for those that are not familiar with MEHO. Another one of my Favorite Longs. news:
Read Carefully. Will give you a good sense of why I like it long:
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Meridian Holdings, Inc. Files 10-KSB For Year Ended 12/31/99
LOS ANGELES, Feb. 18 /PRNewswire/ -- Anthony Dike, MD, chairman and chief executive officer of Meridian Holdings, Inc. ("Meridian"; OTC Bulletin Board: MEHO), a development-stage company, provided the following update following the timely filing of the company's annual report to the Securities and Exchange Commission on Form 10-KSB.
The company completed the acquisition of 51% of InterCare.com, Inc. (formerly InterCare Diagnostics, Inc.) on September 18, 1999. Meridian, which became fully reporting pursuant to the filing of a 10SB-12B in March 1999, generated revenue from operations of $1,392,919 during the year ended December 31, 1999 and recorded a net profit from operations of $85,733. For the three months ended December 31, 1999, the company generated gross revenue of $416,385 compared to gross revenue of $336,642 for the period ended September 30, 1999, an increase of 123%.
During the past 15 months, Meridian has taken the following steps to improve its liquidity and capital resources and to develop new business:
-- generated 1999 revenue from operations of nearly $1.4 million;
-- approved a 1 to 5 dividend distribution of InterCare.com, Inc. shares of common stock to Meridian shareholders of record as of December 30, 1999;
-- filed a Registration Statement on behalf of InterCare.com in anticipation of an initial public offering;
-- entered into a joint venture agreement with Frontlinesoft Limited (India) in support of multilingual and cross-cultural e-commerce undertakings, especially the creation of a multilingual financial/investment site and multilingual interactive health care sites;
-- submitted a technology licensing proposal to the National Aeronautics and Space Administration (NASA) for commercialization of NASA's state-of-the-art Video Image Stabilization and Registration (VISAR) technology and video game biofeedback software technology;
-- acquired a 20% interest in CGI Communications Services, Inc., a specialized Internet and intranet services provider;
-- acquired a 51% ownership interest in the Capnet Group of companies, which has a base for recurring revenue derived from transaction management and e-commerce;
-- acquired a 51% ownership interest in Meridian Health Systems, Inc. (MHSI; Inglewood, Calif.); as provided by the stock purchase agreement, MHSI is a subsidiary of Meridian Holdings, Inc. and the core managed health care unit of the Meridian group of companies;
-- acquired a 51% ownership interest in InterCare Diagnostics, Inc. (subsequently renamed InterCare.com, Inc.), a United States FDA-registered, world-renowned biomedical software development and publishing company, with currently 5 multimedia software titles in the
market; subsequently, Russell Lyons, noted software
designer/developer, was named president of InterCare.com, Inc.;
-- through its InterCare subsidiary, executed an electronic commerce agreement with NetSales, Inc. for NetSales, Inc.'s distribution of InterCare's software programs through more than 140,000 resellers, including online customers, in 130 countries, as well as Ingram Micro,
the largest provider of computer technology products and services to the world;
executed a similar agreement with Digital River, Inc.;
-- through its Capnet IPA division, renewed contracts with the County of Los Angeles, Department of Health Services Community Health Plan, Molina Medical Center, Care1st, and LACare Health Plan to provide services regarding health-care transactions and management valued at
approximately $2.0 million for the next fiscal year;
-- through its CAPNET.com Electronic Drugstore division, executed an exclusive electronic commerce agreement with BioSynergy Nutriceuticals, Inc., under which the latter will become exclusive supplier of dietary supplements relating to CAPNET.com's natural foods and vitamins business line;
-- through a subsidiary, released Version 5.0 of its "Mirage" Internet-based Healthcare transaction management software program, with revenue-generating potential of approximately $5 million during its first year;
-- engaged in additional capital raising activity to improve liquidity and capital position.
About Meridian Holdings
Meridian Holdings, Inc. is an acquisition-oriented business enterprise focused on building, operating and managing a portfolio of business-to-business companies. Meridian seeks to acquire majority or controlling interests in companies engaged in e-commerce, e-communication, and e-business services, which will allow the holding company to actively participate in management, operations, and finances. Meridian's network of affiliated companies is designed to encourage maximum leverage of information technology, operational excellence, industry expertise and synergistic business opportunity. Meridian is committed to building shareholder value by positioning affiliated companies as independent business entities in which Meridian shareholders enjoy equity participation. Visit the company's web site at www.meho.com.
NOTE: Statements in this news release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and any amendments thereto. Material that is forward-looking may contain statements about expected future events and/or financial results that are forward-looking in nature. Editors and investors are cautioned that such forward-looking statements invoke risk and uncertainties that may cause the company's results to differ from such forward-looking statements. These include, but are not limited to, economic, competitive, governmental, technological and other factors discussed in the statements and/or in the company's filings with the Securities and Exchange Commission.
SOURCE Meridian Holdings, Inc.
CO: Meridian Holdings, Inc.
ST: California
IN: CPR HEA
SU:
02/18/2000 06:00 EST prnewswire.com
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