CYBeR-CARE Announces Completion of Sale of Air Response Unit.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)--Sept. 20, 2000 CYBeR-CARE, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (Nasdaq:CYBR CYBR Copy Byte Right ) today announced that it has closed on the sale of its Air Response division for $8.5 million. The buyers include Louis Capece, Jr., chief executive officer of Air Response and a former member of the Board of Directors of CYBeR-CARE, and Air Response Medical Transport Corp. The purchase price was paid in CYBeR-CARE stock valued at $2.4 million and a short-term note with 10 percent interest for $6.1 million collateralized by substantially all of the assets of the Air Response division. The buyers also assumed approximately $16 million of Air Response debt. The Company obtained a fairness opinion Fairness Opinion A report put together by qualified analysts or advisors providing to key decision makers an evaluation of and facts about a merger or acquisition. Notes: A fairness opinion serves as a document used for guidance in a merger, takeover, or acquisition. from Raymond James & Associates, Inc., an independent financial advisory firm. "As we have disclosed in the past, we have focused our strategic plan on the development and marketing of our technology, namely our revolutionary Electronic HouseCall(TM) products," said 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. . "By selling our 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 division, we can now focus our efforts on bringing our technology to market in a significant way. We also relieve our Company of substantially all of its debt." CYBeR-CARE will realize a gain of approximately $1 million from the sale when the note has been paid. The previously announced dividend equaling 5% of Air Response will be distributed from the proceeds of this sale when the note has been satisfied. Proceeds to pay the dividend will be paid into escrow for distribution to the beneficial owners of the shares on the record date of March 31, 2000 and will then be distributed at such time as those beneficial owners have been determined. Based in Boynton Beach, Fla., CYBeR-CARE is a technology assisted health management company with four business lines. The Company's Electronic HouseCall(TM) System, a patented Internet-based technology system provides for the remote monitoring of individuals for health care purposes. In addition, CYBeR-CARE operates physical, occupational and speech therapy centers, an institutional pharmacy and formerly 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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