Company also announces new contract
wins
TORONTO, March 22, 2016 /CNW/ - Syncordia Technologies
and Healthcare Solutions, Corp. (TSXV: SYN) ("Syncordia" or the
"Company") today announced that it has completed its acquisition to
acquire 80% of the issued and outstanding membership interests in
Billing Solutions, LLC ("Billing Solutions") (the "Acquisition") as
previously announced on March 21,
2016.
For detailed information regarding the Acquisition, please see
the Membership Interest Purchase Agreement entered into in
connection therewith among Billing Solutions, James Rizzo and a subsidiary of the Company,
which can be found on Syncordia's SEDAR profile at
www.sedar.com
The Company is also pleased to report that Billing Solutions has
been awarded a new contract with an Arizona based mental health rehabilitation
medical practitioner. Billing Solutions will provide this new
customer with revenue cycle management ("RCM") services including
billing and follow up services for their regional center. This
relationship is anticipated to contribute approximately
$80,000 to $100,000 a year in revenue
and will continue in perpetuity until cancelled by either
party.
Additionally, Syncordia's wholly owned subsidiary Health
Services Integrated ("HSI"), a leader in Emergency Medical Services
("EMS") RCM, has entered into two new contracts for 911 ground EMS
transportation RCM services in Utah and California. These contracts have terms of two
and three years and have one-year auto renewal clauses after the
initial term of each contract. These new customers are expected to
contribute approximate $100,000 in
annual EBITDA.
About Syncordia Technologies and Healthcare Solutions,
Corp.
We are a technology enhanced revenue cycle management
("RCM") company focused on underserved niche segments of the
healthcare industry. We are building a diversified software and
services business by consolidating healthcare billing providers.
Our growth strategy is to acquire RCM businesses with and without
software and, improve their profitability by increasing revenues
and operating efficiencies using our software, and in time,
commercializing the Syncordia Cloud, our cloud-based software
offering, to provide customer demanded turn-key solutions from a
single provider and to address compelling RCM market
opportunities.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward Looking Statements
Certain statements herein may be "forward looking" statements
that involve known and unknown risks, uncertainties and other
factors that may cause the actual results, performance or
achievements of Syncordia or the industry to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Forward
looking statements involve significant risks and uncertainties,
should not be read as guarantees of future performance or results,
and will not necessarily be accurate indications of whether or not
such results will be achieved. A number of factors could cause
actual results to vary significantly from the results discussed in
the forward looking statements. These forward looking statements
reflect current assumptions and expectations regarding future
events and operating performance and are made as of the date hereof
and we assume no obligation, except as required by law, to update
any forward looking statements to reflect new events or
circumstances.
This press release contains forward-looking statements and
information concerning the anticipated completion of the
Acquisition and the anticipated timing of the completion thereof.
There is no guarantee that the Acquisition will close at the
anticipated time or at all, including as a result of unforeseen
delays in obtaining regulatory approval. Accordingly, readers
should not place undue reliance on the forward-looking statements
and the information contained in this press release concerning the
Acquisition.
SOURCE Syncordia Technologies and Healthcare Solutions,
Corp.