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Separately, the Company recently launched a new interactive corporate website. The new site, www.digimedical.com, offers doctors, patients, pharmacists and investors a clear view of the company's technology, service offerings and current news and events. Utilizing the latest Microsoft technologies such as .NET, AJAX and Microsoft SQL, the Company has developed a suite of products to digitally manage the prescription process. The company's products comply with all HIPAA and DEA requirements for patient medical record security.
Dear Fellow Shareholders,
We recently launched our new corporate website, detailing our proprietary digital prescription software. Now, I would like to take this opportunity to communicate further updates on company developments over the past months to our shareholders. In this letter, I plan to also discuss our year-to-date progress and our plans for the remainder of 2009, taking into perspective the global economic crisis. Though this economic environment is remarkable, I am confident that digiMedical can not only weather the 'economic storm,' but also prosper from it. There has been a lot of news and renewed focus on small business and its historical role in leading the nation out of past recessions. This trend may be due to a variety of factors, including entrepreneurial spirit, lack of dependence on institutional financing and credit lines, the business agility that comes with a smaller organization or the innovation you find in small business.
Operational Update
Last year, digiMedical shifted its focus to a high margin software revenue model and, accordingly, eliminated high overhead operations. The Company sold its 'brick and mortar' pharmacy chain to reduce the significant overhead costs associated with that part of our business. At the same time, the Company retained ownership of its proprietary digital prescription management suite of software and continued to grow the software user base, both on the prescription origination end, namely clinics and doctors' offices, and on the prescription fulfillment end, namely the pharmacies. Though the Company no longer owns its own pharmacies, the company continues to roll out its software to pharmacies in a purely software driven revenue model. Finally, the Company maintains its prescription reauthorization call center to support its user base. This change in Company focus has reduced Company operating overhead and increased sales margins, while maintaining its proprietary software assets.
New Developments
As we focus on our software revenue model, we are not only continuing to sign on new doctors and pharmacies, we are also developing relationships with companies to allow them to private label our software. These relationships are designed to quickly increase our sales channels and associated transaction revenue. As these relationships progress, will plan to issue further updates and details to our shareholders.
In addition to our increased sales strategy, we are continuing to improve our software suite to meet and exceed digital prescription handling security and data standards. Specifically, we are currently working to update our digiRX product to be "Surescript" compatible. Our software already meets all DEA and HIPAA standards.
Summary
I want to extend special thanks to all who have supported digiMedical throughout our development and these troubling economic times. By reducing our operational overhead, shifting to a high margin revenue model and focusing on increasing our sales channels, we feel we are on track to become a leader in the digital prescription industry during a time when lower cost, higher service health care is being called for.
Best Regards,
David Lee CEO, digiMedical Solutions, Inc.
To be added to digiMedical's corporate e-mail list to receive company updates, please send an e-mail to ir@digimedical.com.
About digiMedical Solutions, Inc.(TM) (www.digiMedical.com)
digiMedical Solutions, Inc.(TM) is a pharmacy and medical technology company focused on developing next generation, digital medical technology with an emphasis on digital prescriptions (d-Prescriptions) that closely align the doctor, pharmacist and patient. The company's planned growth will come from three channels: direct marketing of the company's wireless based d-prescription technology to physicians, direct marketing of the company's digital call center services for refills and reauthorization and partnering with independent pharmacy chains to focus sales with the technology suite.
Forward-Looking Statement
Statements included in this press release which are not historical in nature, are intended to be, and are hereby identified as "Forward-Looking Statements" for purposes of safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended. Forward-Looking Statements may be identified by words including "anticipate," "await," "envision," "foresee," "aim at," "believe," "intends," "estimates" including without limitation, those relating to the company's future business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the Forward-Looking Statements. Readers are directed to the company's filings with the U.S. Securities and Exchange Commission.
Contact: digiMedical Solutions, Inc. Investor Relations 214-722-3029 ir@digimedical.com www.digimedical.com
SOURCE: digiMedical Solutions, Inc.
mailto:ir@digimedical.com http://www.digimedical.com
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