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March 01, 2005
CareDecision Corp. Completes Acquisition of Former Kelly Company CareGeneration, Inc. and Its Associated Properties
Thursday February 24, 8:36 am ET
Merger Creates Emerging Prescription Drug Channels Leader That Generated $100 Million+ Revenues in 2003-2004
NEW YORK--(BUSINESS WIRE)--Feb. 24, 2005-- CareDecision Corporation (OTCBB:CDED - News), a leading Wi-Fi PDA technology provider to the lodging and satellite media industries, and the developer of patent-pending technologies for e-health and EMR applications, and its subsidiaries, Pharma Tech Solutions, Inc. and Medicius, Inc., today announced the closing of the acquisition of CareGeneration, Inc. into CareDecision's subsidiary Pharma Tech Solutions, Inc., which will now assume the businesses and manage the associated properties of CareGeneration, Inc. ("CGI").
This acquisition creates a combined company that possesses expertise in the development and delivery of wireless solutions for handheld devices, specifically software to facilitate the Company's important entry into retail prescription drug distribution channels serving America's 40+ million uninsured and under-insured, e-prescribing initiatives, and the distribution of bulk pharmaceuticals. The Company also possesses Wholesale Drug Distribution Licenses in Indiana and Illinois, and an FDA-approved drug distribution warehouse facility in Carthage, Illinois.
"This is a milestone day, not just for the employees and shareholders of CareDecision but for the more than 40 million uninsured and underinsured citizens who will soon gain access to more affordable, discounted prescription drugs, improving their lives and preserving their health," commented Robert Cox, CEO of CareDecision Corp. "Our distribution agreements initiated last month are already providing CareDecision with important revenue and cash flow streams and have enabled us to begin the work of linking our wireless applications to this drug distribution infrastructure. Our improved cash flow picture has allowed for the accelerating of our plans to connect physicians and clinics serving the uninsured to our unique prescription delivery system."
Mr. Cox concluded, "Now, we can begin the work in earnest of integrating the wireless handheld software capabilities from legacy CareDecision and its subsidiaries and the drug distribution capabilities of the legacy Kelly Companies. This was, truly, an ideal merger, providing large opportunities and leveraging unique capabilities with real-world delivery channels. The future of our Company is one of excitement and ultimate success."
About CareDecision Corp.
CareDecision Corp. is an emerging leader in the distribution of discounted prescription drugs via a unique wireless handheld e-prescribing platform and a robust drug distribution network. The Company is leveraging its capability of producing Internet-enhanced PDA devices into applications within the healthcare, lodging, and satellite rebroadcast industries. Its proprietary ResidenceWare, MD@Hand and Satelink, technologies manage critical data, enhance productivity and e-commerce, and facilitate communication with applications in the healthcare, apartment, hotel/motel and satellite rebroadcast industries. The Company operates a 5000 square foot, state-of-the-art, FDA approved drug distribution facility in Carthage, Illinois. Learn more at http://www.caredecision.net.
For further information, please contact: Carla Hintz, The Wells Group, 480-391-7400 or visit the company's Web Site: http://www.caredecision.net.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:
This release contains forward-looking statements about our business or financial condition that reflect our assumptions and beliefs based on information currently available. We can give no assurance that the expectations indicated by such forward-looking statements will be realized. There may be other risks and circumstances that we are unable to predict. When used in this release, words such as "believes," "expects," "forecasts," "intends," "projects," "plans," "anticipates," "estimates" and similar expressions are intended to identify forward-looking statements, although there may be certain statements not accompanied by such expressions. All forward-looking statements are intended to be covered by the safe harbor created by Section 21E of the Securities Exchange Act of 1934.
For CareDecision, Los Angeles
Keith Berman, 805-446-1973
For Investor Relations Services:
David Kugelman, 386-409-0200
Source: CareDecision Corporation
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