Medical Industries of America Acquires eCareSolutions, Inc.BOYNTON BEACH, Fla.--(BUSINESS WIRE)--Aug. 2, 1999-- Medical Industries of America 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 :MIOA MIOA Michigan Institute of Aeronautics (Belleville, MI) ) today announced that it has acquired Augusta, Ga.-based eCareSolutions, Inc., a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. engaged in developing, producing and integrating medical e-commerce technology products. The terms and conditions of the acquisition were not formally disclosed. Paul Pershes, President of Medical Industries, stated, "We are very pleased to bring eCareSolutions, Inc. and Brigadier General Stephen N. Xenakis, M.D., together with our previously announced acquisition of CyberCare, Inc., into our family of e-health commerce companies. Dr. Xenakis brings a wealth of knowledge and expertise in high tech medical applications to the Company, as well as an invaluable network of contacts and resources. Moreover, we expect that he will serve as a powerful complement to our corporate management team." Dr. Stephen N. Xenakis, who recently served as 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. of eCareSolutions, will remain as President of the subsidiary. In 1998, Dr. Xenakis retired from the United States Army United States Army Major branch of the U.S. military forces, charged with preserving peace and security and defending the nation. The first regular U.S. fighting force, the Continental Army, was organized by the Continental Congress on June 14, 1775, to supplement local as a Brigadier General where he had pioneered the growth of telemedicine and medical e-commerce for its healthcare system. He led the development of the CyberCare technology jointly with the Medical College of Georgia In 1828, it was chartered by the state of Georgia as the Medical Academy of Georgia, with plans to offer a single course of lectures leading to a bachelor's degree. It opened the following year on October 1st at the Augusta hospital. and Georgia Institute of Technology Georgia Institute of Technology, in Atlanta, Ga.; coeducational; state supported; chartered 1885, opened 1888. It is a member school in the university system of Georgia. Significant among its facilities and programs are the Frank H. and directed their clinical application. Brigadier General Xenakis established the Center for Total Access (CTA An abbreviation for cum testamento annexo, Latin for "with the will annexed." ) at Fort Gordon, Ga. as a Department of Defense "Laboratory for Health Care Reengineering." As Commander of Eisenhower Army Medical Center and the Southeast Regional Medical Command, Brigadier General Xenakis commanded over 15,000 personnel and provided healthcare services to 1.2 million beneficiaries. He has commanded hospitals, medical centers and integrated healthcare systems for most of his career and has been recognized for the effectiveness and efficiencies of his organizations under his supervision. In 1998, Dr. Xenakis founded Total Access Services, Inc. as a dedicated entity to assisting healthcare organizations to leverage available technology and enhance goals of quality, cost control and access. He holds professorships with the Medical College of Georgia, the Uniformed University of Health Sciences, and The Menninger Clinic, and is the author of more than 50 publications and professional lectures. Based in Boynton Beach, Fla., MIOA currently operates physical, occupational and speech therapy centers, sleep centers, pharmaceutical services and is one of, if not, the world's largest international air ambulance transport service. 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, regulatory 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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