To: Murray_Mac who wrote (1946 ) 5/24/2000 10:16:00 PM From: Murray_Mac Read Replies (1) | Respond to of 3392
CYBeR-CARE Management Responds to Reported Lawsuits As Without Merit BOYTON BEACH, Fla., May 22, 2000 (BW HealthWire) -- CYBeR-CARE (Nasdaq:CYBR) today announced several lawsuits have reportedly been commenced in Federal court against CYBeR-CARE, questioning the accuracy of information that CYBeR-CARE provided to its shareholders and the public. CYBeR-CARE intends to vigorously defend against the lawsuits and expects to be fully vindicated. The company has reviewed all press releases and other public disclosures and reaffirms that they are, in every material respect, accurate, fully consistent with the facts, and are a proper performance of all of CYBeR-CARE's disclosure obligations under the Federal Securities Laws. At least one of the lawsuits asserts that the alleged misrepresentations were made between Nov. 4, 1999 and May 12, 2000, allegedly causing the stock price to rise as high as $37, returning to its alleged actual value of $8.50 at the end of that period. It is significant that, although the crux of these lawsuits appears to be that CYBeR-CARE management issued press releases in order to raise the price of CYBeR-CARE stock, only a spouse of one member of CYBeR-CARE's management sold any shares into the rising market during that period, and she sold only an infinitesimal fraction of their family holdings and did so at between $2.06 and $5.16, substantially below any price alleged to be the result of the company's disclosures. No other member of management which owns or otherwise has beneficial interest in 17,666,846 shares, sold any shares in the rising market during the period. It belies belief that management would be engaging in misrepresentations to raise the price of the stock but not sell in the rising market a meaningful number of their shares at those raised prices. This is the clearest proof that, contrary to the allegations in these lawsuits, CYBeR-CARE and its management were not engaged in any wrongdoing and have continued full confidence in the company, its business and its future. Other undisputed facts strongly suggest that these lawsuits are baseless, and are the latest part of half-truths and misstatements spread in an organized manner by people who have a vested selfish interest in causing a decline in the CYBeR-CARE stock price. It is public knowledge that the short interest in CYBeR-CARE, recently totalling more than four million shares, is extremely large in relation to the float. Those "shorts" have a selfish motive, contrary to the interest of the ordinary CYBeR-CARE shareholder - to drive down the price of CYBeR-CARE stock, through manipulation means which include unfavorable press stories and deflammatory attacks on the company, its business, and its management. This pattern of conduct is clearly indicated on certain "chat boards" used by those who seek to cause a decline in the company's stock price. The company intends to pursue all legal remedies against those who are involved in these attacks on the company to obtain redress for the real injury they have caused the company and each of its shareholders. Based in Boynton Beach, FL, CYBeR-CARE is a technology-assisted disease management company with four business lines. The Company is developing the Electronic HouseCall(TM) System, a patented Internet-based technology system that provides remote monitoring of individuals for health care purposes, which is currently seeking 510(k) clearance from the Food and Drug Administration. In addition, CYBeR-CARE operates physical, occupational and speech therapy centers, an e-pharmacy and one of the world's largest air ambulance transport services. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission. CONTACT: CYBeR-CARE, Inc., Boynton Beach Linda Moore, 561/737-2227 Website: cyber-care.net