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SURC - SureCare Inc Click here to order Full Report
SureCare Inc
4299 San Felipe
Suite 300
Houston, TX 77027
United States
Phone: 832-200-7000
Grant Gables, PR/DIR
SIC Number: 5912
Fiscal Year End: 12-31
Industry: Retail
Transfer Agent: Atlas Stock Transfer Corporation
CIK: 1062564
Market Maker List
Share Data
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Authorized Outstanding
Date Shares Source Date Shares Source
11/19/2002 50,000,000 10QSB 11/19/2002 13,038,238 10QSB
Business Summary
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CURRENT BUSINESS INFORMATION: SureCare Inc. is a healthcare service company specializing in the delivery of chronic disease management programs to chronically ill patients on behalf of managed care providers. The Company is a distributed healthcare company specializing in disease self-management and product delivery. The Company seeks to reduce the cost of chronic diseases by providing quality healthcare resources to the consumer, while improving the consumers' experience. The Company is also licensed as a durable medical equipment provider for both the Medicare and Medicaid programs, and has received licensure as a pharmacy in the State of Texas.
The Company manages chronic disease patients for managed care organizations by providing home delivery of pharmaceuticals and supplies, educational materials, and patient monitoring and consultations. Distributed healthcare is a disease-focused linkage of goods distribution with consumer education and experience, while collecting and distributing important clinical outcomes data. The Company serves patients with Diabetes and is developing new disease management programs for other high cost, chronic diseases, such as asthma and congestive heart failure. The Company is focusing on certain diseases with large afflicted patient populations where clinical research indicates that active management will improve the health conditions of such patients and reduces the financial burden for managed care organizations.
HISTORICAL BUSINESS INFORMATION: Organized on April 7, 1998, on December 31, 1998, the Company merged with and into Cash Flow Marketing, Inc., with Cash Flow as the surviving corporation and changing its name to MediQuik Services, Inc. immediately following the merger. While initial Company revenues were derived primarily through product sales, the Company has expanded beyond product delivery to become a full disease management provider working to improve patient care and reduce costs to managed care providers.
On March 31, 2000, the Company signed a Letter of Intent with MiraQuest Capital Holdings, Inc. / MiraQuest Ventures, LLC which provides the company with $2,000,000 in initial funding and an equity interest in MiraQuest, an Internet/E-Commerce Holding Company comprised primarily of entities serving the business-to-business market.
In April 2002 the Company announced the launch of its new Respiratory Self-Management Program. The Respiratory Self-Management Program will provide SureCare with the opportunity to distribute its focused medications, ancillary supplies and education to the large population of respiratory patients that are currently enrolled in the Company's growing list of contracted managed care organizations. The Company also asked its shareholders to approve the change of the Company’s name to SureCare, Inc., and to approve an increase in the total number of shares subject to the Incentive Stock Plan from 3,000,000 to 7,500,000. The Company has conducted business under the "SureCare" name for a number of years and believes that the change of the Company's name is necessary to prevent confusion and misunderstanding about the source and sponsorship of its products and services.
In May 2002 the Company completed the private placement of a $5 million commitment to purchase the Company's common stock arranged through its Wall Street investment banking firm, Chapman, Spira & Carson, LLC. This financing will provide the working capital requisite to achieve key business milestones.
Also in May 2002 the Company received shareholder approval to formally change the Company's name to SureCare, Inc. and subsequently changed its ticker symbol from "MDQK" to "SURC".
On June 27, 2002 the Company registered 20,800,000 shares of common stock to be offered for sale by certain selling security holders, of which 20,000,000 shares are reserved for issuance under an Equity Line of Credit. On 5/2/2002, the Company entered into an Equity Line of Credit with Cornell Capital Partners L.P., pursuant to which it may periodically sell shares of its common stock to Cornell for a total of up to $5,000,000. For each share purchased, Cornell will pay 95% of the lowest closing bid price for the five consecutive trading days immediately following the advance notice date.
On October 22, 2002 SureCare announced that it signed a binding Letter of Intent to acquire Tennessee based Medical Outcomes Management ("MOM"), a diabetes disease management company which has deployed a highly successful population management coaching methodology. In exchange for the assets of MOM, SureCare will issue 1,280,000 shares of common stock and assume outstanding liabilities of not more than $178,412 on the closing.
MISCELLANEOUS BUSINESS INFORMATION: The Company reported an Accumulated Deficit of $17,184,886 as of March 31, 2002 compared to $17,578,259 as of September 30, 2002.
As of March 31, 2002, Total Shareholder's Equity was ($1,218,843) compared to ($1,592,964) as of September 30, 2002.
As of September 30, 2002, Working Capital Deficit declined to $1,280,204.
As of September 30, 2002, Cash declined to $16,161. |
