NEWS!!!
DENVER, Feb. 17 /PRNewswire/ -- Medix Resources, Inc.
(OTC Bulletin Board: MDIX) in preparation for the anticipated rapid growth and
expansion of it's subsidiary, Cymedix Lynx, Inc., has retained the services of
two outside advisors. Both organizations will be assisting Cymedix in
constructing a secure foundation and flexible infrastructure to support and
sustain accelerated growth and diversity.
Cymedix Lynx is a healthcare Internet technology company that provides
connectivity and E-commerce between physician's offices, industry service
providers and health plan insurers. As a result of its unique, proprietary
technology, Cymedix has signed and is preparing to implement a strategic
agreement with Wellpoint Pharmacy Management, a subsidiary of Wellpoint Health
Network (NYSE: WLP). The agreement envisions the introduction of the
proprietary Cymedix Lynx technology to Wellpoint Health Network's provider
network of more than 100,000 physicians nationally.
Medix has retained The Fountainhead Group LLC, a merchant banking firm, to
assist in capital raising and strategic partnership exploration for Cymedix.
Joel Newman, General Partner of The Fountainhead Group and Medix shareholder,
stated "Cymedix combination of unique Internet technology base, E-commerce
strategy, and non-physician centric approach to facilitating health care
transactions looks like a win for payers, providers and patients. At current
valuations, it could potentially be a win for the investors as well -- we
believe that the company is significantly undervalued when compared to
Healtheon (Nasdaq: HLTH) and CyBear (OTC Bulletin Board: CYBR). This
valuation gap will theoretically narrow as the company expands its capital
resources and bolsters its management ranks."
To that end, Medix has begun a search to buttress the Cymedix management
team in anticipation of the demands that accelerated expansion will place on
it's existing structure. John Yeros, Medix's CEO and Chairman of the Board,
states: "With the impending implementation of our Wellpoint agreement, the
Board of Directors and I recognize that Cymedix is transitioning from a
technology driven development phase to becoming a commercial entity. The
right management team will be the catalyst that converts exciting technology
into shareholder value. We are gratified that Keith Berman, former President
of Cymedix, will continue to contribute to our success as a technical and
strategic consultant."
Medix has engaged the services of Creative Management Strategies (CMS), a
New York based health care executive search firm, to recruit health care
executives to help guide Cymedix through its expected period of rapid
expansion." CMS recognizes the tremendous opportunity that exists in the
Cymedix technology platform," states John R. Prufeta, President and CEO of
CMS. "We are extremely confident that Cymedix will attract a President and
CEO with demonstrated experience in taking a high potential organization
through rapid expansion to profitability."
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: The Statements contained in this release which are not historical
facts contain forward-looking information with respect to plans, projections
and/or future performance of the Company, the occurrence of which involve
certain risks and uncertainties detailed in the Company's Form 10K-SB for 1997
and Form 10-QSB for its second quarter of 1998 that were filed with the
Securities and Exchange Commission on March 30, 1998 and November 9, 1998.
Such information is available from the SEC or from the Company.
SOURCE Medix Resources, Inc.
-0- 02/17/99
/CONTACT: John P. Yeros, 303-741-2074 or Gene Martineau, 212-348-1880
both of Medix Resources, Inc./
(MDIX WLP HLTH CYBR)
CO: Medix Resources, Inc.; Cymedix Lynx, Inc.; Wellpoint Pharmacy Management;
The Fountainhead Group LLC; Creative Management Strategies
ST: Colorado
IN: HEA MLM
SU:
VL-CM
-- LAW064 --
6575 02/17/99 11:45 EST prnewswire.com
//Begin Meta Data//
Selector Code: ..b3h
Copyright 1999, PR Newswire
|
