Printer Friendly

HEALTHWATCH ANNOUNCES FUNDING AGREEMENT WITH THE ROCKIES FUND

 BROOMFIELD, Colo., Oct. 14 /PRNewswire/ -- HealthWatch Inc. (NASDAQ: HEAL) today announced that it has concluded the first round in a funding arrangement with an investment group led by The Rockies Fund of Colorado Springs. Under the terms of the agreement, the group has purchased 400,000 shares of HealthWatch common stock for $200,000 with warrants to purchase up to an additional 1.6 million shares of HealthWatch stock.
 In making the announcement, Sanford Schwartz, chairman of HealthWatch stated, "This investment will generate $1,000,000 in new capital for HealthWatch when the warrants are fully exercised. The investment will allow HealthWatch to accelerate the introduction of the METAMED Inc. infusion therapy products. We are looking forward to participating in this $800 million market, particularly in the home care segment which is experiencing explosive growth."
 In commenting on the investment Stephen Calandrella, president of The Rockies Fund Inc. stated, "We perceive a tremendous opportunity with our investment in HealthWatch. With the acquisition of METAMED and management changes we are very optimistic on the future of HealthWatch."
 HealthWatch acquired METAMED last month in a merger transaction completed on Sept. 13, 1993. METAMED has developed and patented a unique product for intravenous drug delivery. The METAMED products will allow the healthcare provider an option for its IV instrumentation not currently offered in today's marketplace.
 The METAMED products will not require the use of expensive, proprietary IV sets and will be substantively lower in cost than existing IV instrumentation. The company plans to introduce the first products this fiscal year (ending June 1994).
 Based in Broomfield, HealthWatch is a developer, manufacturer and distributor of medical instrumentation used in cardiovascular diagnosis, vascular diagnosis and infusion therapy.
 -0- 10/14/93
 /CONTACT: Sanford Schwartz or John D. Greenbaum of HealthWatch, 303- 465-2000/
 (HEAL)


CO: HealthWatch Inc.; The Rockies Fund of Colorado Springs;
 METAMED Inc.; The Rockies Fund Inc. ST: Colorado IN: HEA SU:


MC -- DV001 -- 2097 10/14/93 10:05 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 14, 1993
Words:327
Previous Article:FANUC ROBOTICS SUPPLIES GENERAL MOTORS WITH AUTOMATED ANT-CHIP AND TOP COAT PAINT SYSTEM
Next Article:DAVID KONFINO, FORMER NATIONSBANK EXECUTIVE, CHOSEN TO HEAD CAPITAL BANK'S INTERNATIONAL DIVISION
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters