CYBeR-CARE'S Board of Directors Decide to Sell or Spin Off the Company's Air Ambulance Business Later This Year.Business Editors/Health & Medical Writers BOYNTON BEACH Boynton Beach, city (1990 pop. 46,194), Palm Beach co., SE Fla., on the Atlantic coast; inc. 1920. A major suburban area, it is also a beach resort and vegetable-shipping point. , Fla.--(BW HealthWire)--Feb. 29, 2000 CYBeR-CARE's (Nasdaq:CYBR CYBR Copy Byte Right ) Board of Directors met today and decided to sell or spin-off to shareholders the company's Air Response subsidiary, the world's largest ambulance air transport service, as it did not fit into CYBeR-CARE's longer-term business strategy. The company has requested its investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. ING Barings to handle this transaction. CYBeR-CARE will continue to integrate its e-pharmacy and rehabilitation businesses with its Electronic Housecall System, a patented Internet-based technology Refers to the communications infrastructure of the Internet, which is based on the IP protocol. IP is part of the TCP/IP protocol suite. It may also refer to voice over IP (VoIP), which uses the Internet to make telephone calls. See VoIP, IP and TCP/IP. that remotely monitors individuals for health care purposes. Current CYBeR-CARE shareholders will receive a dividend of 5% of Air Response with a record date no later than March 30, 2000. The Board of Directors may consider giving shareholders a second 5% dividend before the spin-off or Initial Public Offering, which will occur sometime later this year. For every 100 shares of CYBeR-CARE, each shareholder will get one share in Air Response stock. The stock dividend or dividends will be delivered physically to shareholders. In addition, the Air Response employees have agreed, after this transaction, not to sell their approximately 4.5 million CYBeR-CARE shares for a period of one year. Michael Morrell, 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 CYBeR-CARE, said, "After evaluating our businesses which can be related to our Electronic Housecall System we realized that the air ambulance air ambulance Emergency medicine A helicopter or, less commonly, a fixed wing aircraft, used to evacuate a person who requires immediate medical attention that cannot be provided at his/her current location business did not fit into our longer-term strategy. Even though it is an excellent business we thought it would get a better value in the marketplace as a stand alone entity." Based in Boynton Beach, FL, CYBeR-CARE is a technology assisted health management company with four business lines. The company is developing the Electronic Housecall System, a patented Internet-based technology system that provides remote monitoring of individuals for health care purposes. In addition, CYBeR-CARE operates physical, occupational and speech therapy centers, an e-pharmacy and one of the world's largest air ambulance transport services. 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. Statement under 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: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission. |
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