CyberCare, Inc. Announces Contingent Reverse Split of Common Stock.Business Editors/Medical & High Tech 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.--(BUSINESS WIRE)--June 14, 2002 CyberCare, Inc. (Nasdaq:CYBR CYBR Copy Byte Right ) today announced that its Board of Directors has approved a reverse stock split of its common stock of up to 1:7. The record date will be announced shortly. The action is conditioned upon the Company's principal debt holders converting a yet-to-be finalized amount of current debentures into equity and an infusion of new equity capital. "This action is fundamental in rebuilding the Company. The reduction in the number of shares outstanding positions us as a more viable investment option for both current and new investors," said Joe Forte Not to be confused with Joseph Xavier "Joe" Forte, the American professional basketball player or Joe Fortes, a Vancouver lifeguard. Joe Forte is an American screenplay writer and painter. , president 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. . "With this action, we will eliminate a significant amount of current debt as well as provide more acceptable access to several sources of funding. Our recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. plan is a cornerstone of our path forward. We will continue to execute on our new strategic plan which we believe will provide a stronger foundation for both the services business and the technology business as we move forward." The action is further being taken to assure the Company's continued maintenance with the minimum bid price requirement imposed by Nasdaq and as part of the Company's stated strategic plan. About CyberCare, Inc. CyberCare, Inc. is a holding company, which is primarily composed of a services business comprising both a physical therapy and rehabilitation business and a pharmacy business, and a healthcare technology solutions business. Our overall goal is to improve the delivery and quality of healthcare for patients while adding incremental value to our customers' clinical and business processes. Our physical therapy and rehabilitation business operates clinics throughout the State of Florida. Its caring staff of clinicians and therapists compliment traditional primary care, orthopedic and neurological physician services and serves a wide range of patients requiring physical and occupational therapy and other rehabilitation services. Our pharmacy business supports thousands of patients and residents in assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. and other long-term care facilities long-term care facility n. See skilled nursing facility. located in Florida. It also is licensed for mail order distribution across all fifty states. Our healthcare technology business utilizes its intellectual property, including patented technology, to deliver tele-health solutions addressing the entire continuum of care. It's Electronic HouseCall(R) (EHC EHC Environmental Health Criteria EHC Environmental Health Center (NSC) EHC Eishockeyclub (German) EHC Extended Health Care (Plan) EHC Emory and Henry College (TM)) hardware and software technology focuses on the chronically ill, wellness management, compliance and wound care. The EHC(TM) family of products and services permit enhanced physician supervision and oversight and enable remote medical and wellness monitoring and real-time interactive communications between patients and caregivers. This is made possible through various monitoring devices, hardware and software applications and our ability to establish an interactive network across the health care continuum and among a community of users and providers. In combination with our customers' clinical and business processes, the Electronic HouseCall(R) system allows for effective and efficient data collection, integration and security, while successfully supporting case management and promoting personal participation and interaction. CyberCare, Inc. is headquartered in Boynton Beach, Florida Boynton Beach is a city in Palm Beach County, Florida, United States. The population was 60,389 at the 2000 census. As of 2006, the city had a population of 66,714 according to the University of Florida, Bureau of Economic and Business Research. . Visit our website at http://www.cybercare.net. 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, product acceptance and effectiveness, 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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