ehealthcareasia to Acquire Advica Health Resources
HONG KONG and ISLANDIA, NY (August 1, 2000) - Hong Kong-listed ehealthcareasia Limited (HKSE ticker 835 – “Ehealthcareasia”) has announced plans to acquire Advica Health Resources (“Advica”), a management and administrative services company based in Islandia, NY and Charlotte, NC.
A Letter of Intent signed by the parties on July 29th sets out that ehealthcareasia will, subject to due diligence and shareholders’ approval, acquire 100% of Advica in a stock transaction valued at $30 million US.
As part of the agreement, ehealthcareasia will also obtain license agreements from several Advica-affiliated companies granting ehealthcareasia exclusive rights to market their unique healthcare industry technologies throughout the Asia Pacific Region.
Advica provides outsourced management services to the healthcare industry, including health plans and at-risk provider organizations. Advica’s robust menu of services is designed for providers of healthcare services, while meeting preset quality, compliance, and delivery standards. These services include medical management, population management, enrollment services, claims processing, information systems, member services, financial management, and various reporting tools.
Advica currently serves over 200,000 lives through clients in the managed care market, including provider-sponsored organizations and health plans.
ehealthcareasia Ltd is Asia's first listed e-healthcare business. The company uses technology and other means to provide profitable solutions to all sectors of the health services industry. This includes secure processing of transactions and the distribution of products, services, and information to the entire healthcare services community.
Through its Web site, located at ehealthcareasia.com, it offers the public, doctors, and the healthcare industry a better way to find, manage, and improve the way they obtain and use healthcare information and services.
"The opportunity to tap into and capitalize upon the US market's technology and experience in healthcare is another major boost for us," commented Ehealthcareasia Chairman Brian O'Connor.
"This is an effective way to transfer high grade technology and experience to the Asian healthcare market quickly. These services can significantly reduce healthcare delivery costs. They also allow us to capitalize on the many opportunities we have already identified in Asia. We will continue to seek the latest solutions available, both in North America and around the globe."
“This transaction enables Advica to accelerate its growth plans in the U.S. and continue to enhance our services to clients while leveraging our technology and expertise in Asia and other global markets,” said Robert L. Dawson, CEO of Advica Health Resources.
ehealthcareasia CEO Sam Abunassar added, “We are unique in Asia, in that we can provide a secure, stable, and scalable transaction platform for participants in the whole healthcare experience. Today’s agreement speeds up our ability to deliver relevant and customized solutions to our clients and partners. In our expansion plan, this acquisition represents an important milestone.”
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Contact: Advica Health Resources
Robert L. Dawson, CEO
(631) 342-0063
rldawson@advica.com
ehealthcareasia
Sam Abunassar, CEO
+011 (852) 2877-6077
sam.abunassar@ehealthcareasia.com |
