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"We are especially pleased that our business and sales process remain on track," said Peter Fleming, MedAvant's interim Chief Executive Officer. The Company's principal bankruptcy counsel, Michael P. Richman of Foley & Lardner LLP told the Court that a number of potential bidders were conducting active diligence and that the Company had high hopes of competitive bidding at the September 8 auction. Richman also told the Court that the Company was achieving revenues better than expected and projected.
The financing approved today by the Court assures that the Company can continue to operate in the ordinary course of business during its chapter 11 case. As previously announced, an auction for the Company will take place on September 8, 2008 at the Wilmington, Delaware offices of the Company's Delaware bankruptcy counsel, Young, Conaway, Stargatt & Taylor, beginning at 10 a.m. Under the schedule approved on August 6, 2008 by the Court, any bids from competing bidders will have to be submitted first in writing on or before September 5, 2008. The Company filed for chapter 11 protection on July 23 in order to address its debt burdens through a sale and restructuring process.
The Company is represented in the bankruptcy case by Michael P. Richman of Foley & Lardner LLP and Michael Nestor of Young, Conaway, Stargatt & Taylor.
About MedAvant Healthcare Solutions
MedAvant is a national connectivity network that connects payers with providers in a real-time environment for the purpose of transparently messaging administrative, financial and clinical information in order to lower total administrative costs, improve payer, provider and member relationships, and to ultimately improve clinical outcomes.
For more information, visit http://www.medavanthealth.com. MedAvant is a trade name of ProxyMed, Inc.
The MedAvant Healthcare Solutions logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3540
Forward Looking Statement
Statements in this release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. In some cases, forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions. Actual results could differ materially from projected results because of factors such as: the soundness of our business strategies relative to the perceived market opportunities; MedAvant's ability to successfully develop, market, sell, cross-sell, install and upgrade its clinical and financial transaction services and applications to current and new physicians, payers, medical laboratories and pharmacies; the ability to compete effectively on price and support services; MedAvant's ability and that of its business associates to perform satisfactorily under the terms of its contractual obligations, and to comply with various government rules regarding healthcare and patient privacy; entry into markets with vigorous competition, market acceptance of existing products and services, changes in licensing programs, product price discounts, delays in product development and related product release schedules, any of which may cause revenues and income to fall short of anticipated levels; the availability of competitive products or services; the continued ability to protect the company's intellectual property rights, implementation of operating cost structures that align with revenue growth; uninsured losses; adverse results in legal disputes resulting in liabilities; unanticipated tax liabilities; the effects of a natural disaster or other catastrophic event beyond our control that results in the destruction or disruption of any of our critical business or information technology systems. Any of these factors could cause the actual results to differ materially from the guidance given at this time. For further cautions about the risks of investing in MedAvant, we refer you to the documents MedAvant files from time to time with the Securities and Exchange Commission, including, without limitation, its most recently filed Annual Report on Form 10-K. MedAvant does not assume, and expressly disclaims, any obligation to update information contained in this document. Although this release may remain available on our website or elsewhere, its continued availability does not indicate that we are reaffirming or confirming any of the information contained herein.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: MedAvant Healthcare Solutions
Institutional Marketing Services, Inc. Investor Relations Contact: John G. Nesbett/ Jennifer Belodeau 203-972-9200 jnesbett@institutionalms.com MedAvant Healthcare Solutions Media Contacts: Teresa Stubbs 812-206-4332 tstubbs@medavanthealth.com
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