Cybear Acquires Operating Assets of AHT Corporation.Business Editors/Health & Medical Writers FORT LAUDERDALE, Fla.--(BW HealthWire)--Nov. 28, 2000 Andrx Corporation - Cybear Group (Nasdaq:CYBA CYBA Charter Yacht Broker Association CYBA Conejo Youth Basketball Association (Conejo Valley, California) CYBA California Yacht Brokers Association CYBA Cybertron Army CYBA Columbia Yacht Brokers Association ) today announced that it had acquired substantially all of the operating assets Operating Assets Another term for working capital. of AHT AHT Animal Health Trust (Suffolk, England) AHT American Hairless Terrier (dog breed) AHT After Hours Trading AHT Animal Health Technician AHT Anchor Handling Tug Corporation (Nasdaq:AHTCQ). AHT, a national provider of Internet-based healthcare e-commerce among physicians, other healthcare providers and healthcare organizations, voluntarily filed for bankruptcy protection in September of this year, and the assets acquired by Cybear include all of AHT's patents, licenses and trademarks, and current client contracts. The acquisition arose out of the $4 million secured loan that Cybear made to AHT in March 2000. For the quarter ended September 30, 2000, Cybear reserved the full amount of this note due to the uncertainty of collection resulting from the AHT bankruptcy filing. Under the terms of the acquisition agreement, which was approved by the United States Bankruptcy Court on November 22, 2000, an independent valuation will determine the value of the assets acquired by Cybear, and the amount, if any, of Cybear's deficiency claim against AHT. Any deficiency claim will attach as a first senior lien and security interest against all of the remaining assets of AHT, including proceeds from the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. AHT commenced against BioShield Technologies, Inc. and certain of its officers and directors, in connection with the alleged breach of their announced merger agreement. Tim Nolan, Cybear's President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. stated: "Cybear extended its loan in order to obtain access to technologies only offered by AHT. While it is unfortunate that AHT was forced to file for bankruptcy, we view the acquisition of their assets as an opportunity to capitalize on the strengths of both companies. We have begun the transition of the AHT technology into Cybear's operating plan, to further expand Cybear's online application offerings, and anticipate additional synergies between the two organizations." Andrx Corporation - Cybear Group stock tracks the business of Cybear, Inc., which is headquartered in Boca Raton, Florida Boca Raton ("bōkə rə-tōn") is a city in Palm Beach County, Florida incorporated in May 1925. As of the 2000 census, the city had a total population of 74,764; the 2006 population recorded by the U.S. Census Bureau was 86,396. , and is an Internet Service Provider Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. (ISP (1) See in-system programmable. (2) (Internet Service Provider) An organization that provides access to the Internet. Connection to the user is provided via dial-up, ISDN, cable, DSL and T1/T3 lines. ) and Applications Service Provider (ASP) for the healthcare industry. Cybear uses its own secure private network to provide access to the Internet, email, and productivity applications available on a transaction or subscription basis to physicians, physician organizations, pharmacies, and hospitals. More information and subscriptions to dr.cybear and rx.cybear, Cybear's Internet products, are available online at www.cybear.com or be calling 877/999-3001. This press release contains forward-looking information regarding Cybear Inc. The forward-looking statements are made pursuant to the safe harbor 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. Forward-looking statements, including statements as to industry trends, future economic performance, anticipated profitability, anticipated revenue and expenses, anticipated transactions, planned product development and products or service line growth, may be significantly impacted by certain risks and uncertainties, including, but not limited to, failure of the clinical e-commerce industry to develop at anticipated rates, failure of the company's clinical information technology products and services and planned products to gain significant market acceptance, contracts not materializing, delays in customer acceptance of Cybear technology, competition and other economic factors. These forward-looking statements speak only as of the date hereof, and Cybear disclaims any intention or obligations to update its forward-looking statements in the future. Additional risks and uncertainties are described in the documents filed by Cybear with the United States Securities and Exchange Commission (the ASEC ASEC American Savings Education Council ASEC Authorized Sun Education Center (Sun Microsystems) @). |
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