HAUPPAUGE, N.Y., March 24, 2011 /PRNewswire/ -- Patient Access Solutions, Inc. ("PASO") (OTCPINK: PASO) CEO, Bruce Weitzberg, issues open letter to shareholders.
I would like to provide our shareholders with a summary of important events that have occurred during the first quarter of 2011, as well as an outline of our plans and future directions for the remainder of the calendar year.
One of our key recent events was PASO's signing of a Strategic Partnership Agreement with Sandata Technologies, LLC ("Sandata") (www.sandata.com). PASO's Mobipen Solution gained significant market acceptance and approval from the attendees of Sandata's User Conference. This Conference was attended by representatives of more than 100 Home Healthcare Agencies and going forward, the Mobipen Solution will be featured by Sandata at 30 industry trade shows in 2011 geared specifically for the Home Healthcare market. This will provide PASO with national exposure in a key market segment.
More recently, the company has engaged the healthcare consulting firm Holtz, Rubenstein, and Reminick ("HRR") (www.hrcpa.com). HRR currently works with over 100 Home Healthcare Agencies providing them with operational, clinical and financial services. HRR has identified the Mobipen Solution as a cost and time saving product for the Home Healthcare market, and is committed to endorsing PASO's products and solutions to their clients and expand Mobipen acceptance.
In addition to the Mobipen Solution, the Company has also been working with its technology partners for a coordinated release and the support of an Electronic Medical Records (EMR) product. PASO's focus for this initiative is to market Secure EMR to our existing clients and expand the use of medical records within the primary care physician practice segment thereby expanding its revenue base via EMR. We are pleased to report that we have signed our first contracts in this effort along with a roll-out and implementation schedule. Training and implementation is usually done over a 3 day period in the practice. PASO is in negotiations with 2 independent medical sales organizations to launch a national sales program. This program will include 265 representatives who will market PASO's Secure EMR program throughout the country. We have forecast sales of approximately 1800 units for 2011, with recurring gross monthly revenue of $700,000 or approximately $8.4MM in FY2012.
Furthering PASO's efforts in EMR, the Company along with IMedicor, (press release Nov. 30. 2010) has been engaged by The New Jersey Health Information Technology Extension Center program ("NJ-HITEC"). NJ-HITEC is federally funded and has as its mandate a directive to encourage and bring about EMR awareness and adoption quickly and cost effectively to more than 5,000 primary care providers in the State of New Jersey. We have seen significant progress as physicians have been committing to the program which qualifies their respective practices for the "meaningful use" guidelines so they may realize the federal stimulus incentive, under the ARRA act. PASO forecasts $2MM of revenue from the NJ-HITEC program in calendar year 2011 and approximately $6MM in 2012.
Finally, we want you, our shareholders to know, that Management is completely committed to turning around our declining share price by executing on its business and revenue model and while our efforts have not been rewarded in a manner that is reflected in our current share price, we are confident that our current business plan has discussed above, will assist greatly in seeing a positive uptrend in shareholder value.
I take this opportunity to acknowledge the patience and ongoing support of our shareholders and look forward with confidence that we will see a turnaround in the market's view of PASO in the year ahead.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the companies, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, the following: general economic and business conditions; competition; unexpected changes in technologies and technological advances; ability to commercialize and manufacture products; results of experimental studies; research and development activities; changes in, or failure to comply with, governmental regulations; and the ability to obtain adequate financing in the future. This information is qualified in its entirety by cautionary statements and risk factors disclosure contained in certain of Patient Access Solutions Inc. Securities and Exchange Commission filings available at http://www.sec.gov.
SOURCE Patient Access Solutions, Inc.