One of my favorites keeps on truckin'
MDI Technologies Inc. V.MDD.US
Lands a Nursing Home Chain in the Pacific Northwest
7/7/03
MDI Technologies, Inc. has announced that they have signed a sixty-month software agreement with a Pacific Northwest nursing home group valued at US$762,100.00. Of this, US$495,660.00 is deemed recurring revenue and will be recognized over the course of the contract. Should the contract renew after the initial term, the recurring revenue will continue.
'Our expansion in the Pacific Northwest is a significant milestone for MDI,'said Di Anne Kerrigan, Executive Vice President. 'Until now, our presence has been limited in the Washington and Oregon regions. MDI was chosen after a thorough search of market competitors and awarded the contract based on superior products, services and technology,'Kerrigan continued.
'We're very excited to align ourselves with this organization,'said Todd A Spence, President and CEO. 'Since the majority of our new business comes from referrals, this deal provides us with a tremendous opportunity to penetrate the Pacific Northwest market,'Spence continued.
About MDI Technologies, Inc.
MDI develops and markets a family of software products for the healthcare industry. Such products deliver an innovative system that allows long-term care facilities the ability to run clinical and accounting software applications either locally or over the Internet. In addition, MDI provides assessment tools and staging criteria for customized patient care in the long-term care segment of the healthcare market. In 1999, MDI began deploying its first product via the ultra-thin client technology based on Microsoft's Windows 2000 Terminal Server and Citrix MetaFrame. Such technologies allow the company to deliver its product offerings via the Internet from one central location, providing significant cost savings for both MDI and its customers. MDI shares are traded under the name of MDI Technologies, Inc. on the TSX under the symbol MDD.U.
This News Release may contain certain statements related to revenues, expenses, development plans and similar items that represent forward-looking statements. Such statements are based on assumptions and estimates related to future economic and market conditions. The assumptions are reviewed regularly by management, however, they involve risks and uncertainties including, without limitation, changes in markets and competition, technological and competitive developments, and potential downturns in economic conditions generally, that could cause actual results to differ materially from those contemplated in the forward-looking statements.
By the order of board of directors:
'Todd Spence'
Todd Spence, CEO
CONTACT: TEL: (314) 439-6400 For MDI Technologies: Todd Spence CEO
E-mail: tas@mdistl.com |
