NHLT also released this news under their symbol also.
(BSNS WIRE) PanAmerican BanCorp Announces a Marketing Management Agreeme
PanAmerican BanCorp Announces a Marketing Management Agreement With National
Health and Safety Corporation
Business Editors
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Dec. 7, 1998--PanAmerican
BanCorp (NASDAQ BB - "PRWT") announced today that its wholly-owned
subsidiary, PanAmerican Healthcorp, entered into a letter of intent
with National Health & Safety (NASDAQ BB - "NHLT") to commence a
national healthcare services joint venture.
John Schmitz, CEO of PanAmerican BanCorp, indicated that
PanAmerican Healthcorp will provide expansion capital and marketing to
incorporate National Health's POWERx Medical Benefits Network into
PanAmerican's Patient Alliance of America.
The Patient Alliance, scheduled to be launched in January of
1999, will forge a national alliance between healthcare service
providers and patients, reducing the cost of healthcare to patients,
regardless of their medical history.
Schmitz said the agreement with National Health & Safety includes
the national marketing of a new cancer detection technology for which
NHS recently acquired the exclusive North American rights. The new
technology is a soft tissue ultra-sound scanner.
Dr. Dennis Bowers, CEO of National Health & Safety, described the
soft tissue scanner as a "major medical breakthrough" with the
potential to save hundreds of thousands of lives.
Earlier this month, clinical studies commenced at Thomas
Jefferson University Hospital in Philadelphia, PA which will test the
ability of the soft tissue scanner to detect and diagnose "satellite"
locations of cancer cells which are often missed in some kinds of
cancer surgical procedures, especially melanomas. The clinical
studies are under the scientific direction of Dr. Levon Nazarian and
Dr. Barry Goldberg at Thomas Jefferson University. National Health &
Safety is underwriting the cost of the study.
Satellite locations are very tiny, often no larger than the head
of a pin, and may be missed in surgery. They can spread undetected
through the body until it is too late to treat them successfully.
"This technology is so important that we expect the vast majority
of our 3300 hospitals and many of our 360,000 doctors and surgeons to
utilize the technology during the next two years," Bowers said. He
estimated that revenues generated by use of the Longport technology
could exceed $100 million by the end of the third year of marketing.
In addition, the Longport technology has many other applications.
These include monitoring the development and healing of wounds such as
bedsores, burns, and diabetic ulcers, the detection of residual metal
fragments in Veterans and steelworkers, applications in dentistry,
sports medicine and veterinary sciences.
PanAmerican Healthcorp has committed several million dollars to
national Health & Safety Corporation for the continued development,
manufacturing and marketing of the Longport technology and other NHS
products and services during the next two years. Bowers indicated
that the exclusive North American marketing rights to the technology
is expected to deliver a high return on the investment.
National Health & Safety is America's first national medical
discount network, with more than 700,000 medical, surgical and other
providers participating nationwide. The POWERx network includes more
than 70% of the nation's doctors, surgeons, and hospitals and more
than 90% of the nation's pharmacies. Trade-named the POWERx Medical
Benefits Network, any company or individual can obtain access to the
network providers for about $200 per year. Company employees can
obtain services and products from the providers at discounts of up to
60%.
The Longport scanner is the first of several breakthrough medical
devices which National Health & Safety plans to make available to its
network providers under a new division of the company named ACCESS
Advantage. Bowers said that National Health & Safety is presently
under discussions with other manufactures of new technology to obtain
exclusive licensing rights similar to the one with Longport, which it
will also make available to its network of health care providers.
The Longport scanner was recently selected as one of the
important new medical breakthroughs in a Public Television Special
presented by American Medical Review, which was narrated by Charlton
Heston and distributed to 320 Public Television stations nationwide.
Studies of the Longport scanner are currently ongoing at West
Jersey Medical Center in Camden, NJ, West Hudson Hospital in Kearny,
NJ and Guy's and St. Thomas' Hospitals in London. Approval of the new
scanner for soft tissue applications is expected to be received from
the Food & Drug Administration (FDA) sometime during the first half of
1999, after which marketing will begin.
PanAmerican Healthcorp provides information, management,
technology and financial services to the one trillion-dollar
healthcare market to fulfill critical needs for both healthcare
professionals and consumers. The professional division assists
healthcare providers to increase their income in an era of decreasing
reimbursements by utilizing the company's sophisticated yet affordable
practice management services. The company's consumer division, The
Patient Alliance of America, offers patients comprehensive healthcare
information and support services, including POWERx, that can
substantially reduce healthcare expenses.
Except for historical information, the matters discussed in this
news release may be considered "Forward-looking" statements, within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Such Statements include declarations regarding the intent, belief or
current expectations of the company and its management. Prospective
investors are cautioned that any such forward-looking statements are
not guarantees of future performance and involve a number of risks and
uncertainties that could materially affect actual results.
--30--emb/ny* sw
CONTACT: Mary M. Feder
Vice President, Investor Relations
(516) 232-2221
KEYWORD: NEW YORK
INDUSTRY KEYWORD: INSURANCE BIOTECHNOLOGY PHARMACEUTICAL
MEDICINE
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