Claimsnet Completes Acquisition of Acceptius
February 21 2008 - 11:35AM
PR Newswire (US)
DALLAS, Feb. 21 /PRNewswire-FirstCall/ -- Claimsnet.com (OTC:CLAI)
(BULLETIN BOARD: CLAI) , a leading provider of electronic
transaction services to the Healthcare industry, announced today
that it has acquired substantially all the assets of Acceptius,
Inc. ("Acceptius"), also located in Dallas, Texas. The asset
purchase agreement was signed on February 20, 2008. Pursuant to the
asset purchase agreement, Claimsnet paid Acceptius the sum of
$25,000 in cash and issued 1,700,000 restricted shares of
Claimsnet's common stock, par value $0.01 per share. Claimsnet will
pay Acceptius an additional $5,000 within the next six months.
Claimsnet anticipates that the transaction will add approximately
35% to their revenue by adding paper conversion and claims
repricing to Claimsnet's transaction processing suite of services
for the healthcare industry. Claimsnet also anticipates that the
acquisition will extend Claimsnet's claims processing capabilities
allowing a more complete service offering and continuing increase
of the company's client base. "We believe this is a major step
forward for our company and that the synergies from this
acquisition will boost the prospects of both the top line sales and
the bottom line operating profit of our business. We expect that we
will continue to scale that growth, both by organic expansion of
our client base and further pursuit of strategic acquisition
opportunities," said Don Crosbie, chief executive officer of
Claimsnet. About Claimsnet.com -- Claimsnet is a leading provider
of electronic transaction services for the healthcare industry.
Headquartered in Dallas, Claimsnet offers services that are
distinguished by ease of use, customer care, security and
measurable cost advantages. More information on Claimsnet can be
found at the Company's web site at http://www.claimsnet.com/. Safe
Harbor Statement Under the Private Securities Litigation Act 1995 -
With the exception of historical information, the matters discussed
in this press release are forward looking statements that involve a
number of risks and uncertainties. The actual future results of the
company could differ significantly from those statements. Factors
that could cause or contribute to such differences include, but are
not limited to, our inability to realize the expected synergies and
benefits of the acquisition, difficulties and costs incurred
integrating the business of Claimsnet with that of Acceptius,
exposure to unknown liabilities of Acceptius, the consequences and
significant costs of our management's attention having been
diverted from our day-to-day business over an extended period of
time, our ability to successfully assert our rights and remedies
under the Agreement, the expenses that we have incurred relating to
the acquisition, maintaining access to external sources of capital,
regulatory actions, success of marketing strategies, actions of
Claimsnet's competitors, dependence on business partners and
distribution channels, and continued use of the Internet. Further
information on Claimsnet's risk factors is contained in Claimsnet's
quarterly, annual, and other periodic reports as filed with the
Securities and Exchange Commission. DATASOURCE: Claimsnet.com inc.
CONTACT: Don Crosbie of Claimsnet.com inc., +1-972-458-1701, ext.
112, Web site: http://www.claimsnet.com/
Copyright