CareView Communications, Inc. Announces Initial Funding of Joint Venture
Press Release
Source: CareView Communications, Inc.
On 11:08 am EST, Thursday November 19, 2009
Companies: Careview Communications, Inc.
LEWISVILLE, Texas--(BUSINESS WIRE)--CareView Communications, Inc. ("CareView" or the "Company") (Pink Sheets: CRVW - News), an information technology provider to the healthcare industry, announced that is has closed the initial funding of approximately $1.2 million in a joint venture with Rockwell Holdings I, LLC ("Rockwell"). CareView will use the funds to purchase the previously installed CareView Systems™ at two of its existing hospitals as well as to fund the purchase and installation of additional CareView System™ equipment to complete the installations at the two facilities. Upon completion, it is anticipated that there will be over 910 installations of the CareView System™ in the combined facilities. CareView and Rockwell will each own 50% of the joint venture in these two facilities. In addition, the Company will be able to install approximately 1,250 units in other facilities due to this transaction. Terms of the joint venture allows for additional funding to be provided by Rockwell in the future.
The CareView System™ is a suite of products that brings the information technology of the 21st century directly to patients, families and healthcare providers by connecting them through one easy-to-install and simple-to-use system. This collaboration will allow the hospitals and other healthcare facilities to provide:
The ability to implement audit tools to insure that quality standards are being adhered to, safety measures are being complied with, as both can be used to further educate caregivers to continually enhance quality and safety for their patients.
Doctors, nurses and other healthcare providers with the ability to more efficiently and cost-effectively monitor, treat and visit their patients.
Family members and friends with the ability to use the Internet to monitor, visit, and correspond with their loved ones who are patients.
Patients and their visitors with direct access to on-demand high-speed Internet and first run movies in their rooms.
“The funding of this joint venture with Rockwell will allow CareView to complete the installation of the CareView System™ throughout two hospitals and will provide working capital for installations in additional medical facilities,” stated Samuel A. Greco, CareView’s Chief Executive Officer.
About CareView Communications, Inc.
CareView has created a proprietary high-speed data network system that can be deployed throughout a healthcare facility using the existing cable television infrastructure. This network supports CareView’s Room Control Platform (RCP) and complementary suite of software applications designed to streamline workflow and improve value-added services offered to customers. Real-time bedside monitoring and point-of-care video monitoring and recording improve efficiency while limiting liability, and entertainment packages and education enhance quality of stay. This technology may also act as an interface gateway for other software systems and medical devices moving forward. CareView is dedicated to working with all types of hospitals, nursing homes, adult living centers and selected outpatient care facilities domestically and internationally. Corporate offices are located at 405 State Highway 121 Bypass, Suite B-240, Lewisville, TX 75067. Questions may be directed to John R. Bailey, Chief Financial Officer at (972) 943-6050 (Ext. 428). More information about the Company is available on the Company’s website at www.care-view.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy securities of CareView Communications, Inc. Certain statements in this release and other written or oral statements made by or on behalf of the Company are “forward looking statements” within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management’s expectations, beliefs, plans, estimates or projections relating to the future are forward-looking statements within the meaning of these laws. The forward-looking statements are subject to a number of risks and uncertainties including market acceptance of the Company’s services and projects and the Company’s continued access to capital and other risks and uncertainties. The actual results the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. These statements are based on our current expectations and speak only as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.
Contact:
CareView Communications, Inc.
John R. Bailey, Chief Financial Officer, 972-943-6050 (Ext. 428)
