LOS ANGELES, May 9, 2011 /PRNewswire/ -- InstaCare Corp. (OTCQB: ISCR), a leading provider of home and prescription diagnostic products for the chronically ill, including the revolutionary Shasta Genstrip targeted at the $20 billion diabetes care and at-home testing markets, and a leading developer of advanced cell phone centric e-health products and technologies, today acknowledged receipt of a second confidential merger offer from a NASDAQ traded company and has submitted this proposal to its Board of Directors for review.
The Board of Directors of InstaCare Corp. also received and reviewed a prior merger proposal from the same company. This earlier proposal was reviewed by the Board and resulted in rejection, and has subsequently been followed by the InstaCare Board submitting a number of counter proposals.
Robert Jagunich, Chairman of InstaCare Corp. commented, "Although we have received two offers, both at premiums to current market prices, it is the Board's belief that based on our analysis, as verified independently in the Walling reports of January 24 and March 2, InstaCare offers more value to its shareholders by remaining independent. However, the Board is still exploring the current proposal. At this time, even with a proposal in hand, InstaCare continues to explore its options, as well as other shareholder value enhancing opportunities."
Mr. Jagunich continued, "Shareholders do not need to take action at this time. The Board will take action in due course."
For more information about InstaCare Corp., Pharma Tech Solutions, Inc. and/or its revolutionary MD@Hand cell phone centric technologies, please visit the InstaCare web site www.instacare.net or www.pharmatechdirect.com, or call the company at (805) 446-2973.
This news release contains forward-looking statements about our business, or financial condition and prospects 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 news release, words such as "believes," "expects," "intends," "plans," "anticipates," "estimates" and similar expressions are intended to identify forward-looking statements, although there may be certain forward-looking statements not accompanied by such expressions.
SOURCE InstaCare Corp.