Infocrossing Awarded $18 Million Contract Extension with the State of Missouri.State Exercises Option to Renew Fiscal Agent Services for Missouri Medicaid LEONIA, N.J. -- Infocrossing, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :IFOX), a provider of selective IT infrastructure, enterprise application and business process outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in services, today announced that it has been awarded an $18 million contract extension with the State of Missouri. The State has exercised its option to renew its contract for Medicaid claims processing services for an additional year. The contract had a scheduled termination date termination date, n See expiration date. of June 30, 2007 with two additional one-year options. With the exercise of the first option, the scheduled expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. is now June 30, 2008. In addition, the Company granted the State an additional one-year renewal option for the period from July 1, 2009 through June 30, 2010. Under the terms of the agreement, Infocrossing will continue to operate and maintain the State's Medicaid Management Information System (MMIS MMIS Medicaid Management Information System (various US states) MMIS Microsoft Mobile Information Server MMIS massively multiparticipant Internet sport MMIS Master of Management Information Systems ) that processes the Medicaid claims. The sophisticated MMIS system accepts claims via the web, electronic data interchange See EDI. (application, communications) electronic data interchange - (EDI) The exchange of standardised document forms between computer systems for business use. EDI is part of electronic commerce. (EDI (Electronic Data Interchange) The electronic communication of business transactions, such as orders, confirmations and invoices, between organizations. Third parties provide EDI services that enable organizations with different equipment to connect. ) and from third-party clearinghouses. These claims are subjected to a host of edits that include determining eligibility and appropriateness of the procedure and the system, then ultimately prices and pays the claims. Infocrossing Healthcare Services, Inc. has worked with Missouri's Department of Social Services (DSS (1) (Digital Signature Standard) A National Security Administration standard for authenticating an electronic message. See RSA and digital signature. (2) (Digital Satellite S ) through three consecutive contract periods and has processed Medicaid claims for the State of Missouri since 1988. Through this arrangement, healthcare providers send Medicaid claims to the Company for payment. "We have a long history with the State of Missouri, and we are pleased to continue to handle the processing of its Medicaid claims," said Art Miller, president of Infocrossing Healthcare Services, Inc. "We look forward to working with the State of Missouri for many years to come." About Infocrossing (www.infocrossing.com) Infocrossing, Inc. (NASDAQ:IFOX) is a provider of selective IT infrastructure, enterprise application and business process outsourcing services, delivering the computing platforms and proprietary systems that enable companies, regardless of industry, to process data and share information within their business, and between their customers, suppliers and distribution channels. Leading companies leverage Infocrossing's robust computing infrastructure, skilled technical team, and process-driven operations to reduce costs and improve service delivery by outsourcing the operation of mainframes, mid-range, open system servers, networks and business processes to Infocrossing. Safe Harbor Statement This release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. As such, final results could differ from estimates or expectations due to risks and uncertainties, including, but not limited to: incomplete or preliminary information; changes in government regulations and policies; continued acceptance of the Company's products and services in the marketplace; competitive factors; closing contracts with new customers and renewing contracts with existing customers on favorable terms; expanding services to existing customers; new products; technological changes; the Company's dependence upon third-party suppliers; intellectual property rights; difficulties with the identification, completion, and integration of acquisitions, including the integration of Infocrossing Healthcare Services, Inc., f/k/a Verizon Information Technologies, Inc., and Infocrossing, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control f/k/a (i)Structure, LLC; and other risks. For any of these factors, the Company claims the protection of the safe harbor for forward-looking statements contained in 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, as amended. |
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