and a PR to follow:
Equity Technologies & Resources, Inc., and Verified Prescription Safeguards, Inc
/FROM PR NEWSWIRE CHARLOTTE 704-338-9366/
TO BUSINESS AND MEDICAL EDITORS:
Equity Technologies & Resources, Inc., and Verified Prescription Safeguards,
Inc., Announce Contract Award for Kentucky Prescription Drug Diversion Pilot
Program
LEXINGTON, Ky., Aug. 6 /PRNewswire-FirstCall/ -- Equity Technologies &
Resources, Inc. (OTC Bulletin Board: ETCR) President James Kemper Millard
announced today that VPS Holding, LLC, a Kentucky limited liability
corporation, has been awarded a contract to lead the Prescription Drug
Monitoring Pilot Project mandated in House Bill 26 by the 2002 Kentucky
General Assembly.
"This is just the latest in a consistent set of milestones the Company has
met in its efforts to set a new standard -- and solution -- for the prevention
of drug diversion and Medicaid fraud with our provisionally-patented Verified
Prescription Safeguards(TM) Prescription Drug Monitoring System," Millard
said. Drug diversion occurs when a lawful controlled prescription drug is
used for illicit purposes, such as when painkilling medications are sold on
the street as substitutes for heroin or cocaine.
"The pilot project will be conducted at medical, clinical, and pharmacy
facilities in Kentucky's Perry and Harlan counties on a voluntary basis, under
a contract with the Commonwealth of Kentucky," Millard said. "The
revolutionary VPS(TM) technology provides immediate ('real time') data
delivery when the practitioner writes the prescription and again when it is
filled by the pharmacist. The information is conveyed instantly to the
regulator. Real-time reporting dramatically reduces an investigation of
potential diversion from months to minutes," Millard emphasized. "In
addition, the positive results of real-time monitoring will significantly
improve patient care by preventing drug-drug interaction and by eliminating
the risk of misread prescriptions, while assuring patient privacy protection
and compliance with all HIPAA requirements."
Millard noted that if the state decides to adopt the statewide use of the
VPS System after the pilot, this could result in Kentucky saving an estimated
$20-30 million annually by reducing Medicaid prescription drug fraud.
In making the announcement, Millard said a consortium of companies has
been formed under licensee VPS Holding, LLC, to make the bid. In addition to
Verified Prescription Safeguards, Inc. (a wholly owned subsidiary of Equity
Technologies & Resources, Inc.), the others are Envoii, Inc., a San Francisco,
California, software developer whose suite of Envoii(TM) software and services
dramatically improves performance, utility, and return on investment of web-
based applications, and Computer Information Systems, Inc., a London,
Kentucky, consulting firm and solutions provider for information technology.
For the purposes of the pilot project, VPS Holding, LLC, will license the
technologies from each consortium corporation for a nominal fee. Any benefits
or revenues derived from the use of technology acquired by VPS Holding, LLC,
will pass through to Equity Technologies & Resources, Inc., and/or Verified
Prescription Safeguards, Inc., under the terms of the Joint Venture Agreement.
"Equity Technologies & Resources, Inc. and it's subsidiary, Verified
Prescription Safeguards, Inc., assigned all intellectual property rights to
the Verified Prescription Safeguards System for controlled substances to VPS
Holding, LLC, a Kentucky limited liability company," Millard explained. "In
anticipation of development and funding for the VPS System, VPS Holding, LLC,
entered into an Agreement with Envoii Healthcare, LLC. In the absence of any
contracts or funding for the project, this was the only viable alternative
available. Envoii has been pursuing similar technology in the healthcare
industry, and it was practical and prudent to partner with the Envoii
Healthcare technology. The manner in which the funding and technology
development issues have been structured will beneficially protect both the
creditors and the stockholders of Equity Technologies & Resources, Inc., and
Verified Prescription Safeguards, Inc. Both companies will receive significant
revenues from prescription drug monitoring database contracts, as well as
revenues from an emerging national electronic health network initiative."
Verified Prescription Safeguards and VPS are trademarks of Verified
Prescription Safeguards, Inc., a wholly owned subsidiary of Equity
Technologies & Resources, Inc. Envoii is a trademark of Envoii, Inc.
This press release contains forward-looking statements that reflect the
Company's current expectations regarding future events. While these
statements reflect the Company's best current judgment, they are subject to
risks and uncertainties. Actual results may differ significantly from
projected results due to a number of factors, including, but not limited to
assumptions beliefs and opinions relating to the business and growth strategy
of Equity Technologies & Resources, Inc. and it's wholly owned subsidiary
Verified Prescription Safeguards, Inc., and implementation thereof, based upon
the Company's interpretation and analysis of financial and market conditions,
the decisions of businesses with whom the Company is either engaged in
business with or negotiating, healthcare industry trends and management's
ability to successfully finance, develop, market, sell and implement its e-
commerce and internet solutions, clinical and financial e-transaction services
and software applications to physicians, pharmacies, governmental agencies,
laboratories, insurance companies, HMOs, and payers. These factors and other
risk factors are more fully discussed in the Company's filings with the
Securities and Exchange Commission. The Company expressly disclaims any
intent or obligation to update any forward-looking statements.
SOURCE Equity Technologies & Resources, Inc.
/CONTACT: James Kemper Millard, President & CEO of Equity Technologies
&Resources, Inc., +1-859-268-4446/
/Web site: equitytechnologies-resources.com /
Aug-06-2003 20:30 GMT
Symbols:
US;ETCR
Source PRN PR Newswire
Categories:
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MST/I/HEA MST/I/CPM MST/I/INF MST/I/MKT MST/S/CTR MST/S/JVN |
