CYBeR-CARE Closes on the Acquisition of HELP Innovations' Key Technologies.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)--Nov. 17, 1999-- CYBeR-CARE, Inc. (Nasdaq:CYBR CYBR Copy Byte Right ) announced today that it has closed on the acquisition of patents, products, and key personnel from HELP Innovations, Inc. CYBeR-CARE paid $5 million in stock priced at $3.75 per share. This acquisition greatly enhances CYBeR-CARE's proprietary Electronic House Call System (EHC EHC Environmental Health Criteria EHC Environmental Health Center (NSC) EHC Eishockeyclub (German) EHC Extended Health Care (Plan) EHC Emory and Henry College ), an 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 chronically ill patients at their home. Specifically, HELP Innovations brings an extensive library of computerized disease management protocols that will greatly expand the treatment option for each patient. Linda Roman, who will become a Senior Vice President of CyberCare Technologies, the technology subsidiary of CYBeR-CARE, indicated: "The Internet will enable us to provide instantaneous online access to quality care, 24 hours a day for patients. Our products and patents are a perfect complement to those of CYBeR-CARE." John Haines, President of CyberCare Technologies continued: "We are in a $25 billion market sector for delivery of real medical services on the Internet. We now have assembled the building blocks to position us to be the dominant company in this sector. We now own the fundamental patent rights to set the direction for this entire market." "This announcement has enormous significance for health insurance companies," 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. and Chairman of CYBeR-CARE. "We now have the technologies to reduce total cost of healthcare by more than 15% across an entire patient population, by focusing on the patients who have the greatest need for care. There is no other way to economically serve the "baby boom" generation and still maintain high quality of care. Based in Boynton Beach, Fla., CYBeR-CARE is a technology-assisted disease management company and also operates physical, occupational and speech therapy centers, and pharmaceutical services and is one of, if not the world's largest international 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 transport service. 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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