HealthWatch Announces Marketing Agreement, Investment and New Board Members.VISTA Vista (vĭs`tə), uninc. city (1990 pop. 71,872), San Diego co., SW Calif., near the Pacific coast, in an agricultural and resort area; inc. 1963. , Calif.--(BUSINESS WIRE)--Oct. 16, 1997--HealthWatch Inc. (Nasdaq symbol: "HEAL") today announced that HealthWatch and HALIS HALIS High Alpha Inviscid Solution Inc. (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. Symbol: "HLIS") have agreed to pursue a joint venture and co-marketing agreement rather than merge the two companies. In addition, HealthWatch will acquire technology rights from MERAD Corp. which will be used to develop a new healthcare information product based on advanced multimedia database and artificial intelligence software to capture medical information and to automatically transfer the information to healthcare application processing systems. "The healthcare information systems market is growing rapidly with more than $15 billion in annual revenues. The HALIS relationship and the MERAD technology greatly enhance HealthWatch's ability to become a significant factor in this industry," stated Sanford Schwartz, chairman of the board of directors of HealthWatch. In connection with these transactions, HALIS has invested $125,000 in HealthWatch, a group of private investors is investing $500,000 in HealthWatch, and HealthWatch has made an investment in HALIS by the exchange with certain HALIS shareholders, including Paul Harrison
In addition, Paul Harrison, chairman of the board, 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 president of HALIS and Larry Fisher Larry Fisher (born August 21, 1949) is a Canadian man who was convicted in 1999 of a murder he committed in 1969. On January 31, 1969, Gail Miller was raped and murdered in Saskatoon, Saskatchewan. , executive vice president, chief administrative officer A chief administrative officer (CAO) is responsible for administrative management of private, public or governmental corporations. The CAO is one of the highest ranking members of an organization, managing daily operations and usually reporting directly to the chief executive of HALIS are joining the HealthWatch board of directors. "These transactions provide HealthWatch with most of the benefits we had expected to achieve through the merger, while permitting HealthWatch to remain a separate company. HALIS is a rapidly-growing healthcare information company, having grown from $2 million in revenues in 1996 to a current run rate of more than $20 million per year. "The HALIS investment represents a good long-term opportunity for HealthWatch while also adding approximately $2 million of net worth to the company's balance sheet. This will significantly improve our ability to grow the HealthWatch business during the next year," Schwartz continued. "I look forward to working with HealthWatch," said Paul Harrison. "By establishing a close working relationship, HALIS will gain immediate access to the HealthWatch customer base and will benefit from HealthWatch's development of new technology simplifying entry of patient medical information to HALIS' Healthcare Enterprise System, while permitting HALIS to focus on its existing business opportunities." HealthWatch is a developer, manufacturer and distributor of medical instrumentation used in infusion therapy and vascular diagnosis. Forward-Looking Information: The statements which are not historical facts contained in this press release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve certain risks and uncertainties, including but not limited to risks associated with uncertainty of future financial results, regulatory approval processes, and other uncertainties detailed in the company's filings with the Securities and Exchange Commission. CONTACT: Boulder Boulder, city, United States Boulder, city (1990 pop. 83,312), seat of Boulder co., N central Colo.; inc. 1871. A Rocky Mountain resort and a suburb of Denver, it is the seat of the Univ. of Colorado (1876). Financial, Boulder, Colo. David Lilja, 303/499-6000, ext. 15 |
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