IVTX 20:1 split monday plus internet shares plus buying channel.
INNOVATIVE TRACKING SOLUTIONS (OTC BB: IVTX)
Quote, Profile, History, News, Chart, Zacks, MarketGuide, StockTalk
News July 29, 22:11 Eastern Time
Innovative Tracking Solutions Corp. to Acquire ''thehealthchannel.com''
LAGUNA HILLS, Calif., Jul 29, 1999 (BW HealthWire via COMTEX) -- InnovativeTracking Solutions Corp. (OTC BB:IVTX-news) Thursday announced that it has terminated its previous agreement to merge with Desert Sun Investments and instead, intends to acquire the proprietary Web site, "thehealthchannel.com."
"Our initial plan to seek candidates for merger or acquisition were mostly for growth capital purposes," said Dianna Cleveland, president and chief executive officer of Innovative Tracking Solutions Corporation.
"But, as we narrowed our focus on certain versions and programs within our product line in order to prepare for the national exposure they will receive in the upcoming months on American Medical Review on National Public Television and Today's Health on CNBC, we knew we needed more than just growth capital. We needed an alliance that could help us disseminate health education to not only clinicians, but to the public as well," said Cleveland.
California-based Innovative Tracking Solutions develops, manufactures and markets sophisticated, easy-to-use electronic reminder products and therapy-specific patience adherence programs that have a broad range of applications for improving the quality of life for individuals and their families, at home, in the workplace and around the world.
"We have not been well equipped to market our products directly to consumers. As a result, we have focused our marketing efforts on clinicians prescribing or implementing our patience adherence programs. We began looking for the right company with synergistic products, services and goals for providing both patient and clinician education and access to information that could enhance the distribution of our programs mostly on the Internet," saidCleveland.
"Our research for Internet health gateways revealed some of the 'biggies,' but with our feature segment on American Medical Review completed and slated for air in August, we needed one who could move quickly and get our product information out to the public in order to capitalize on the momentum we believe the television exposure will provide," said Lee Namisniak, chief operating officer and director of Innovative Tracking Solutions.
"We were thrilled to find thehealthchannel.com. with all their newer strategic alliances and glad to be at the right place at the right time. There were also tremendous advantages to an asset and exchange of shares with Biologix, International Ltd. (OTC BB:BGIX - news), their parent company. Not being well-equipped to support the market for our stock, we have relied on our many loyal shareholders while making great strides in expanding our product line. We believe thehealthchannel.com is well-poised for a supported market," said Namisniak.
Already the world's largest, most comprehensive and powerful public-access healthcare portal, thehealthchannel.com has recently announced several new strategic alliances that now link it to 3 million URLs. In additional to its focus on the healthcare community of physicians, nurses and others, thehealthchannel.com also provides a vast array of healthcare information to consumers on virtually every aspect of health.
"We are excited about offering another value-added feature through our rapidly growing Internet portal," said Tom Lonergan, chief operating officer and director of Biologix. "While our focus is on helping the public to have more information and control over their own healthcare, their focus is on products and programs that help patients have more control over their treatment outcome. This creates a perfect fit."
The acquisition is expected to be completed by Monday, Aug. 2, 1999 and to involve an approximate forward split of 20-to-1 in order for IVTX's current outstanding shares to mirror BGIX's current outstanding shares. Immediately after the split, a redistribution of shares will occur on a 1-for-1 share basis for all BGIX stockholders and on a 2-for-1 share basis for IVTX stockholders. More details to be announced.
For more information regarding IVTX or the Private Practice(TM) Vibration Reminder Disk and Patient Adherence Programs, call 800/968-7762 or visit www.privatepractice.com
This release contains forward-looking statements. The company's expectation of results and other forward-looking statements contained in this release, involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially from those expected are the following: business conditions and general economic conditions; competitive factors, such as pricing and marketing efforts, timing of product introductions; and the pace and success of product research and development. These and other factors may cause expectations to differ.
Copyright (C) 1999 Business Wire. All rights reserved.
-0-
CONTACT: Innovative Tracking Solutions Corp.
Dianna Cleveland, 949/454-1278
|
