Agreement to Market Electronic HouseCall Systems in Asia
Business Editors/Health & Medical Writers
BOYNTON BEACH, Fla.--(BW HealthWire)--March 22, 2000--CYBeR-CARE
(Nasdaq:CYBR) announced today that they have signed the joint venture
agreement with SIIC Medical Science and Technology (Group) Limited
(Hong Kong Growth Enterprise Market:8018) a publicly traded
subsidiary of Shanghai Industrial Holdings Limited (Hong Kong Main
Board:363) to market and sell CYBeR-CARE's Electronic HouseCall
System (EHS), a patented Internet-based technology that enables health
care providers to remotely monitor the health of individuals, in
China, Hong Kong and other parts of Asia, excluding Japan and Taiwan.
SIIC Medical Science and Technology (Group) Limited is
responsible for the manufacture of the system units for the joint
venture. The joint expects to sell approximately 60,000 EHS units over
the next four years.
It is estimated that the sales of EHS units will generate
approximately $500 million in revenue during this four-year period,
with approximately $300 million going to the joint venture and
approximately $200 million going directly to CYBeR-CARE for network
and licensing fees.
Michael Morrell, Chairman and Chief Executive Officer of
CYBeR-CARE, said, "We are pleased to have signed this joint venture
agreement and are ready to begin to establish the network
infrastructure which will start to place the Electronic HouseCall
System in the Asian health care delivery system. It is a very exciting
time for both CYBeR-CARE and SIIC Medical as we both embark on this
revolutionary new Internet service."
Based in Boynton Beach, FL, CYBeR-CARE is a technology assisted
health management company with four business lines. The company is
developing the Electronic HouseCall System, a patented Internet-based
technology system that provides remote monitoring of individuals for
health care purposes. In addition, CYBeR-CARE operates physical,
occupational and speech therapy centers, an e-pharmacy and one of the
world's largest air ambulance transport services.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: The statements which are not historical facts
contained in this press release are forward-looking statements that
involve certain risks and uncertainties including but not limited to
risks associated with the uncertainty of future financial results,
additional financing requirements, development of new products,
government approval processes, the impact of competitive products or
pricing, technological changes, the effect of economic conditions and
other uncertainties detailed in the Company's filings with the
Securities and Exchange Commission.
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