CyberCare Announces Closing On Air Ambulance Business.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)--Dec. 7, 2001 CyberCare, Inc. (Nasdaq:CYBR CYBR Copy Byte Right ) announced today the previously reported transaction disposing of its 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 was restructured to reflect AIM Aircraft, Inc. a Colorado corporation, as the buyer and closed effective Sept. 30, 2001. The transaction was finalized on December 3, 2001. Under the original transaction, Global Air Response, Inc., a Delaware corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. , agreed to purchase all stock of one operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. and certain assets of the other two operating subsidiaries of CyberCare's air ambulance holding company. Global Air Response also agreed to lease CyberCare's air ambulance fleet. AIM Aircraft, operated by certain of the management of the operating subsidiaries, has replaced Global Air Response as the buyer. The result of the transaction is nearly identical to the one originally contemplated. About CyberCare, Inc. CyberCare, Inc. is a network-based telehealth solutions company improving the delivery of care through its 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. . CyberCare creates a live, interactive community that incorporates all members of the care team in the healthcare delivery process, resulting in cost reduction and improvement in the quality of patient care. Utilizing patented technology for remote monitoring and real-time interactive communications between chronically ill patients and their providers, CyberCare's Electronic HouseCall(R) System allows for effective and efficient data collection, case management and personal interaction. Headquartered in Boynton Beach, Fla., CyberCare also has physical, occupational and speech therapy businesses and an institutional pharmacy business. Visit CyberCare's Web site 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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