IRVINE, Calif.--(BW HealthWire)--May 16, 2000--MedCom USA Inc. (Nasdaq:EMED - news), Tuesday announced that it has acquired all of the technology and rights previously covered under its former License Agreement for the MedCard System, including all programs, trade names, contracts and all other rights associated with the MedCard System and name.
Wed May 3 EMED MedCom USA, Inc. Announces Plans for a New State-of-the-Art Data Warehousing and ASP Facility - Business Wire
Tue Apr 18 EMED MedCom USA, Inc. Acquires DCB Actuaries & Consultants - Business Wire
Fri Apr 14 EMED MedCom USA Inc. To Participate at National Managed Health Care Congress - Business Wire
Tue Apr 4 EMED MedCom USA, Inc. Strengthens Cash Position - Business Wire
Mon Apr 3 EMED MedCom USA Inc. Adds Additional Links for Health Insurance Benefit Verification/Eligibility - Business Wire
IRVINE, Calif.--(BW HealthWire)--April 4, 2000--MedCom USA, Inc. (Nasdaq:EMED) announced today that it has enough cash on hand to consummate the pending acquisition of DCB Actuaries and Consultants SRO as previously announced, as well as to complete the initial phase of the planned fixed asset additions for both the MedCard and DCB operations. The DCB transaction, which is expected to close during the quarter ending June 30, 2000, includes a combination of cash and stock. MedCom currently has over $5 million of cash on hand, arising primarily from its current private placement efforts and the exercise of warrants to purchase its common stock.
"We now have the cash resources necessary to finalize the DCB acquisition and to procure the desired technological hard assets. Not only has our cash position improved significantly during the last few months, we have also reduced our debt. Since December 31, 1999, MedCom has reduced its debt by approximately $1 million, including the conversion of about $350,000 of notes payable to common stock, while increasing cash by almost $5 million. Our present monetary position is no comparison to where we were just a few short months ago," said Mr. Mark E. Bennett, President and CEO of MedCom USA, Inc.
Feb. 14, 2000--MedCom USA (Nasdaq:EMED) Monday announced that it is withdrawing its proposal to effect a reverse stock split of its common stock.
The potential stock split had been scheduled for a stockholders' meeting on Feb. 21, 2000. The company received a letter on Feb. 11, 2000 from NASD stating that MedCom is in compliance with the requirements for continued listing on the Nasdaq SmallCap Market.
"The Board of Directors has withdrawn the reverse stock split because it is no longer necessary. The reverse stock split was proposed at this time solely to deal with the matter of assuring compliance with the Nasdaq stock price requirement.
"Now that the market conditions have increased our stock price to a level well in excess of the required threshold, the reverse split is not needed." stated Mark E. Bennett, president and CEO of MedCom USA.
MedCom USA provides innovative solutions for electronically processing transactions within the healthcare industry.
The company's healthcare business units include: MedCard, a service package for physicians, clinics and hospitals that has been endorsed by the New York County and Suffolk County Medical Association; JustMed.com, a pure play Internet healthcare Web site; and Med Store, an e-commerce site for selling home medical equipment (HME) products. MedCom's Internet address is www.justmed.com.
Medcom operates four units: Medcard enables paperless electronic verifications and transactions, JustMed.com is a web healthcare portal, MedStore facilitates home medical equipment e-commerce and One Medical Service enables purchase of medical equipment. For the three months ended 9/99, revenues rose from $377 thousand to $1.2 million. Net loss applicable to Common fell 44% to $896 thousand. Results reflect revenues from the licensing of One Medical System, partially offset by higher depreciation.
Market Capitalization $113.7M
Shares Outstanding 19.9M
Float 19.3M
