MedcomSoft Inc -
MedcomSoft to acquire BNK Informatics Canada
MedcomSoft Inc
MDCM
Shares issued 17,884,883
1999-12-13 close $2.15
Tuesday Dec 14 1999
Dr. Sami Aita reports
MedcomSoft has entered into a non-binding letter of intent to acquire all of the
outstanding common shares of BNK Informatics Canada Inc., a technology and
information solutions firm which is controlled by a director of MedcomSoft Inc.
The terms of the transaction were not disclosed, but the purchase price is
expected to consist of common shares. The letter of intent is subject to a number
of conditions, including completion of due diligence, entering into definitive
documentation and receipt of regulatory and board of director approval.
Founded in 1990 and based in Toronto, Canada, BNKI is a privately owned
knowledge-based company offering technology and information solutions, as well
as consulting services throughout the world. Its major clients include the World
Bank, International Development Research Center, UNESCO, World Health
Organization, Polaroid Inc., KPMG, Wendy's, Gandalf Technologies (now a
division of Mitel) and a number of foreign governments.
BNKI provides a full range of services from strategic information planning and
business analysis to all aspects of design, system integration, implementation and
postimplementation support. BNKI's primary focus is delivering comprehensive
solutions for Web-enabling applications rapidly, and deploying them efficiently on
multiple-user platforms in distributed locations using the Internet and other
communication options.
BNKI uses advanced technology and methodology tools to co-ordinate the
strategic planning information technology with telecommunications and process
improvement. BNKI is also allied with some of the world's leading information
technology providers including Compaq, Microsoft, Citrix, Nortel Networks,
3COM and Hewlett-Packard.
"The acquisition of BNKI is a further step in MedcomSoft Inc.'s aggressive
growth strategy, providing us with expanded expertise and tactical depth in the
systems consulting and turnkey solutions area," stated Dr. Sami Aita, president
and chief executive officer of MedcomSoft. "BNKI's expertise will enable us to
extend our virtual health information networks solutions to multiple user platforms
including MacOS, Linux/Unix and Windows CE, and offer a broadened array of
services to a wider range of organizations, both in and outside North America."
"I am excited about the opportunity of BNKI becoming part of the team that
pioneered what many consider to be one of the leading multimedia electronic
patient medical records," stated Dr. Nabil Harfoush, president and CEO of
BNKI. "The strong synergy between our two organizations and the combined
breadth of our services and technologies will allow us to be in a privileged position
to take advantage of the growing market need for health care efficiency and health
information solutions."
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