|By Marketwired .||
|October 19, 2016 08:00 AM EDT|
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.
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