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8-K - PwrCor, Inc. | v198334_8k.htm |
Receivable
Acquisition & Management Corporation Announces Letter of Intent to Purchase
Agility Professional Services LLC Propelling them into what is expected to be
the $53 Billion Healthcare Information Technology Market Place by
2014
October
1, 2010 (PR Newswire)
FORT LEE,
N.J., October 1, 2010 -- Receivable Acquisition & Management Corporation
(NASDAQ Bulletin Board: RCVA), announced today that it has signed a Letter of
Intent ("LOI") to acquire 100% of the outstanding shares of Agility Professional
Services LLC. (“Agility”) in a tax free exchange of like kind.
Healthcare
Information Technology is estimated to grow to $53 billion by 2014; growing at a
compounded annual growth of 14%. Large part of the impetus is coming from the
American Recovery and Reinvestment Act of 2009 (ARRA 2009) which includes the
Health Information Technology for Economic and Clinical Health Act, also known
as HITECH. HITECH has allocated $19 billion to hospitals and physicians who
demonstrate Meaningful Use of Electronic Medical Records. This law also requires
the use of Electronic Healthcare Records (EHR) Systems by 2015. Considering only
4% of the 788,000 physicians in the United States currently have fully
functional EHR systems and only 13% have limited access, this represents a
tremendous opportunity for companies providing EMR & EHR systems and related
services and Agility is making significant inroads in this space.
“The
acquisition of Agility is the start of an aggressive campaign by RCVA to acquire
other companies in this sector over the next 24-36 months,” Said Gobind Sahney,
Chairman of RCVA. “The current $1.2 Billion Electronic Health Records (EHR)
market is expected to grow by circa 400% by 2013, reaching $9.3 Billion in 3
years. The acquisition of Agility will allow us to immediately jump start
ourselves in this space and give us the base to become a major player.” Mr.
Sahney concluded by saying that, “An average medical facility with 10+
Physicians will spend at least twice the cost of EHR software on required
infrastructure development which Agility can provide.”
Founded
in 2009, Agility is tracking a 12 month revenue run rate of approximately $2
Million with growing pipeline of business and
profitable. Subject to the execution of a definitive purchase
agreement, satisfactory completion of due diligence, and other customary closing
conditions, the transaction is expected to close within the next 45
days.
About
Agility:
Agility
is an IT consulting firm focused on software application development and
Healthcare Information Technology and Services. They offer state of the art
solutions to Healthcare Providers that significantly improve compliance,
productivity and revenue while driving down costs. Agility provides web based
and client server based Electronic Medical Records (EMR), Electronic Health
Records (EHR), IT Infrastructure and billing solutions. IT has partnered with
leading EMR/EHR companies in the US with 43,000+ users.
INFO@RAMCOGLOBAL.COM
Safe
Harbor Statement
Except
for the statements of historical fact contained herein, the information
presented in this news release constitutes "forward-looking statements" made
pursuant to the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. You are cautioned not to place undue reliance on any
forward-looking statements in this press release as they reflect Receivable
Acquisition & Management Corp's current expectations with respect to future
events and are subject to risks and uncertainties that may cause actual results
to differ materially from those contemplated. Potential risks and uncertainties
include, but are not limited to, the risks described in Receivable Acquisition
& Management Corp’s filings with the Securities and Exchange Commission.
Accordingly, readers should not place undue reliance on forward-looking
statements contained in this news release and in any document referred to in
this news release.