LOS ANGELES, Dec. 17 /PRNewswire-FirstCall/ -- Instacare Corp. (OTC Bulletin Board: ISCR) a publicly-traded leading provider of life-saving and life-enhancing prescription drugs and diagnostics and at home testing products for the chronically ill, and a leading developer and provider of e-health technologies and revolutionary cell phone centric technologies and products announced today that as part of the preparation of its Fiscal 2010 guidance, the Board has determined to add two new Directors and has rejected, as unneeded, multiple offers for equity or convertible financing.
Instacare Chairman Robert Jagunich commented, "Two additional Board members are expected to join the company's Board of Directors within the next ten days. At least one of the leading candidates to join our Board has contributed greatly to our Board in the past. All of the candidates we are considering have decades of healthcare industry experience and have served on policy boards that among other things set Medicare standards and policy (reimbursement). These special individuals will strengthen the company's position as a leading fulfillment provider of direct-to-patient diabetes programs and help the company exploit the sweet spot provided by the national health plan nearing completion in Congress."
In addition to the company's intent to add experience, knowledge and special skill to its Board of Directors, Instacare also announced that the Board has declined to accept any of the multiple financing offers it has received from investment banks, boutiques, funds and wealthy individuals. The Board has terminated all discussions in this regard believing that the company is well enough financed and there is no need for equity or convertible debt financing at current levels. This news follows recent statements by the company that management has been approached by two large healthcare firms, expressing interest in furnishing Instacare's cell-phone ready EMR products to their physician provider networks. Subsequently a third large company has approached the company.
Instacare believes that no other market provider offers physicians, hospitals and other medical professionals a comparable suite of robust, secure internet-based EMR and patient medical history applications, and proposed treatment protocols. The company's cell phone centric business model employs and exploits the power of the Internet when used in conjunction with popular smart cell phones such as Apple iPhone, Palm Pre, Blackberry and Windows phones. The company's proprietary technologies enable the storage of a main-frame computer that can be put to work right in the palm of the physician's hand after just 15 minutes of training.
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.
For more information please contact Keith Berman, CFO of Instacare Corp. at (805) 446-1973, or you can visit the company's web site www.instacare.net