AremisSoft Awarded $37.5 Million Contract With Bulgarian Ministry of Health.NEW YORK--(BUSINESS WIRE)--Dec. 17, 1999-- Company to Automate Nationwide Healthcare System Utilizing Internet-Enabled Software Solutions AremisSoft Corporation (Nasdaq: AREM AREM All-Random Easy Mode (gaming, Dota Allstars) AREM Avian Richness Evaluation Method ), a leading international supplier of enterprise-wide software and Internet-enabled solutions for the manufacturing, hospitality, healthcare and construction industries, today announced the signing of a $37.5 million agreement to automate the nationwide healthcare system of Bulgaria. The contract, initiated by the National Health Insurance Fund of Bulgaria (NHIF NHIF National Health Insurance Fund (various countries) ), includes the implementation of AremisSoft's Healthcare Information System which will be accessible nationwide via the Internet. The AremisSoft Healthcare Information System is a workflow-enabled Internet-based suite of applications that provides comprehensive financial, patient and clinical information management, as well as connectivity for hospitals, pharmacies, radiology laboratories and primary care physicians. The system is designed to facilitate information flow between healthcare providers and the NHIF. Additionally, a virtual private network will enable patients to access their health records securely over the Internet. A complete suite of financial management applications, data warehousing See data warehouse. data warehousing - data warehouse and business intelligence tools is also planned for implementation. The contract will be recognized over an 18 to 24 month installation period, beginning in January 2000. Of the total contract value, the new Internet-enabled software represents approximately 35-40%, application software licenses In computing, software that is copyrighted and licensed under a software license is done under a variety of licensing schemes. For end-users there are proprietary licenses and there are free software licenses, and there are proprietary Within these schemes are further classifications. represents 35-40% and the remainder comes from implementation and related services. The contract award launches the first phase of Bulgaria's nationwide healthcare automation that will initially benefit approximately 4,000 of its 12,000 general practitioners general practitioner n. Abbr. GP A physician whose practice consists of providing ongoing care covering a variety of medical problems in patients of all ages, often including referral to appropriate specialists. , 500 of its 1,000 pharmacies and 30 of its 250 hospitals. The second phase will complete the automation of the remaining healthcare providers, which is not included in the original contract. Dr. Lycourgos Kyprianou, founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AremisSoft, stated, "This contract award is a tremendous achievement for AremisSoft and Bulgaria. We will be delivering one of the world's most modern healthcare applications to an emerging market country, and will be one of Bulgaria's first time uses of automated Internet-based patient information management and communication systems. By leveraging the Internet with our Primary Care Physician System expertise and experience in healthcare information networks, we will be providing a state of the art solution to greatly improve Bulgaria's healthcare information delivery." "The AremisSoft system will facilitate the process of state-provided healthcare to all citizens," stated Dr. Ilko T. Semerdjiev, Director of the NHIF. "We are confident that AremisSoft has the experience and technology to successfully implement one of the most sophisticated solutions available to benefit the entire Bulgarian population." "The need in emerging markets for rapid deployment of Internet-enabled technologies creates a tremendous opportunity for our Company," stated Roys Poyiadjis, President, AremisSoft. This contract extends our relationship with the Bulgarian government and represents a stepping-stone for further expansion into emerging markets, a key initiative of our business model. With our recently announced acquisition of e-nnovations.com, a leading supplier of Internet, workflow, software, applications and services, we are even more prepared to meet the demand for Internet solutions in these underserved markets." The Bulgarian Health Information System will be based on a fiber optic backbone connecting 28 regional offices with its headquarters in Sofia, Bulgaria. Comprehensive standards and XML-based healthcare EDI (Electronic Data Interchange) The electronic communication of business transactions, such as orders, confirmations and invoices, between organizations. Third parties provide EDI services that enable organizations with different equipment to connect. protocol will be utilized to provide inter-connectivity in the NHIF, while the health providers will use standard messaging protocols The rules, formats and functions for exchanging messages between the components of a messaging system. The most widely used messaging protocol is the Internet's Simple Mail Transfer Protocol (SMTP). , such as HL7 and UN EDIFACT (Electronic Data Interchange For Administration Commerce and Transport) An ISO standard for electronic data interchange (EDI) that was proposed to supersede both X12 and TRADACOMS as the worldwide standard. See EDI. . Technically, the System's central database runs on a UNIX UNIX Operating system for digital computers, developed by Ken Thompson of Bell Laboratories in 1969. It was initially designed for a single user (the name was a pun on the earlier operating system Multics). clustered server with a LAN (Local Area Network) A communications network that serves users within a confined geographical area. The "clients" are the user's workstations typically running Windows, although Mac and Linux clients are also used. of 110 workstations connected internally over fast Ethernet An earlier name for 100Mbps Ethernet. See 100Base-T. (networking) Fast Ethernet - A version of Ethernet developed in the 1990s(?) which can carry 100 Mbps compared with standard Ethernet's 10 Mbps. It requires upgraded network cards and hubs. and routers to external communications. All of the solutions will be built using Java components which provide a high degree of operating system operating system (OS) Software that controls the operation of a computer, directs the input and output of data, keeps track of files, and controls the processing of computer programs. and platform portability. Dr. Kyprianou also stated, "Our strategic alliance with Insyst Electronics, one of Bulgaria's largest IT Services providers and the supplier of the hardware and databases for this healthcare project, was instrumental in expediting the closing of this deal and compiling a bid according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. local regulations." "Our confidence in AremisSoft's superior and cost-effective applications made it the ideal choice to provide software applications for the Bulgarian healthcare project," commented Asen Koinov, President, Insyst Electronics. About AremisSoft Corporation AremisSoft develops, markets, implements and supports enterprise-wide applications software targeted at mid-sized organizations in the manufacturing, healthcare, hospitality and construction industries. The Company's software products help streamline and enhance an organization's ability to manage and execute mission-critical functions such as accounting, purchasing, manufacturing, customer service and sales and marketing. AremisSoft reported total revenue of $50.1 million for the nine months ended September 30, 1999 and net income of $6.6 million for the same period. AremisSoft has a total of 470 employees, with sales in 10 countries and a customer base in excess of 5,000. The Company also operates a software development and support facility in India, with 120 employees, which provides significant organizational efficiencies and cost advantages in software development and support. About National Health Insurance Fund of Bulgaria The National Health Insurance Fund of Bulgaria is an independent body constituted by the Healthcare Act to provide health insurance to the general public of Bulgaria. The objectives of the fund are to: carry out quantitative and qualitative evaluation and forecasting of all projects of health insurance throughout the country, enhance and improve administrative decisions at all levels with automated processes, establish and maintain a database in relation to all projects within the health insurance system to allow administrative decisions at all levels, unify and standardize stan·dard·ize v. 1. To cause to conform to a standard. 2. To evaluate by comparing with a standard. documentation, codes and reports, standardize and provide information in a hierarchical order, provide a module structure which can be united into subsystems, use unified information technologies and software products, produce a centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. database with regional copies, provide links with other information systems of the national Insurance, provide systems to control funds, accounts and expenditures for primary and secondary care. Cautionary Statement for Purposes of the "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. All statements, other than historical facts, included in the foregoing press release regarding the Company's financial position, business strategy, and plans of management for future operations are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ." These statements are based on management's beliefs and assumptions, and on information currently available to management. Forward-looking statements include, but are not limited to, statements in which words such as "expect," "anticipate," "intend," "plan," "believe," "estimate," "consider," or similar expressions are used. Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties, and assumptions, including the risks discussed under "Risk Factors" in the Company's prospectus included in its registration statement on Form S-1, SEC File No. 333-58351, all of which are incorporated herein by reference. The Company's actual results may differ materially from those anticipated or expressed in these forward-looking statements. Many of the factors that will determine these results and values are beyond the Company's ability to control or predict. Readers of this press release are cautioned not to put undue reliance on any forward-looking statement. The Company undertakes no obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise. |
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