UPDATE ON KHASHOGGI/QUINN/POSSINO OFFSHORE BOILER ROOM STOCK CASTPRO A/K/A THAON COMMUNICATIONS
THAON INKS DEAL TO ACQUIRE PRACTICE XPERT
San Luis Obispo, CA— March, 25, 2003, Thaon Communications, Inc. (OTC BB: THON) announced today that it has entered into a definitive agreement for the acquisition of Practice Xpert Services, Corp (PX).
Under the agreement, Thaon will tender a combination of common and preferred stock in exchange for 92% of the outstanding common stock of PX. In addition, upon closing, current Thaon management will resign and turn control of the company over to the current management of PX. The transaction is expected to close sometime in early to mid April.
Practice Xpert Services Corp., a healthcare technology and services company, is in the business of developing and deploying systems, technologies and services designed to improve operational efficiencies, reduce billing errors and enhance cash flow for medical practitioners. Its services revolve around PracticeXpert’s flagship patent-pending hand-held patient encounter system, PracticeXpert™, and include medical billing, collections, transcription, clinical trial accruals, contracting and practice management. PracticeXpert bundles its technology applications with its billing and other practice management services to provide a complete and integrated solution to its physician customers.
The Company currently provides services to physicians in a number of states, including Alaska, California, Idaho, Washington and Nevada. It employs approximately 50 people and has grown revenues from zero in 2001 to its current annualized run rate of $3.5 million.
“We have been working with the management of Thaon for a number of months to complete this transaction, and with the signing of the definitive agreement we are only weeks away,” said Jonathan Doctor, chief executive officer of PX. “We believe that having a public market for our stock will allow us to reach our expansion goals much more readily. Part of our growth strategy involves acquisitions, and having a stock that trades simply makes acquisitions easier to accomplish. We have a number of target acquisitions identified, and are in serious negotiations with one, that if completed, would immediately more than double our revenues.”
Note: Any statements released by Thaon Communications that are forward-looking, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act. Editors and investors are cautioned that forward-looking statements invoke risk and uncertainties that may affect the Company's business prospects and performances. These include economic, competitive, governmental, technological and other factors discussed in the statements and in the Company's filings with the Securities and Exchange Commission.
Source: Thaon Communications |
