MEDTECH, INC. ACQUIRES HEALTHCARE SOFTWARE FOR STOCK
LOS ANGELES--(BUSINESS WIRE)--Jan. 11, 1999--
Roll Out of JAVA-Platform Healthcare Technology Set to Begin;
NCFE Supports Venture With $22 Million Medical Accounts Receivable
Financing Program
MedTech, Inc. (OTC-MDTK) today announced that it has acquired the
rights to a JAVA-based, on line, healthcare management and billing
software, in exchange for 41 million shares of the Company's stock.
MedTech believes the software to be state-of-the-art with the
potential of providing the best technology solution to the medical
industry. As a result of the transaction, the developers of the
software - Sanga International and Sanga e-Health two companies with
close ties to Sun Microsystems (NMS:SUNW), now own a super majority of
the issued stock of the Company and will immediately assume
operational control.
In a statement released earlier today, Masood Jabbar, President
of Sun Microsystems' Computer Division, distinguished the transaction
as "perhaps the most significant JAVA-related development ever in the
healthcare industry." Mr. Jabbar said he believes the benefit to
healthcare companies from the use of the new technology "may well
create an effective marriage of cost reduction and efficiency in an
industry that desperately needs both."
The Sanga Group already has software installation contracts with
several large healthcare organizations. The technology and rights
transferred to MedTech have several features that are unique in the
healthcare industry, including on-line, Internet-based remote access
combined with the companies' state-of-the-art patient/client tracking
and billing modules. It is believed that the proliferation of the
software in the healthcare industry may reduce costs and increase
margins with great efficiency.
In order to assist in the roll out of the JAVA-based technology,
National Century Financial Enterprises, Inc. ("NCFE") and its
affiliates are working with Sanga in establishing a $22 million
medical accounts receivable financing program, to accommodate and
support Sanga's continued expansion into the healthcare arena.
John F. Andrews, currently Chief Executive Officer of the Sanga
Group, has been appointed to MedTech's Board and has further been
unanimously elected its Chairman and Chief Executive. Commenting on
the deal, Mr. Andrews stated, "We are standing at the precipice of a
new age in healthcare, where the time is right to introduce
server-side, enterprise-wide JAVA applications in an industry specific
manner. Upon combining these applications with our recently acquired
and proprietary healthcare software, the industry's struggle to
decrease costs and increase efficiencies can now be actually realized
through the use of these already proven combination of valuable
technologies."
Sun Microsystems is one of the largest computer conglomerates in
the world with a market cap in the billions of dollars. Sun
Microsystems developed the well-known JAVA technology and licenses and
resells the technology worldwide through companies such as Sanga
International. The Sanga Group - which has offices in Florida,
California and Canada - develops and installs an extensive array of
technologies, including JAVA. Using JAVA, along with other valuable
and proprietary healthcare technologies under development since 1994
and under extensive testing and use since 1996, Sanga e-Health led the
development of the new on-line product, which allows for a streamlined
and extremely cost effective avenue to state-of-the-art medical
software for healthcare providers across the globe.
NCFE is the nation's largest financier of healthcare working
capital with assets of more than $2 billion. |
