Aug 28, 2008 -- ER Urgent Care Holdings, Inc. (PINKSHEETS: ERUC | Quote | Chart | News | PowerRating) is pleased to announce that the members of Company's Board of Directors, its officers, employees and other affiliated and related persons have pledged to exchange over 1,000,000,000 shares of common stock for shares of Series B Preferred as part of the previously announced Preferred for Common Stock exchange program. ER Urgent Care Holdings, Inc. is offering stockholders the right to exchange the Company's Common Stock for shares of Series B Preferred Stock, on the basis of one share of the Series B, valued at $1.00 per share for each 1,000 shares of the Company's Common Stock tendered. The shareholders will also receive warrants to purchase one share of the Company's Common Stock for each share of Common Stock tendered. A shareholder must tender at least 1,000,000 shares of Common Stock in order to take part in this Exchange Offer and the deadline for delivering the certificates to the Company's transfer agent, Transfer Online, is the close of business on September 30, 2008. To view the full terms of the Preferred Share Exchange offer, please visit http://erucc.net/pdfs/Offer_to_Exchange_Common_Stock.pdf. "I am proud that all members of the Board of Directors, as well as officers, employees and affiliated and related persons, have pledged to exchange such a large part of their common shares holdings in order to participate in the current share exchange program. Management believes that this Share Exchange Program is in the best interests of ERUC and its shareholders as it will reduce the number of shares of Common Stock outstanding, reduce the float, i.e., shares traded on the open market and, with this commitment, over twenty percent (20%) of the total outstanding shares of common will be retired," stated Mark Solomon, ERUC President. Mr. Solomon suggests that shareholders should also visit the Company's current Pink Sheets disclosure for information about the Company.
Aug 28, 2008 -- Rotech Healthcare, Inc. (OTCBB: ROHI | Quote | Chart | News | PowerRating) has paid $2 million to settle civil charges that it engaged in false or fraudulent conduct in billing Medicare for medical equipment, according to the law firm representing a former executive of the company. The settlement resolves claims filed in April 2004 by former Rotech executive Sheila Bell-Messier, of Texarkana, Texas, who alleged the company suppressed disclosure of billing issues in Texas, Colorado and Louisiana to avoid additional penalties related to an earlier civil settlement. In 2002, while in bankruptcy, Orlando-based Rotech settled federal civil claims related to billing issues involving its Montana, Kentucky, Florida and Georgia operations. The law firm representing Bell-Messier, Berg & Androphy, said she noticed billing records were not in compliance with her understanding of federal directives and "shut down the billing." Despite requests to restart the billing, she refused, according to her complaint filed in the U.S. District Court for the Eastern District of Texas. Of the total settlement, $2 million will go to the federal government and Bell-Messier will receive $540,000. Rotech also has agreed to pay $1.2 million in legal fees to Bell-Messier's attorneys.
Aug 28, 2008 -- Smith & Nephew (NYSE: SNN), has selected Varicent Software, an innovator and provider of sales performance management (SPM) solutions, to manage, model, analyze and report on incentive compensation plans and sales performance. Varicent SPM was selected after a comprehensive competitive evaluation. "We have two primary goals in adopting sales performance management," said Mark Towne, Director Global Information Services, Smith & Nephew, Inc. "The first was to find a solution that would allow us to quickly model new plans in order to keep up with the ever changing requirement of our business. The second goal was to select a sales performance management platform that our many divisions can standardize on, making our processes and procedures uniform across the business. Varicent SPM was selected based on their ability to provide us the speed, flexibility and visibility for our sales compensation across all of our business units." Using Varicent SPM, companies can efficiently and effectively manage and automate the process of calculating and reporting variable-based pay, providing more visibility and accountability into one of the organization's largest variable expenses. In a phased deployment, Smith & Nephew will use Varicent SPM for incentive compensation management (ICM), Territory Management and Quota Planning across the Orthopedics, Endoscopy, and Advanced Wound Management divisions.
Aug 28, 2008 -- BSD Medical Corporation (NASDAQ: BSDM | Quote | Chart | News | PowerRating) today announced that the company has agreed to collaborate with GE Medical Systems in the integration of BSD Medical's premier cancer treatment system with a GE magnetic resonance imaging (MRI) system. The new system to be installed at Duke University will provide MRI monitoring of cancer treatments in progress as delivered by a BSD Medical system. This will be the first collaborative engineering effort between GE and BSD Medical. BSD Medical has also worked with Siemens Medical Systems in prior integrations for MRI monitoring of cancer treatments with BSD Medical's systems. The BSD-2000/3D/MR is a hybrid integration of a BSD-2000/3D cancer treatment system with a magnetic resonance imaging system (MRI) used to visually monitor deep thermal therapy cancer treatments in progress with thermal imaging through MR-tomography. The images are in color, and temperature within the images is differentiated visually by use of color coding. MR-tomography is therefore a classic application for monitoring cancer treatments with BSD Medical's systems, as these treatments involve delivery of precision-focused heat through RF/microwave energy.
Market Wrap for August 28th, 2008
Thursday marked another low volume session for stocks, but the lack of buying conviction didn't stop the major indices from trending more than 1% higher to near session highs. The advance was prompted by encouraging economic data, retreating oil prices, and leadership from the financial sector. Trading volume on the NYSE failed to break one million shares for the ninth straight session. Volume typically exceeds the one million shares mark with relative ease. The lack of trading suggests there may be little conviction behind the stock market's recent moves. Nonetheless, the session's advance remains pleasing to bullish investors. Stocks took off early on following the announcement of second quarter GDP data. Growth was revised upward to 3.3% from a previously reported 1.9%. Exports and personal consumption played a key role and suggested the economy is faring far better than many headlines suggest. Additionally, trends in the data suggest third quarter GDP will expand at a similar rate. Initial jobless claims for the week ending August 23 fell 10,000 to 425,000. Meanwhile, the four-week moving average retreated to 440,250 from 446,250. The numbers reflect soft labor conditions and indicate a modest decline for August nonfarm payrolls is likely. Crude futures climbed as much as 2% early on, moving higher on fear that Hurricane Gustav will disrupt Gulf production. As those fears subsided and a larger-than-expected build in natural gas inventories was announced oil dropped as much as 3.4%. It closed more than 2% lower, near $115.55. Crude's retreat pushed the energy sector into the red. It finished 0.8% lower and was the only sector in the S&P 500 unable to post a gain. The financial sector was the primary beneficiary of the session's buying efforts. It closed 4.5% higher. Providing the most influence were diversified financial service companies, which finished with a 5.4% gain. Fannie Mae (FNM 7.95, +1.47) and Freddie Mac (FRE 5.28, +0.53) were a couple of the highest fliers, though. Fannie announced last evening it is shaking-up its management team to control credit losses, conserve capital, and provide liquidity to the mortgage market. Thrifts and mortgage lenders closed with a 10.9% advance. Of the major indices, the Dow posted the largest advance. Its only component to finish lower was Coca-Cola (KO 53.12, -0.67), which was downgraded at Credit Suisse to Neutral from Outperform. Week-to-date, the Dow is up 0.7%, the S&P 500 is up 0.6%, but the Nasdaq is down 0.2%.
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