Welcome!

News Feed Item

Acquisition of Heart Device, Patents, Intellectual Property Completes Millennium's Transformation Into Technology Company

MELVILLE, NY -- (Marketwired) -- 10/19/16 -- Millennium HealthCare, Inc. (OTC PINK: MHCC), a provider of advanced healthcare services and innovative medical technologies, today announced the Company has closed on one of its most significant transactions in recent years.

Effective today, Millennium has acquired from a California-based biotech firm its proprietary electrocardiography technology, the CDs / Cardiovascular Diagnostic System, an enhanced platform for early detection and diagnosis of cardiovascular and coronary heart disease.

Included in the acquisition was all intellectual property (IP) associated with this technology, all corresponding patents and patents pending, as well as all manufacturing, research and development and all devices currently in inventory.

"This is truly a transformative event, a milestone transaction, for the Company. With this acquisition, Millennium has effectively changed the very nature of the organization, completing its conversion into a true technology company," said Louis J. Resweber, Chief Executive Officer of Millennium.

"This transaction will allow Millennium to roll out a 'market-ready' product directly to the medical community," Resweber continued. "Moreover, as a result of this transaction, Millennium will be re-positioned in the marketplace as a technology company, and this could allow shareholders to benefit from the higher valuations generally associated with the tech sector."

"I cannot overstate the magnitude of this event," he added. "Whereas Millennium was previously perceived in the marketplace as merely a distributor of medical devices and services, the Company has now completed its evolution into a true healthcare engineering and manufacturing entity, which now includes an in-house research and development (R&D) group."

  • The Partnership:

Dominick L. Sartorio, Executive Chairman of Millennium, concurred, "I am very pleased to report that Millennium has entered into a mutually-beneficial transaction which encompasses 'game-changing' technology and has also entered into a working partnership with a truly remarkable group of people in California."

"This transaction will result not only in the transfiguration of the Company, but will also allow Millennium to work together with its new partners in California towards the mutual goal of improving health and saving lives," Sartorio said. "By bringing this technology to market, Millennium can offer greater healthcare capability to the medical profession, and ultimately to the public."

Structured with a mixed consideration of cash and equity, the terms of the acquisition were specifically intended to establish a long-term, valuation-based incentive for both the Buyers and the Sellers.

"For this reason, this deal is more like a partnership, rather than simply a 'buy / sell' transaction," said Sartorio.

  • The Transaction:

In addition to acquiring the Seller's existing inventory of completed devices, ready to go to market, this acquisition also encompassed exclusive ownership rights to all the Seller's original cardiograph technology, including all existing patents, patents pending, and new patents now being readied for submittal to the United States Patent Office.

"Furthermore, because of this deal, Millennium can now build an in-house R&D group staffed by key individuals from the original inventors of this technology, which means that these pioneering and forward-thinking individuals have now become members of the Millennium Team. As such, all parties will now be mutually incentivized to see the two companies grow and prosper together," said Sartorio.

  • The Technology:

The innovative technology enables primary care physicians to perform quick, easy, and non-invasive diagnostic assessments.

This will allow doctors to better monitor the effectiveness of therapeutic intervention to lifestyle changes, thereby helping to reduce cardiovascular risk and allowing for better management of heart disease.

  • The Medical Need:

Heart disease is the number one cause of death in the United States, claiming the lives of more than three-quarters-of-a-million (787,044) patients in the past year alone.

Moreover, coronary heart diseases, strokes and other cardiovascular ailments claim more lives than all forms of cancer combined. In the United States, someone has a heart attack every 34 seconds.

Direct and indirect costs of heart disease is more than $320.1 billion -- a figure that includes not only expensive health care costs, but also a loss in patient productivity.

  • The Company:

Millennium HealthCare, since its inception, has been committed to providing the most innovative technology and services to its network of primary care physicians (PCP) and their professional practices, as well as to larger physicians groups, clinics, laboratories and hospitals.

Millennium's focus has always been on early detection and preventative care, with an emphasis on timely and accurate diagnostic screening. The Company has targeted not only cardiological / vascular disorders, but also oncology, general medicine and chronic pain management.

In the first nine months of this year, Millennium has undergone a complete re-organization, and has focused both on rebuilding its Products (technology) Division, and expanding its Services (physician practice management) Division.

As part of the Company's re-launch and re-structuring, begun in March of 2016, Millennium has announced the election of a new Chief Executive Officer (Resweber); the negotiated settlement of more than $3.5 million in corporate debt; and the Company's formal release from U.S. Bankruptcy Court resulting from a suit filed by creditors in February of this year.

About Millennium HealthCare, Inc. (www.millenniumhcs.com)

Millennium HealthCare is a medical technology company, now with its own Research & Development Division, which endeavors to develop (in house) and / or acquire (from third parties) innovative and pioneering medical technologies, which it then brings to market. Through its Products Division, Millennium designs, engineers, manufactures, distributes and services its own proprietary line of medical devices, focused primarily on preventative care through early detection. Through its Services Division, Millennium provides hospitals, primary care practices, physician groups and other medical facilities with cutting-edge systems, and technology-driven applications. For more information, visit www.millenniumhcs.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. This press release contains certain statements that may constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). Forward-looking statements are identified by such words and phrases as "we expect," "expected to," "estimates," "estimated," "current outlook," "we look forward to," "would equate to," "projects," "projections," "projected to be," "anticipates," "anticipated," "we believe," "could be," and other similar phrases. All statements addressing operating performance, events, or developments that we expect or anticipate will occur in the future, including statements relating to revenue growth, earnings, earnings-per-share growth, or similar projections, are forward-looking statements within the meaning of the Reform Act. Because they are forward-looking, they should be evaluated in light of important risk factors that could cause our actual results to differ materially from our anticipated results. The information provided in this document is based upon the facts and circumstances known at this time. We undertake no obligation to update these forward-looking statements after the date of this release.

CONTACT:
Red Chip Companies
[email protected]
(407) 644-4256

Millennium Healthcare - North East Region:
445 Broad Hollow Road - Suite 25 - Melville, NY 11747

Millennium Healthcare - Gulf South Region:
010 Roper Road - Suite 4445 - Scott, LA 70583

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, paneli...
SYS-CON Events announced today that NetApp has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. NetApp is the data authority for hybrid cloud. NetApp provides a full range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation. Together with their partners, NetApp em...
Most of the time there is a lot of work involved to move to the cloud, and most of that isn't really related to AWS or Azure or Google Cloud. Before we talk about public cloud vendors and DevOps tools, there are usually several technical and non-technical challenges that are connected to it and that every company needs to solve to move to the cloud. In his session at 21st Cloud Expo, Stefano Bellasio, CEO and founder of Cloud Academy Inc., will discuss what the tools, disciplines, and cultural...
What is the best strategy for selecting the right offshore company for your business? In his session at 21st Cloud Expo, Alan Winters, U.S. Head of Business Development at MobiDev, will discuss the things to look for - positive and negative - in evaluating your options. He will also discuss how to maximize productivity with your offshore developers. Before you start your search, clearly understand your business needs and how that impacts software choices.
SYS-CON Events announced today that Interface Corporation will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Interface Corporation is a company developing, manufacturing and marketing high quality and wide variety of industrial computers and interface modules such as PCIs and PCI express. For more information, visit http://www.i...
SYS-CON Events announced today that Keisoku Research Consultant Co. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Keisoku Research Consultant, Co. offers research and consulting in a wide range of civil engineering-related fields from information construction to preservation of cultural properties. For more information, vi...
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.
SYS-CON Events announced today that Fusic will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Fusic Co. provides mocks as virtual IoT devices. You can customize mocks, and get any amount of data at any time in your test. For more information, visit https://fusic.co.jp/english/.
SYS-CON Events announced today that N3N will exhibit at SYS-CON's @ThingsExpo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. N3N’s solutions increase the effectiveness of operations and control centers, increase the value of IoT investments, and facilitate real-time operational decision making. N3N enables operations teams with a four dimensional digital “big board” that consolidates real-time live video feeds alongside IoT sensor data a...
Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...
Today most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes significant work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reducti...
Real IoT production deployments running at scale are collecting sensor data from hundreds / thousands / millions of devices. The goal is to take business-critical actions on the real-time data and find insights from stored datasets. In his session at @ThingsExpo, John Walicki, Watson IoT Developer Advocate at IBM Cloud, will provide a fast-paced developer journey that follows the IoT sensor data from generation, to edge gateway, to edge analytics, to encryption, to the IBM Bluemix cloud, to Wa...
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Me...