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TTMT -- Tiger Team Technologies, Inc. Com ($0.001)
COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES: Tiger Team Technologies Completes Corporate Restructuring and Acquisition of Physicians Healthcare Management Group, Inc.
ST. PAUL, Minn., May 16, 2006 (BUSINESS WIRE) -- Tiger Team Technologies (Pink Sheets:TTMT), announced today that the company has completed a comprehensive corporate restructuring and has acquired all of the outstanding common shares of Physicians Healthcare Management Group (a/k/a "Phyhealth"), a Miami, FL-based managed healthcare company. Under the terms of the restructuring and subsequent acquisition, Phyhealth will survive as the control entity and business within Tiger Team Technologies, while the Phyhealth management team will gain approximately 53% ownership interest in and voting and management control over Tiger Team Technologies.
The restructuring and acquisition agreements also stipulate that Tiger Team's existing "T3" intellectual property rights will be issued to former CEO Paul Hogan in exchange for the return of 68 Million common shares of TTMT to the company's treasury, beneficially owned by Mr. Hogan. Phyhealth will then be granted a long-term non-exclusive license to market the "T3" technology on an ongoing basis at its discretion. Post restructuring and acquisition, Tiger Team Technologies will have approximately 228 Million common shares outstanding and approximately 162 Million Preferred Shares outstanding.
Tiger Team Technologies Chairman, Paul Hogan, commented, "We are pleased to have completed the restructuring of Tiger Team Technologies and the acquisition of the Physicians Healthcare Management Group. After a great deal of analysis, it became plainly evident that prolonged sales cycles and other competitive barriers, were limiting the Company's ability to succeed in the highly competitive and capital intensive marketplace of HIPAA technology solutions. Clearly, the best course of action for the shareholder at-large was to find a new direction." He continued, "We have managed, through this restructuring and acquisition, to preserve the existing capital framework without enacting a reverse split of the company's common shares, while acquiring a business with tremendous need in the marketplace, potential for astounding sales and revenue growth and a talented and seasoned group of executives. We are excited about the company's new direction and will be announcing more information about the new company shortly."
About Physicians HealthCare Management Group, Inc.
Phyhealth develops and operates fully integrated healthcare organizations in partnership with physicians. Phyhealth Plans preserve the physician-patient relationship and deliver high-quality affordable healthcare within its selected communities. Phyhealth offers a turnkey, prepaid health plan solution to physicians for their Medicare and other individual patients who prefer to choose their own doctor and who make their own healthcare insurance purchasing decisions. Phyhealth Plans are unique in integrating all aspects of the delivery and financing of care, including providing medical liability insurance protection through Physhield Insurance Exchange, Phyhealth's exclusive risk retention group. The Phyhealth model empowers physicians to proactively manage their patient's general health and medical care and enhances physician financial rewards by increasing practice revenues, reducing expenses and restoring the economic value (equity) of their medical practices.
Forward-Looking Statements
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Tiger Team Technologies, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
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