Cybercare Inks Agreement With CyberAmeriCare; Contract Opens Doors to Central and South American Markets.Business Editors/Health & Medical Writers BOYNTON BEACH, Fla.--(BW HealthWire)--Oct. 12, 2001 CyberCare, Inc. (Nasdaq:CYBR CYBR Copy Byte Right ) today signed an agreement with CyberAmeriCare, Inc., a Palm Beach, Fla.-based healthcare information technology company, for exclusive marketing, distribution and licensing rights to the CyberCare System(TM) in Central and South America as well as North America. CyberAmeriCare is intended to be capitalized with $30 million in equity by parties other than CyberCare. As part of the agreement, following the capitalization, CyberAmeriCare is obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to pay $15 million to CyberCare for the marketing, licensing, and distribution rights, subject to a unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. requirement to retain exclusivity. An order for $500,000 of 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) units accompanied the signing of the agreement. CyberAmeriCare's Founder and Chairman Jack Hight hight adj. Archaic Named or called. [Middle English, past participle of highten, hihten, to call, be called, from hehte, hight, past tense of hoten has more than 40 years of experience creating and leading IT companies. This includes serving as president or chairman of four corporations which were merged into companies listed on the NYSE NYSE See: New York Stock Exchange . Hight also has served as chairman of Modus Operandi [Latin, Method of working.] A term used by law enforcement authorities to describe the particular manner in which a crime is committed. The term modus operandi is most commonly used in criminal cases. It is sometimes referred to by its initials, M.O. , Inc., Seisint, Inc., and Database Technologies, Inc. (DBT DBT Department of Biotechnology (India) DBT Dibenzothiophene DBT Drive-By Truckers (band) DBT Design Basis Threat DBT Deutscher Bundestag (German Parliament) ). Hight co-founded EDS (Electronic Data Systems, Plano, TX, www.eds.com) Founded in 1962 by H. Ross Perot (independent candidate for the President of the U.S. in 1992), EDS is the largest outsourcing and data processing services organization in the country. Federal with Ross Perot after leaving IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) in 1964. "We see promising telehealth business opportunities throughout the Americas and we're eager to begin our efforts to change the face of healthcare delivery in North, South and Central America," said Hight. "CyberCare, through its expanded EHC family of products, now offers what I think is one of the most exciting business opportunities since EDS." When combined with CyberCare's existing Asian and European subsidiaries, this agreement represents a significant component of the company's commitment to provide global telehealth, according to Michael F. Morrell, chairman of the board 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. of CyberCare. "Based on Mr. Hight's outstanding record of business successes, we have great confidence in the future of our relationship with CyberAmeriCare," said Morrell. "This agreement introduces CyberCare's products to the Central and South American markets and truly gives us the opportunity to provide worldwide telehealth network access, allowing the delivery of quality healthcare in a cost-effective manner to global customers." About CyberAmeriCare CyberAmeriCare, Inc., a Delaware corporation, provides information, products and services that improve healthcare delivery and lower costs of managing that delivery to healthcare organizations and large self-insured corporations as well as government agencies. The company's three-part mission also includes partnering relationships with state-of-the-art information technology sources to make information for healthcare decisions available at speeds unmatched in the industry today and to meet the new federally mandated requirements for security and patient data privacy. Each of these areas is expected to be a major revenue contributor. About CyberCare, Inc. CyberCare, Inc. is a network-based telehealth solutions company improving the delivery of care through its Internet-based technology. 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 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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