices enabling video conversations with the client through their own TV providing benefits for the 6 million 'voluntary' care-givers who look after family members. It further enables telecare services to be provided on a large scale basis improving care management in a framework of assured client consent and confidentiality, ultimately saving health and social-care resources. For additional information, please visit www.itelecare.co.uk,www.balmoralcompanies.com and www.balmoralfinancial.com.
About WiFiMed Holdings Company, Inc.
WiFiMed Holdings Company, Inc., through its wholly owned subsidiaries WiFiMed, Inc., EncounterPRO Healthcare Resources, Inc., and CyberMedx Medical Systems, Inc. offers proprietary solutions enabling physicians and other healthcare providers to document the physician-patient encounter through continuously updated state-of-the-art technologies. EncounterPRO Healthcare Resources, Inc's proprietary product, EncounterPRO(R) EHR, was developed to assist physicians and health care providers manage patient workflow. The EncounterPRO EHR gives physicians and staff the most flexible and sophisticated workflow engine available in an EHR. This premier software requires virtually no level of computer literacy and works off touch screens, PC Tablets or a mouse as the primary means of data input. EncounterPRO EHR has been designed to meet the Health Insurance Portability and Accountability Act (HIPAA) requirements and is designed to reduce medical errors, documentation time, overhead, and time spent filing insurance claims. CyberMedx Medical Systems, Inc. developed the InteleNett(TM) family of patient data management products for the hospital industry and the Cyber Medical Exchange (C_ME(TM)) family of Internet based telemonitoring device data management products for the home care and nursing home industries. These systems increase productivity, reduce cost, improve efficiency, and extend the operational life expectancy of existing patient monitoring and therapy delivery devices. EncounterPRO EHR 5.0 is CCHIT certified for Ambulatory Care 2006. For additional information, please visit www.encounterpro.com.
Forward-looking statement: Except for the historical information, the matters discussed in this news release may contain forward-looking statements, including, but not limited to, factors relating to future sales. These forward-looking statements may involve a number of risks and uncertainties. Actual results may vary significantly based on a number of factors, including, but not limited to, uncertainties in product demand, the impact of competitive products and pricing, changing economic conditions around the world, release and sales of new products and other risk factors detailed in the company's most recent annual report and other filings with the Securities and Exchange Commission.
SOURCE: WiFiMed Holdings Company, Inc.
CONTACT: Nexus Investor Relations Managing Partner Zack Noory, 310-606-2018 znoory*nexusir-online.com
Posts: 94 | From: San Diego | Registered: Oct 2007
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